Authorizing issuance of its "variable rate Economic Development Revenue Bonds, Series 2001 not to exceed $2,000,000

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ORDINANCE NO. ` \ ~ Q AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE ISSUANCE OF ITS "VARIABLE RATE ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2001 (GOODWILL INDUSTRIES OF MICHIANA, INC. PROJECT)," IN ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED TWO MILLION DOLLARS ($2,000,000) AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT THERETO STATEMENT OF PURPOSE AND INTENT: The South Bend Economic Development Commission (the "Commission") has rendered a Report concerning the financing of economic development facilities described as (i) the construction of an approximately forty thousand (40,000) square foot production and industrial services facility to be located on Western Avenue adjacent to the current Goodwill headquarters and processing plant at 1805 Western Avenue in the City; and (ii) the construction of an approximately eleven thousand (11,000) square foot new retail store to be located on Ireland Road near Ironwood Road at 1904-1906 Ireland Road in the City (collectively, the "Project"). The Project will be owned and operated by Goodwill Industries of Michiana, Inc., an Indiana nonprofit corporation (the "Borrower"). On January 8, 2001, the Common Council of the City (the "Council") adopted an inducement resolution relating to the proposed financing of the Project (the "Inducement Resolution"). The Borrower is now prepared to proceed with the proposed Project as described in the Council's Inducement Resolution. The Commission, after a public hearing, adopted a resolution, which resolution has been previously transmitted hereto, finding that the financing ofthe Project ofthe Borrower complies with the purposes and provisions of IC 36-7-11.9 and 36-7-12 and that such financing will be of benefit to the health, prosperity, economic stability and general welfare of the City and its citizens. The Commission also has approved by resolution the substantially final forms of the Loan Agreement, the Trust Indenture, the Offering Circular, and Bond Purchase Agreement (as such terms are defined in such resolution) (collectively, the "Financing Documents"),which resolution has been transmitted hereto. No member of the Council has any pecuniary interest in any employment, financing agreement or other contract made under the provisions of IC 36-7-11.9 and IC 36-7-12 and related to the Bonds authorized herein, which pecuniary interest has not been fully disclosed to the Council ::ODMA\I'CDOC S\SBDOCS 1 \82006\ 1