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ORDINANCE NO. L ~ S -~~
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
<br />$2,000,000 AGGREGATE PRINCIPAL AMOUNT OF THE CITY OF SOUTH BEND,
<br />INDIANA VARIABLE RATE DEMAND ECONOMIC DEVELOPMENT REVENUE
<br />BONDS, SERIES 2000 (DELUXE SHEET METAL, INC. PROJECT), THE
<br />PROCEEDS OF WHICH SHALL BE LOANED TO DSM HOLDING, LLC, TO
<br />FINANCE THE ACQUISITION, CONSTRUCTION, INSTALLATION AND
<br />EQUIPPING OF AN ECONOMIC DEVELOPMENT FACILITY LOCATED WITHIN
<br />THE CITY OF SOUTH BEND, INDIANA FOR LEASE TO DELUXE SHEET
<br />METAL, INC.; PROVIDING FOR THE PLEDGE AND ASSIGNMENT OF
<br />REVENUES FOR THE PAYMENT OF SAID BONDS; AUTHORIZING A TRUST
<br />INDENTURE, LOAN AGREEMENT AND BOND PURCHASE AGREEMENT,
<br />AUTHORIZING THE USE AND DISTRIBUTION OF A PRELIMINARY OFFICIAL
<br />STATEMENT AND AN OFFICIAL STATEMENT WITH RESPECT TO THE
<br />BONDS; AUTHORIZING AGREEMENTS TO SECURE FURTHER THE PAYMENT
<br />OF SAID BONDS; AND AUTHORIZING OTHER ACTIONS IN CONNECTION
<br />WITH THE ISSUANCE OF SUCH BONDS
<br />WHEREAS, the City of South Bend, Indiana (the "Issuer"), is a municipal corporation and
<br />political subdivision of the State of Indiana, and by virtue of the constitution and laws of the State,
<br />including Indiana Code, Title 36, Article 7, Chapters 11.9 and 12, et sec .., as supplemented and
<br />amended (the "Act"), is authorized and empowered, among other things, to (a) provide funds for the
<br />acquisition, construction, installation and equipping of economic development facilities and for the
<br />refunding of outstanding economic revenue bonds; (b) issue its revenue bonds for the purpose set
<br />forth herein; (c) secure such revenue bonds by a pledge and assignment of revenues and other
<br />documents as provided for herein; and (d) enact this Ordinance (the "Bond Ordinance"), execute the
<br />Indenture, the Loan Agreement and the Bond Purchase Agreement (all hereinafter identified) and
<br />all other documents to be executed by it, upon the terms and conditions provided therein; and
<br />WHEREAS, DSM Holding, LLC (the "Borrower") has advised the South Bend Economic
<br />Development Commission (the "Commission") and the Issuer of its proposal that the Issuer issue
<br />and sell its economic development revenue bonds for the purpose of paying the costs of the
<br />acquisition, construction, installation and equipping of an economic development facility located
<br />within the City of South Bend, Indiana, consisting of the acquisition, construction, installation and
<br />equipping of an approximately 40,000 square foot existing manufacturing facility, together with the
<br />purchase of machinery and equipment to be utilized therein located within Olive Road Commerce
<br />Park at the intersection of Lonewolf Drive and Enterprise Drive, South Bend, Indiana 46628, which
<br />facilities will be owned by the Borrower and leased to and operated by Deluxe Sheet Metal, Inc. (the
<br />"Lessee") and will be used for the production of duct work, dust collector systems and various other
<br />sheet metal items (the "Project"); and
<br />RESUCB~269079.1
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