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WHEREAS, the Common Council of the Issuer (the "Common Council") has found and
<br />determined, and does hereby confirm, that the Project will increase business opportunities within the
<br />City of South Bend, Indiana, and will be to the benefit of the health and general welfare of the
<br />citizens of the City of South Bend, Indiana, and that the Issuer, by assisting with the financing of the
<br />Project through the issuance of revenue bonds in the aggregate principal amount not to exceed
<br />$2,000,000, will be acting in a manner consistent with and in furtherance of the provisions of the
<br />Act; and
<br />WHEREAS, pursuant to a Trust Indenture (the "Indenture"), dated as of June 1, 2000, between
<br />Bank One Trust Company, N.A., as trustee (the "Trustee")and the Issuer, the Issuer proposes to issue
<br />an amount not to exceed $2,000,000 of its Variable Rate Demand Economic Development Revenue
<br />Bonds, Series 2000 (Deluxe Sheet Metal, Inc. Project) to provide funds for the acquisition,
<br />construction, installation and equipping of the Project, by lending such funds to the Borrower
<br />pursuant to a Loan Agreement (the "Loan Agreement"), dated as of June 1, 2000, between the Issuer
<br />and the Borrower, which prescribes the terms and conditions under which the Borrower shall repay
<br />such loan and pursuant to which the Borrower will execute and deliver to the Issuer its promissory
<br />note (the "Promissory Note ") in the principal amount equal to the aggregate principal amount of the
<br />Bonds; and
<br />WHEREAS, the Bonds will be secured by adirect-pay letter of credit (the "Letter of Credit")
<br />issued by Bank One, Indiana, N.A. (the "Bank") to the Trustee for the benefit of the holders of the
<br />Bonds and for the account of the Borrower, which Letter of Credit has been issued pursuant to a
<br />certain Reimbursement and Pledge Agreement (the "Reimbursement Agreement"), dated as of the
<br />date of issuance of the Bonds, between the Borrower and the Bank; and
<br />WHEREAS, it is determined by the Issuer that the amount necessary to finance the costs of
<br />or related to the acquisition, construction, installation and equipping of the Project, will require the
<br />issuance, sale and delivery of not to exceed $2,000,000 aggregate principal amount of its Variable
<br />Rate Demand Economic Development Revenue Bonds, Series 2000 (Deluxe Sheet Metal, Inc.
<br />Project) (the "Bonds");
<br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL THAT:
<br />Section 1. Definitions. In addition to the words and terms defined in this Bond Ordinance,
<br />the words and terms used in this Bond Ordinance shall have the meanings set forth in the Loan
<br />Agreement, the Promissory Note, the Indenture, the Bond Purchase Agreement (as hereinafter
<br />defined) and in the form of the Bonds unless the context or use indicates another or different
<br />meaning or intent, which forms are before this meeting, are hereby incorporated by reference in this
<br />Bond Ordinance and the Clerk of the Issuer is hereby directed to insert them into the minutes of the
<br />Issuer and to keep them on file as specified in Section 14 hereof.
<br />RESUCB~269079.1 '2-
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