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Any reference herein to the Issuer, or to any officers thereof, shall include those which succeed
<br />to their functions, duties or responsibilities pursuant to or by operation of law or who are lawfully
<br />performing their functions.
<br />Unless the context shall otherwise indicate, words importing the singular number shall include
<br />the plural number, and vice versa, and the terms "hereof," "hereby," "hereto," "hereunder," and
<br />similar terms refer to this Bond Ordinance.
<br />2. Determination of Issuer. At a meeting open to the public held on May 19, 2000, by the
<br />Commission, the Commission adopted certain Resolutions and issued a Report and Findings of Fact,
<br />finding, among other things, that the proposed financing (i) will be of benefit to the health and
<br />general welfare of the citizens of the City of South Bend, Indiana, and (ii) complies with the
<br />provisions of the Act. The Common Council hereby acknowledges the Commission's Report and
<br />Findings of Fact .
<br />At a public hearing held on June 9, 2000 by the Commission pursuant to the provisions of
<br />Indiana Code 36-7-12-24(a) and Section 147(f) of the Internal Revenue Code of 1986, as amended
<br />(the "Code"), notice of which was published in the South Bend Tribune and in the Tri-County News,
<br />both being newspapers of general circulation in the City of South Bend, Indiana, on May 19, 2000
<br />and May 20, 2000, respectively, members of the public were given an opportunity to express their
<br />views for or against the Project. No persons appeared nor were any written statements received
<br />against the Project. The Common Council hereby acknowledges the public hearing.
<br />The Issuer has received from the Commission its Resolution dated June 9, 2000, wherein the
<br />Commission has found that the proposed financing will be of benefit to the health and general
<br />welfare of the citizens of the City of South Bend, Indiana and that the proposed financing complies
<br />with the provisions of the Act, and further recommending this form of Ordinance for approval by
<br />this Common Council.
<br />Based upon the Report and Findings of Fact and the Resolutions ofthe Commission, the Issuer
<br />hereby finds and determines that the financing approved by the Commission in its Resolution dated
<br />June 9, 2000 will be of benefit to the health and general welfare of the citizens of the City of South
<br />Bend, Indiana and complies with the provisions of the Act.
<br />Section 3. Small Issue Election of Issuer. The Issuer hereby elects to have the provisions as
<br />to the $10,000,0001imitation contained in Section 144(a)(4)(A) of the Code apply to the Bonds.
<br />Section 4. Authorization of the Bonds. It is hereby determined to be necessary to, and the
<br />Issuer shall, issue, sell and deliver, as provided and authorized herein and pursuant to the authority
<br />of the Act, Bonds in the maximum aggregate principal amount of not to exceed $2,000,000,
<br />designated as "City of South Bend, Indiana Variable Rate Demand Economic Development Revenue
<br />Bonds, Series 2000 (Deluxe Sheet Metal, Inc. Project)," the proceeds of which will be held by the
<br />Trustee under the Indenture and used to make a loan to the Borrower to pay the cost of the
<br />RESVCB~269079.1 -3-
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