Approving the Issuance by South Bend Redevelopment Commission of Bonds South Bend Allocation Area No. 1A

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RESOLUTION NO. 32—'4-03 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA CONSENTING TO AND APPROVING THE ISSUANCE, BY THE SOUTH BEND REDEVELOPMENT COMMISSION OF BONDS FOR THE PURPOSES OF PROVIDING FUNDS FOR REFUNDING OUTSTANDING BONDS AND FINANCING REDEVELOPMENT PROJECTS IN THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) AND PAYING INCIDENTAL EXPENSES IN CONNECTION THEREWITH AND ON ACCOUNT OF THE ISSUANCE OF THE BONDS WHEREAS, on October 17, 2003, the South Bend Redevelopment Commission (the "Commission ") adopted a resolution authorizing the issuance of bonds in an amount not to exceed Twenty -Two Million Dollars ($22,000,000) (the "Bonds ") for the purpose of providing funds for refunding outstanding bonds and financing redevelopment projects in the South Bend Central Allocation Area (South Bend Allocation Area No. 1 A) and paying incidental expenses in connection therewith and on account of the issuance of the Bonds; and WHEREAS, IND. Code §36- 7- 14- 25.1(p) provides that the Common Council of the City of South Bend, Indiana (the "Common Council'), as the legislative body of the City of South Bend, Indiana, must approve the issuance of the Bonds by the Commission because the aggregate principal amount of the Bonds is equal to or greater than Three Million Dollars ($3,000,000). NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: SECTION 1. The Common Council hereby approves the issuance of the Bonds by the Commission pursuant to the provisions of IND. Code §36- 7- 14- 25.l(p).