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RESOLUTION NO. -20 7 7- %,? <br />RESOLUTION OF THE SOUTH BEND COMMON COUNCIL <br />INDUSTRIAL DEVELOPMENT REVENUE BOND - SERIES 1977 <br />(COLE ASSOCIATES, INC. PROJECT) <br />The City of South Bend ( "City ") Issued Its Industrial Development <br />Revenue Bond ( "Cole Associates, Inc. Project ") ( "Bond ") In the aggregate <br />principal amount of Nine Hundred Ninety -Five Thousand Dollars ($995,000) <br />pursuant to a Lease and Trust Indenture dated September 19, 1977 ( "Indenture ") <br />from the City to St. Joseph Bank and Trust Company n /k /a Society National <br />Bank, Indiana as trustee ( "Trustee "). The City sold the Bond to St. Joseph <br />Bank and Trust Company n /k /a Society National Bank, Indiana ( "Bondholder "). <br />The City loaned the proceeds of the Bond to Cole Associates, Inc. ( "Company "). <br />Pursuant to the Indenture, the Trustee is acting as the representative of the <br />City and the Commission in order to perform their duties under the Indenture. <br />The Company entered Into an Agreement of Purchase and Sale of Assets <br />dated October 1, 1992 by which it agreed to sell all its assets including Its <br />name to a purchaser who has taken the name Cole Associates, Inc. <br />( "Purchaser "). The Company has formally changed Its name to CAI Development <br />Corporation. The Company, the Purchaser, the Trustee and the Bondholder have <br />entered Into an agreement ( "Agreement ") which provides that the Purchaser will <br />assume all of the obligations of the Company under the Indenture and that the <br />Company will be released from all of Its obligations under the Indenture. <br />The consent of the City to the Trustee's permitting the Purchaser to <br />assume all the obligations of the Company under the Indenture will be <br />beneficial to all parties including the City. It is therefore voted to adopt <br />the following resolution: <br />"RESOLVED the City of South Bend hereby agrees <br />that the provisions of the Indenture may be amended to <br />provide that the Purchaser will assume all the <br />obligations of the Company thereunder and that the <br />Company shall have no further obligations thereunder. <br />The Mayor Is hereby authorized and directed to sign <br />the Agreement which contains these terms." <br />t <br />