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RESOLUTION NO. I S
<br />A RESOLUTION OF THE
<br />COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA,
<br />AMENDING RESOLUTION NO. 4339-14 WHICH PROVIDED
<br />PRELIMINARY APPROVAL OF THE ISSUANCE OF BONDS FOR THE
<br />PURPOSE OF PROVIDING CERTAIN ECONOMIC DEVELOPMENT
<br />FACILITIES FOR NOBLE AMERICAS SOUTH BEND ETHANOL, LLC
<br />WHEREAS, the City of South Bend, Indiana (the "City ") is authorized by Indiana
<br />Code 36 -7 -11.9 and 12, as supplemented and amended (the "Act "), to issue revenue bonds for the
<br />financing of economic development facilities, the funds for said financing to be used for the
<br />acquisition, construction, installation and equipping of said facilities; and
<br />WHEREAS, Noble Americas Corp., on behalf of its subsidiary Noble Americas South
<br />Bend Ethanol, LLC, (the "Applicant ") has previously advised the South Bend Economic Development
<br />Commission (the "Commission "), Common Council of the City (the "Common Council ") and the City
<br />that it proposes that the City issue economic development revenue bonds for the purpose of providing
<br />financing for certain economic development facilities consisting of the acquisition, construction,
<br />installation and equipping of, including, but not limited to, grain drying systems, process technology
<br />upgrades, boilers, cooling towers, water treatment, tanks, piping systems, CIP system and any other
<br />facilities and equipment which may be financed through the issuance of economic development
<br />revenue bonds (the "Project ") in conjunction with the Applicant's renovation of the ethanol production
<br />facility located at 3201 West Calvert Street in the City; and
<br />WHEREAS, on April 14, 2014 the Common Council adopted Resolution 4339 -14
<br />entitled "A Resolution of the Common Council of the City of South Bend, Indiana, Providing
<br />Preliminary Approval of the Issuance of Bonds for the Purpose of Providing Certain Economic
<br />Development Facilities for Noble Americas South Bend Ethanol, LLC" (the "Inducement
<br />Resolution "), which resolution provided preliminary approval for the issuance of economic
<br />development revenue bonds of the City in the aggregate principal amount not to exceed $25,000,000
<br />under the Act to finance the acquisition and installation of the Project under a financing agreement
<br />whereby the proceeds of such bonds would be utilized to acquire, construct and install the Project and
<br />the Applicant would make payments sufficient to pay the principal of, premium, if any, and interest on
<br />said bonds; and
<br />WHEREAS, since the adoption of the Inducement Resolution, the cost of the Project
<br />has increased and the Applicant has determined the need exists to increase the expected aggregate
<br />principal amount of the bonds to be issued for the Project as set forth in the Inducement Resolution to
<br />an amount not to exceed $50,000,000; and
<br />WHEREAS, The South Bend Economic Development Commission at its meeting held
<br />May 8, 2015 adopted Resolution No. 2015 -01, a copy of which is attached hereto, recommending that
<br />the Common Council amend its Inducement Resolution No. 4439 -14 to increase the aggregate
<br />principal amount of economic development revenue bonds which may be issued for the Project to an
<br />amount not to exceed $50,000,000;
<br />US.56412924.01
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