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WHEREAS, the Common Council desires to approve the Authority proceeding to <br />issue the Refunding Bonds and the Authority and the Commission entering into the Addendum, <br />pursuant to Indiana Code 36 -7- 14.5 -13, for the purpose of reducing the lease rentals payable <br />under the Lease following the issuance of the Refunding Bonds; <br />THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby approves the issuance by the <br />Authority of the Refunding Bonds in the aggregate principal amount not to exceed $37,350,000 <br />for the purpose of advance refunding the Prior Bonds in order to reduce the amount of the lease <br />rentals payable under the Lease by the Commission, provided that the Authority shall issue the <br />Refunding Bonds only in the event that the refunding results in a net present value savings of at <br />least One Million and 00 /100 Dollars ($1,000,000.00). The maximum interest rate on the <br />Refunding Bonds shall not exceed five percent (5.0 %) and the final payment on the Refunding <br />Bonds shall be not later than February 15, 2033 (the same final payment date of the Prior <br />Bonds). The Refunding Bonds shall be subject to optional and mandatory sinking fund <br />redemption as set forth in the Bond Resolution. <br />SECTION II. The Common Council hereby approves of the Authority and the <br />Commission entering into the Addendum, pursuant to Indiana Code 36 -7- 14.5 -13, following the <br />sale of the Refunding Bonds for the purpose of reducing the rentals due under the Lease. <br />SECTION III. This Resolution shall be in full force and effect from and after the <br />time it has been adopted by the Common Council, approved by the Mayor, and otherwise <br />executed and delivered in accordance with any and all laws pertaining thereto. <br />PRtStNIED x--13 <br />)iQT APFtoya <br />COMMON COUNCIL OF THE <br />O H BEND, INDIANA <br />Member of t e ommon Council <br />-2- <br />Filed",vat <br />.i <br />CITY CLERIC, SOUTH BEND, IN <br />