Relating to Assignment & Assumption by Prairie Properties Inc.

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RESOLUTION 1457- “, A RESOLUION OF THE CITY OF SOUTH BEND, INDIANA RELATING TO THE ASSIGNMENT AND ASSUMPTION BY PRAIRIE PROPERTIES, INC. , AN INDIANA CORPORATION OF THE 1985 SERIES SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS, ISSUED FOR THE INLAND DISTRIBUTING CORPORATION PROJECT WHEREAS, Inland Distributing Corporation, an Indiana corporation ("Inland") applied for the issuance of the City of South Bend Economic Development Revenue Bonds in the sum of $625, 000. 00, and WHEREAS, said bonds were issued by the City of South Bend as Economic Development Revenue Bonds , Series 1985 Inland Distributing Corporation Project ; and WHEREAS, said bonds were issued pursuant to an Inden- ture of Trust dated April 1, 1985 ; and WHEREAS, said bond and all terms and conditions rela- ting to it are current ; and WHEREAS, the shareholders of Inland Distributing Cor- poration have sold the stock of Inland Distributing Corporation to Bunzl Building Materials Service, Inc . , an Indiana corpora- tion; and WHEREAS, the shareholders intend to keep the real estate in the name of a newly formed corporation, namely Prairie Properties , Inc . ; and WHEREAS, said bond issue has been assigned to and all rights, obligations and duties have been assumed by Prairie Pro- perties, Inc. ; and WHEREAS, the original intent of the bond issue has been fulfilled and will continue to be fulfilled by the sale, and said assignment is in the best interests of the City of South Bend . NOW, THEREFORE, the Common Council of the City of South Bend hereby resolves as follows : 1. The Project constitutes an Economic Development Facility and continues to do so which has been financed by the City through the issuance of revenue bonds pursuant to the provi- sions of Indiana Code 36-7-12.