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RESOLUTION NO. (7\i„() - `“ <br /> RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF <br /> SOUTH BEND RELATING TO AN ASSIGNMENT AND <br /> ASSUMPTION OF CITY OF SOUTH BEND <br /> INDUSTRIAL DEVELOPMENT REVENUE BOND <br /> (BATH INSURANCE AGENCY, INC. PROJECT) <br /> STATEMENT OF PURPOSE AND INTENT: <br /> The South Bend Economic Development Commission inves- <br /> tigated, studied, surveyed and reported to the Mayor and the <br /> Common Council of the City of South Bend, Indiana, that a need <br /> exists in the community for additional job opportunities and <br /> business and commercial diversification within and near South <br /> Bend, Indiana; and <br /> Richard J. Van Mele, as Trustee under a trust agree- <br /> ment dated April 25 , 1984 ( "Seller" ) is the owner of a tract of <br /> land with improvements thereon located in the City of South <br /> Bend ("Property" ) ; and <br /> On March 30, 1979 , Seller financed the acquisition of <br /> the Property by borrowing the proceeds of Industrial Develop- <br /> ment Revenue Bonds (the "Bonds" ) issued by the City of South <br /> Bend, Indiana (the " Issuer" ) in the original principal amount <br /> of $700, 000 . 00 ; and <br /> On March 30, 1979 , American National Bank and Trust <br /> Company, now known as Valley American Bank and Trust Company, a <br /> banking institution organized under the laws of Indiana, <br /> entered into an Indenture of Trust with the Issuer to act as <br /> Bond Trustee; and <br />