Inducement Resolution for Issuance of $7.8 Million South Bend Economic Development Revenue Bonds for Brethren Care of South Bend, Inc. Project

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RESOLUTION NO. 1048-83 INDUCEMENT RESOLUTION OF THE SOUTH BEND COMMON COUNCIL FOR THE ISSUANCE OF $7.8 MILLION SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS FOR BRETHREN CARE OF SOUTH BEND, INC. PROJECT, TO REFINANCE A PORTION OF THE EXISTING DEBT STRUCTURE WHEREAS, the City of South Bend, Indiana (the "City"), pursuant to the approval and recommendation of the South Bend Economic Development Commission (the "Commission"), has heretofore issued City of South Bend, Indiana, Economic Development Revenue Bonds, Series A (Brethren Care of South Bend, Inc. Project) in the aggregate principal amount of eight million dollars (the "Series A Bonds") , the proceeds of which were loaned to Brethren Care of South Bend, Inc. ("Brethren Care"), to finance the costs of acquisition, construction and equipping of the retirement village consisting of 254 apartment units and an 80 bed health care facility (the "Project"); and WHEREAS, the Series A Bonds were issued pursuant to the terms of a Loan Agreement dated as of October 1, 1978 (the "Original Agreement"), between the City and Brethren Care and an Indenture of Trust dated as of October 1, 1978 (the "Original Indenture") , between the City and The National Bank and Trust Company of South Bend, as Trustee (the "Trustee"), which Original Agreement and Original Indenture were approved by the Commission and the Common Council (the "Original Resolution"); and WHEREAS, the Original Resolution contemplates the issuance of tax—exempt obligations for the purpose of providing the Project at an estimated Project cost of approximately thirteen million dollars; and