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RESOLUTION NO. Cr.4" <br /> A RESOLUTION APPROVING THE <br /> LAUREL WOODS APARTMENTS <br /> WHEREAS, a shortage of decent, safe and sanitary housing <br /> for persons and families exists in South Bend, Indiana (the <br /> "City") ; <br /> WHEREAS, it is proposed that a housing project be <br /> financed and constructed in the City to be owned and operated <br /> by Laurel Woods Apartments, an Indiana limited partnership <br /> (the "Owner") , consisting of eight two-story buildings with <br /> 100 units of housing for persons and families, including <br /> elderly and handicapped persons, eligible for assistance <br /> under Section 8 of the United States Housing Act of 1937 (the <br /> "Project") , as amended; <br /> WHEREAS, the Laurel Woods Housing Finance Corporation <br /> (the "Corporation") , a not-for-profit Indiana corporation, <br /> will be created to provide construction and permanent mort- <br /> gage financing for the Project by issuing its Construction <br /> Loan Notes (FHA-Insured Advances) (Laurel Woods Apartments) <br /> (the "Notes") and its Mortgage Revenue Bonds (Laurel Woods <br /> Apartments--FHA-Insured Mortgage and Section 8 Assisted <br /> Project) (the "Bonds") ; <br /> WHEREAS, Section 11 (b) of the United States Housing Act <br /> of 1937 provides that interest paid on obligations issued by <br /> certain entities, such as the Corporation, to assist in <br />