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financing of housing, such as the Project, are tax-exempt, <br /> and the same section authorizes an exemption from taxation <br /> for income derived by such entities from such housing; <br /> WHEREAS, in order to obtain the tax exemption benefits <br /> of federal law, it is necessary for the Housing Authority of <br /> the City of South Bend, Indiana (the "Authority") to make <br /> certain findings and enter into certain agreements with <br /> respect to the Project and the Corporation, which findings <br /> and agreements are set out in substantially the form of the <br /> Resolution attached hereto as Exhibit I ; and <br /> WHEREAS, in order for the Housing Authority of the City <br /> of South Bend, Indiana to make such findings, enter into such <br /> agreements and engage in transactions contemplated by Exhibit <br /> I attached hereto, it is necessary, pursuant to Burns Indiana <br /> Statutes Section 36-7-18-14 , for the Common Council of South <br /> Bend, Indiana, the governing body which activated the Author- <br /> ity, to approve the Project; <br /> NOW, THEREFORE, BE IT RESOLVED by the Common Council of <br /> the City of South Bend, Indiana, that: <br /> SECTION 1. The Project is hereby approved. <br /> SECTION 2. The adoption by the Authority of a Resolu- <br /> tion, in substantially the same form as Exhibit I attached <br /> hereto, is approved. <br /> SECTION 3 . The Authority's transactions contemplated by <br /> the Resolution, attached hereto as Exhibit I , are approved. <br /> -2- <br />