Authorizing issuance of Economic Development Revenue Bonds, Series 1999 (Southfield Village), not to exceed $20,000,000

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to the Bonds authorized herein, which pecuniary interest has not been fully disclosed to the Council and no such member has voted on any such matter, all in accordance with the provisions of IC 36-7- 12-16. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. It is hereby found that the financing of the Project referred to in the Financing Documents previously approved by the Commission and presented to the Council, the issuance and sale of the Bonds, the loan of the net proceeds thereof to the Borrower for the acquisition, construction, installation and equipping of the Project (the "Loan") and the repayment of the Loan by the Borrower will be of benefit to the health, prosperity, economic stability and general welfare of the City and its citizens and complies with the purposes and provisions of IC 36-7-11.9 and IC 36-7-12. Section 2. The proposed financing and the forms of the Financing Documents approved by the Commission aze hereby approved, and all such documents aze incorporated herein by reference and shall be inserted in the minutes of the Council and kept on file by the Clerk of the City. Section .The City shall issue the Bonds in one or more series in an aggregate principal amount not to exceed Twenty Million Dollars ($20,000,000) for the purpose of procuring funds to loan to the Borrower, in order to pay the costs of the acquisition, construction, installation and equipping of the Project, as more particularly set out in the Financing Documents incorporated herein by reference, which Bonds will be payable as to principal and interest solely from the payments made by the Borrower on its Series 1999 Notes (as defined in the Financing Documents) which shall be executed and delivered by the Borrower to evidence and secure the Loan and from other sources under the Loan Agreement. Section 4. The Mayor and the Clerk of the City aze authorized and directed to sell such Bonds at a rate of interest on the Bonds, which rate shall be as set forth in the Financing Documents and incorporated herein by reference but in no event shall such rate be in excess of eight percent (8.0%) per annum. The Bonds shall have a maximum term of thirty-one (31) yeazs and shall be sold at a price equal to not less than 97% of the paz amount of the Bonds, plus accrued interest to the date of delivery of the Bonds, if any. Section 5. Rule 15c2-12(b)(1) of the Securities Exchange Act of 1934, as amended (the "SEC Rule"), provides that, prior to the time a participating underwriter bids for, purchases, offers or sells municipal securities, the participating underwriter shall obtain and review an official statement that an issuer of such securities deems a "near final" official statement. The Preliminary Official Statement is hereby deemed final as of its date, except for the omission of no more than the following information: the offering price(s), interest rate(s), selling compensation, aggregate principal amount, principal amount per maturity, delivery dates, ratings and other terms of the securities depending on such matters. The Mayor is hereby authorized to execute the Preliminary Official Statement and an Official Statement substantially in the form of the Preliminary Official ::ODMA\PCDOCS\SBDOCS 1\33484\3 -2-