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

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RESOLUTION NO. OZ '~ . RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION A Resolution Making Certain Findings Relating to the Financing and Refinancing of Certain Economic Development Facilities on Behalf of Southfield Village, Inc., an Indiana Nonprofit Corporation (the "Borrower"), and Approving Such Financing and the Forms of the Documents Related Thereto. WHEREAS, on March 8, 1999, the Common Council (the "Common Council") of the City of South Bend, Indiana (the "City"), adopted an inducement resolution relating to the financing of (i) the acquisition of real property; (ii) the acquisition, construction, installation and equipping of a senior living facility consisting of a sixty (60) bed skilled nursing facility, sixty-four (64) assisted living units, and a multipurpose common area containing a resident activity area, dining area and an administrative office area on said real property; (iii) the construction of an extension to Ridge Trail located in the City so that it intersects with Miami Road and which will be adjacent to such facilities; (iv) establishing a debt service reserve fund for the payment of principal of and interest on the Bonds; (v) paying a portion of the interest on the Bonds; and (vi) paying certain costs associated with the issuance of the Bonds (the "Project"); and WHEREAS, the Borrower is now prepared to proceed with the financing of the Project; and WHEREAS, the South Bend Economic Development Commission (the "Commission") has held a public hearing for itself and on behalf of the City, duly noticed, in connection with the financing of the Project by the Borrower;