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

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NOW, THEREFORE, BE IT RESOLVED, by the South Bend Economic Development Commission, as follows: Section 1. The Commission finds that the proposed financing ofthe Project referred to in the forms of (i) the Loan Agreement, by and between the Borrower and the City (the "Loan Agreement"), (ii) the Bond Trust Indenture, by and between the City and Lake City Bank, as Trustee (the "Trust Indenture"), (iii) the Preliminary Official Statement (the "Preliminary Official Statement"), and (iv) the Bond Purchase Agreement, by and between the City and B. C. Ziegler and Company (the "Bond Purchase Agreement" and together with the Loan Agreement, the Trust Indenture, and the Preliminary Official Statement, the "Financing Documents") presented to this meeting complies with the purposes and provisions of IC 36-7-11.9, IC 36-7-12 and will be of benefit to the health, prosperity, economic stability and general welfare of the City and its citizens. Section 2. The proposed financing and refinancing of the Project for the Borrower and the substantially final forms of the Financing Documents relating to the issuance and sale of an aggregate principal amount of not to exceed Twenty Million Dollars ($20,000,000) of Economic Development Revenue Bonds of the City in one (1) or more series for such financing and the form of bond ordinance of the Common Council (the "Ordinance"), all as presented to this meeting, are hereby approved. Section 3. The Mayor and the Clerk of the City are authorized to make such changes in the Financing Documents without the subsequent approval of this Commission or of the Common Council as are necessary or appropriate to effect the intent of this Resolution and as are permissible under IC 36-7-11.9 and IC 36-7-12, all to be evidenced by the execution of the Financing Documents by the Mayor and the Clerk. -2- ::ODMAU'CDOCS\SE3DOCS 1\34495\ 1