Approving reissuance of Not to Exceed $12,920,485 Multifamily Housing Revenue Refunding Bonds (The Pointe at St. Joseph)

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ORDINANCE NO. U O ~ ` Ordinance of the Common Council of the City of South Bend, Indiana Approving Reissuance of Not to Exceed $12,920,485 Multifamily Housing Revenue Refunding Bonds (The Pointe at St. Joseph Project), Reissuance of 1999, Series A, B and C, and Making Certain Other Findings and Determinations Relative to the Project. STATEMENT OF PURPOSE AND INTENT By prior ordinance, the Common Council authorized the issuance of its $11,000,000 Multifamily Housing Revenue Refunding Bonds (The Pointe at St. Joseph Project) Series A and Series B, dated December 15, 1988, its $555,000 Multifamily Revenue Bonds (The Pointe at St. Joseph Project) Series A and Series B, dated January 25, 1989 and its $12,920,485 Multifamily Housing Revenue Refunding Bonds (The Pointe at St. Joseph Project), Issue of 1994, Series A, Series B, Series C and Series D, respectively (collectively, the "Refunded Bonds") to finance in whole or in part and to refund certain previously issued Bonds the proceeds of which were spent with respect to the Project; and Can-American South Bend Partnership, the owner of the Project (the "Owner") has negotiated with John Nuveen & Co. (the "Bondholder") respecting, among other things, lowering the interest rate on the Bonds Outstanding; and The revised Bonds shall be in the form and in the manner prescribed in the Third Supplemental Indenture, dated as of March 1, 1999 (the "Indenture"), by and between the City of South Bend, Indiana (the "City") and First Union National Bank of Florida and 1st Source Bank (collectively, the "Trustee"), which Indenture sets forth the denominations and maturity dates for the Bonds and provides the places for payment of principal of and interest on the Bonds; and The reissuance of the Bonds will be of benefit to the health and general welfare of the City. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: SECTION 1. It is hereby found and determined that the reissuance of the Bonds by the City pursuant to the Indenture will serve to lower the interest rate on the Bonds Outstanding thereby enhancing the viability of the Project, and will be of benefit to the health and general welfare of the