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The forms of the Bonds, the Indenture and the Loan Agreement (collectively, the <br /> "Financing Documents"), and a form of this proposed Ordinance were submitted to, and approved <br /> by,the Economic Development Commission,which documents were incorporated by reference in <br /> the resolution heretofore adopted by the Economic Development Commission, which resolution <br /> has been transmitted to the Common Council in accordance with the Act. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br /> SECTION I. Findings; Public Benefits. It is hereby found that the financing of a portion <br /> of the economic development facilities for the Project referred to in the Financing Documents <br /> previously approved by the Economic Development Commission and presented to this Common <br /> Council, the issuance and sale of the Bonds, the use (or deemed use) of a portion of the proceeds <br /> of the Bonds by the Developer for the financing of a portion of the costs of the Project,the payment <br /> of the Bonds from the Riverwalk Allocation Area TIF Revenues and other sources pursuant to the <br /> Financing Documents,and the securing of the Bonds under the Indenture comply with the purposes <br /> and provisions of the Act and will be of benefit to the health, prosperity, economic stability and <br /> general welfare of the City and its citizens. <br /> SECTION II. Approval of Financing. At the public hearing held before the Economic <br /> Development Commission, the Economic Development Commission considered whether the <br /> Project would have an adverse competitive effect on any similar facilities located in or near the <br /> City. This Common Council hereby confirms the findings set forth in the Economic Development <br /> Commission's resolutions and concludes that the Project will be of benefit to the health,prosperity, <br /> economic stability, and general welfare of the citizens of the City. <br /> SECTION III. Copies of Financing Documents on File. The substantially final <br /> forms of the Financing Documents shall be incorporated herein by reference and shall be inserted <br /> in the minutes of the Common Council and kept on file by the Clerk of the City(the"Clerk"). In <br /> accordance with the provisions of Indiana Code 36-1-5-4, two (2) copies of the Financing <br /> Documents are on file in the office of the Clerk for public inspection. <br /> SECTION IV. Authorization of the Bonds; Terms of the Bonds. The City shall <br /> issue the Bonds in one(1)or more series in the maximum aggregate principal amount not to exceed <br /> Seventeen Million Dollars ($17,000,000), which Bonds shall mature not later than twenty-five <br /> (25) years after the date of issuance of the Bonds, and shall bear interest at a per annum rate not <br /> exceeding eight percent(8%)per annum. The Bonds may be issued on a draw basis. Principal and <br /> interest on the Bonds shall be payable on February 1 and August 1 of each year, beginning not <br /> sooner than February 1,2026. The Bonds may be issued as serial bonds and/or term bonds subject <br /> to mandatory sinking fund redemption. The Bonds shall be subject to optional redemption prior <br /> to maturity and subject to redemption as otherwise provided in the Financing Documents. The <br /> Bonds shall be issued in minimum denominations of One Hundred Thousand Dollars ($100,000) <br /> and integral multiples of One Thousand Dollars ($1,000) in excess thereof. The Bonds are to be <br /> issued for the purpose of procuring funds to (a) pay all or a portion of the cost of acquisition, <br /> design, construction, renovation, improvement and equipping, as the case may be, of the Project, <br /> (b)pay capitalized interest on the Bonds for a period not to exceed one(1) year following project <br /> completion (if necessary), (c) fund a debt service reserve fund (if necessary), and (d) pay all <br /> 3 <br />