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Authorizing the Execution and Delivery of a Memorandum of Intent between the City of South Bend and the University of Notre Dame Credit Union
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Authorizing the Execution and Delivery of a Memorandum of Intent between the City of South Bend and the University of Notre Dame Credit Union
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
4/14/1980
Ord-Res Number
774-80
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fixed by Ordinance of the City at a later date and agreed to <br />by Notre Dame Credit Union, but not to exceed the cost of the <br />Project and expenses incidental thereto as estimated at the <br />time of the issuance of the bonds) and apply the proceeds <br />therefrom to the payment of the cost of the Project, provid`d <br />that prior to the issuance and delivery of such revenue bonds <br />there shall have been entered into between Notre Dame Credit <br />Union and the City appropriate financing agreements upon <br />terms which will comply with the provisions of the Act an.3 <br />which will provide for the payment by Notre Dame Credit Unic-z <br />of amounts which will be sufficient to enable the City to pay <br />the principal of and intrest on such revenue bonds. <br />3. That the financing of the Project by the City is for <br />a proper public corporate purpose and that the financing <br />thereof for Notre Dame Credit Union is necessary to implement <br />the public purposes enumerated in the Act. <br />B. Notre Dame Credit Union represents and intends: <br />1. That the Project will result in increased employment <br />in the City. <br />2. That if the proposed revenue bonds (including the <br />rate of interest thereon) of the City are satisfactory to <br />Notre Dame Credit Union, it will enter into financing agree- <br />ments with the City upon terms which will be sufficient to <br />pay the cost of the Project and expenses incidental thereto, <br />as evidenced by such revenue bonds to be issued for the ac- <br />count of the Project, and will enter into such appropriate <br />- 3 - <br />
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