Approving the finding of the South Bend Economic Development Commission with respect to the issuance of revenue bonds in amount not exceeding Five Hundred Thousand Dollars ($500,000)

Home Browse Search

(i) It will authorize and issue one or more series of revenue bonds of the City pursuant to the Act, in an aggregate principal amount not exceeding Five Hundred Thousand Dollars ($500,000), to finance the increased costs of the acquisition, installation and construction of the Project, including reimburse- ment or repayment to the Company of any moneys expended by the Company for planning, engineering, interest during construction, underwriting and attorney and bond counsel fees, and will enter into a financing agreement to lend such net proceeds to the Company to enable it to pay the increased costs of the Project and repay the loan in installments sufficient to pay the principal of, premium, if any, and interest on such bonds; (ii) It will adopt such ordinances and resolutions and authorize the execution and delivery of such instru- ments and the taking of such actions as may be necessary or advisable for the authorization, issuance and sale of such bonds; and (iii) It will take or cause to be taken such other actions as may be required to implement the aforesaid or as it may deem appropriate in pursuance thereof, provided that all of the foregoing shall be authorized by law and mutually acceptable to the City and the Company. Section 4. It is hereby recognized that the issuance and sale of revenue bonds by the City under the Act for the purposes set forth herein shall be subject to the City's obtaining such approvals as may be required under the Act specifically including the consent of the St. Joseph County Council to the financing of the increased costs of the Project. -4-