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32-17 Economic Development Revenue Bonds (Studebaker Project)
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32-17 Economic Development Revenue Bonds (Studebaker Project)
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5/17/2017 1:41:10 PM
Creation date
5/17/2017 1:38:17 PM
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City Council - City Clerk
City Counci - Date
5/22/2017
Bill Number
32-17
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(e) The execution, delivery and performance by the Developer of this Financing <br /> Agreement do not require the consent or approval of, the giving of notice to, the registration with, <br /> or the taking of any other action in respect of, any federal, state or other governmental authority or <br /> agency, not previously obtained or performed. <br /> (f) Assuming the due authorization, execution and delivery thereof by the other <br /> parties thereto, this Financing Agreement has been duly executed and delivered by the Developer <br /> and constitutes the legal, valid and binding agreement of the Developer, enforceable against the <br /> Developer in accordance with its terms, except as may be limited by bankruptcy, insolvency or <br /> other similar laws affecting the enforcement of creditors' rights in general. <br /> (g) There are no actions, suits or proceedings pending, or, to the knowledge of the <br /> Developer, threatened, before any court, administrative agency or arbitrator which, individually or <br /> in the aggregate, might result in any material adverse change in the financial condition of the <br /> Developer or might impair the ability of the Developer to perform its obligations under this <br /> Financing Agreement. <br /> (h) No event has occurred and is continuing which with the lapse of time or the <br /> giving of notice would constitute an event of default under this Financing Agreement. <br /> (i) The Developer expects to complete construction of the Project by December 31, <br /> 2018. <br /> 0) The Developer agrees that it will act in good faith in making bidding <br /> opportunities available to employ qualified, price-competitive, City of South Bend contractors <br /> with respect to the construction in the Area. <br /> (k) The Developer agrees that it will act in good faith in making bidding <br /> opportunities available to purchase equipment and supplies from qualified, price competitive, <br /> suppliers and to hire qualified City of South Bend residents as employees of the Project. <br /> Section 2.3. Financing of Series 2017 Bond Proceeds by Issuer. Concurrently with the <br /> execution and delivery hereof, the Issuer is issuing the Series 2017 Bonds and is lending the <br /> proceeds from the sale thereof to the Developer by making the deposits and payments specified <br /> in Section 3.1 and 4.4 of the Indenture. <br /> (End of Article II) <br /> - 8 - <br /> I\11853148.2 <br />
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