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05-22-2017 Packet
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05-22-2017 Packet
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5/18/2017 3:17:10 PM
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ARTICLE II. <br /> THE BONDS <br /> Section 2.1. Authorized Amount of Series 2017 Bonds. No Bonds may be issued under <br /> the provisions of this Indenture except in accordance with this Article. The principal amount of <br /> the Series 2017 Bonds (other than Bonds issued in substitution therefor pursuant to Section 2.9 <br /> hereof) that may be issued is hereby expressly limited to $3,500,000. Additional Bonds may be <br /> issued as provided in Section 2.8 hereof. <br /> Section 2.2. Issuance of Series 2017 Bonds. The Series 2017 Bonds shall be designated <br /> "City of South Bend, Indiana Taxable Economic Development Revenue Bonds, Series 2017 <br /> (Studebaker Project)." The Series 2017 Bonds shall be originally issuable as fully registered <br /> Series 2017 Bonds in minimum denominations of$100,000 and any $1,000 integral multiples <br /> thereafter and shall be lettered and numbered R-1 and upward. Interest on the Series 2017 Bonds <br /> shall be paid to the owners of such Series 2017 Bonds determined as of the close of business of <br /> the Record Date next preceding each Interest Payment Date at the registered addresses of such <br /> owners as they shall appear on the registration books of the Trustee notwithstanding the <br /> cancellation of any such Series 2017 Bonds upon any exchange or transfer thereof subsequent to <br /> the Record Date and prior to such Interest Payment Date, except that, if and to the extent that <br /> there shall be a default in the payment of the interest due on such interest payment date, such <br /> defaulted interest shall be paid to the owners in whose name any such Series 2017 Bonds (or any <br /> Series 2017 Bond issued upon transfer or exchange thereof) are registered at the close of <br /> business of the Record Date next preceding the date of payment of such defaulted interest. <br /> Payment of interest to all Bondholders shall be by check drawn on the main office of the Paying <br /> Agent and mailed to such Bondholder one business day prior to each Interest Payment Date. The <br /> Series 2017 Bonds shall be dated as of the date of their delivery and shall accrue interest on each <br /> advance from the date of that advance. Interest shall be computed on the basis of a 360 day year <br /> consisting of twelve 30-day months. The interest on the Series 2017 Bonds shall be payable <br /> quarterly on each January 1, April 1, July 1 and September 1, commencing on 1, <br /> 20_ <br /> Proceeds of the Series 2017 Bonds shall be advanced from time to time as provided in <br /> Section 4.3 <br /> The Series 2017 Bonds shall bear interest from the Interest Payment Date next preceding <br /> the date of authentication thereof, unless such date of authentication shall be subsequent to a <br /> Record Date in which case they shall bear interest from the Interest Payment Date with respect to <br /> such Record Date, provided, however that if, as shown by the records of the Trustee, interest on <br /> the Series 2017 Bonds shall be in default, Series 2017 Bonds issued in exchange for Series 2017 <br /> Bonds surrendered for transfer or exchange shall bear interest from the date to which interest has <br /> been paid in full on the Series 2017 Bonds or, if no interest has been paid on the Series 2017 <br /> Bonds, from the date of issuance and delivery of the Series 2017 Bonds. The Series 2017 Bonds <br /> authenticated on or prior to , 20_ shall bear interest from the date of delivery <br /> of the Series 2017 Bonds. <br /> The Series 2017 Bonds shall mature on July 1,2018. <br /> - 14 - <br /> 1\1 1860514.2 <br />
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