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9564-05 Issuance of Bonds to evidence a loan form the Environmental Remediation revolving loan fund
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9564-05 Issuance of Bonds to evidence a loan form the Environmental Remediation revolving loan fund
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Last modified
12/13/2010 10:34:07 AM
Creation date
2/19/2008 2:24:30 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
1/10/2005
Ord-Res Number
9564-05
Bill Number
93-04
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Project in accordance with the terms to be set forth in the IDFA Loan Agreement and the <br />Company Loan Documents. <br />Section 2. The Bonds to be issued by the City and evidenced by the IDFA Loan shall <br />be payable from the Available Revenues, and the Bonds shall constitute a limited obligation of <br />the City payable solely from the Available Revenues and neither the full faith and credit or the <br />taxing power of the City is pledged to the payment of and interest on the Bonds. Furthermore, <br />the Available Revenues shall be subject to annual appropriation by the Common Council. <br />Section 3. The Common Council hereby authorizes the issuance of the Bonds in the <br />form of the IDFA Loan in an aggregate principal amount not to exceed the amount of the IDFA <br />Loan Amount, all in accordance with the Act and the IDFA Loan Agreement. The Bonds shall <br />be designated as the "City of South Bend, Indiana Taxable Revenue Bonds of 2005 (Ireland <br />Road Landfill Environmental Remediation Project), Series _" (with the blank to be completed <br />with the letter which shall correspond to the applicable series of the Bonds). If it is determined <br />that the IDFA Loan is eligible for partial forgiveness, the IDFA Loan Amount shall be evidenced <br />by two Bonds of the City, the Bond evidencing the non-forgivable portion of the Loan being <br />designated as "City of South Bend, Indiana Taxable Revenue Bonds of 2005 (Ireland Road <br />Landfill Environmental Remediation Project), Series A", and the Bond evidencing Forgivable <br />Portion of the Loan being designated as "City of South Bend, Indiana Taxable Revenue Bonds of <br />2005 (Ireland Road Landfill Environmental Remediation Project), Series B" (if it is determined <br />that the IDFA Loan is not eligible for partial forgiveness, the IDFA Loan Amount shall be <br />evidenced by a single Bond of the City, designated as "City of South Bend, Indiana Taxable <br />Revenue Bonds of 2005 (Ireland Road Landfill Environmental Remediation Project), Series A"). <br />4 <br />
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