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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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Section 4. The Bonds will be sold to IDFA pursuant to a negotiated sale, in <br />accordance with I.C. 6-3.5-6-25, for par value as provided in the IDFA Loan Agreement. The <br />Bonds shall be dated and have an original issuance date as of the date of the IDFA Loan. The <br />Bonds shall mature on a date not later than one hundred nineteen (119) months from the date of <br />original issuance thereof and shall bear interest at a rate not to exceed two and one-half percent <br />(2.5%) per annum. Each series of the Bonds may be prepaid by the City at par on any date and <br />shall be negotiable without registration. <br />Section 5. Consistent with the terms of this Ordinance, the Mayor and the City <br />Controller are hereby authorized to negotiate the terms of the IDFA Loan Agreement and the <br />Bonds with IDFA, and the Company Loan Documents with the Company. The Mayor and the <br />Clerk of the City are hereby authorized and directed to execute and deliver and the Clerk is <br />hereby authorized to affix the seal on, when and if appropriate, the IDFA Loan Agreement, the <br />Bonds, the Company Loan Documents, together with any documents, instruments, or certificates <br />they deem necessary or appropriate upon the advice of counsel to complete the transactions <br />contemplated herein. <br />Section 6. This Ordinance shall be in full force and effect from and after its passage <br />by the Common Council and approval by the Mayor. <br />COMMON COUNCIL OF THE CITY OF SOUTH BEND <br />By: <br />Member of the Common ouncil <br />ATTEST: <br />r <br />ity erk <br />5 <br />
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