Economic Development Revenue Bonds Series 1996 (Crystal Mountain, Inc Project)

Home Browse Search

• Based upon the Report,Findings of Fact and Resolution of the Commission, the Issuer hereby finds and determines that the financing approved by the Commission in such Resolution will be of benefit to the health and general welfare of the citizens of South Bend, Indiana and complies with the provisions of the Act. Pursuant to the provisions of Indiana Code 36-7-12-24(a) and Section 1470) of the Internal Revenue Code of 1986, as amended (the "Code"), the Issuer will hold a public hearing on Friday, August 16, 1996 regarding the Project wherein in any persons desiring to speak for or against the Project will be given a reasonable opportunity to express their views, both orally and in writing. The Commission, through its counsel, Kenneth P. Fedder, is hereby directed to report its findings with respect to the public hearing to the Issuer at its next regularly scheduled meeting. Section 3. Authorization of the Bonds. It is hereby determined to be necessary to, and the Issuer shall, issue, sell and deliver, as provided and authorized herein and pursuant to the authority of the Act, Bonds in the maximum aggregate principal amount of not to exceed $790,000, designated as "City of South Bend, Indiana Economic Development Revenue Bonds, Series 1996 (Crystal Mountain,Inc. Project),"the proceeds of which will be held by the Original Purchaser under the Loan Agreement and used to make a loan to the Borrower to pay the cost of the acquisition, construction, installation and equipping of the Project, which Project will be leased to the Lessee for use as an economic development facility within the meaning of the Act. Section 4. Terms and Execution of the Bonds. The Bonds shall be issued as fully registered Bonds, without coupons, in the denominations set forth in the Loan Agreement, numbered consecutively as set forth in the Loan Agreement, and shall be payable at the office of the Original Purchaser and mature as provided in the Loan Agreement. The Bonds shall have such terms, bear such interest rates (but in no event in excess of 20%per annum), and be subject to mandatory and optional redemption as provided in the Loan Agreement heretofore presented to the Issuer. The Bonds shall be executed on behalf of the Issuer by the manual or facsimile signatures of the Mayor of the Issuer and the Clerk of the Issuer, and the seal of the Issuer shall be impressed thereon or a facsimile of such seal placed thereon. In case any officer whose signature or a facsimile thereof shall appear on the Bonds shall cease to be such officer before the issuance or delivery of the Bonds, such signature or facsimile thereof shall nevertheless be valid and sufficient for all purposes, the same as if he had remained in office until after that time. The form of the Bonds submitted to this meeting, subject to appropriate insertions and revisions in order to comply with the provisions of the Loan Agreement, be and the same is hereby approved, and when the same shall be executed on behalf of the Issuer by the appropriate officers thereof in the manner contemplated by the Loan Agreement in an aggregate principal amount not to exceed $790,000 shall represent the approved form of Bonds of the Issuer. The Bonds are special, limited obligations of the Issuer payable solely from payments of principal of,premium,if any,and interest on the Bonds made by the Borrower under the Project Note and the Loan Agreement except to the extent that the principal of, premium, if any, and interest on ORD\SLM\106503.1 -3-