8499-94 Authorizing Multifamily Housing Revenue Refunding Bonds

Home Browse Search

• changes therein without further approval of this Common Council or the South Bend Economic Development Commission if such changes do not effect the terms set forth in Sections 27(a)(1) through 27(a)(10) of IC 36-7-12. Section 6. This Common Council further finds that the refinancing of the Project will not have an adverse competitive impact on other facilities of the same kind already operating in the same market area, that the refinancing will help retain existing employment and will be of benefit to the health and general welfare of the City. Section 7. The City of South Bend hereby calls the Prior Bonds (as defined in the Indenture) for redemption on the date set forth in the Bond Exchange Agreement, the Bondholder by the execution thereof, having waived notice of call. Section 8. The provisions of this Ordinance and the Indenture securing the Bonds shall constitute a contract binding between the City of South Bend and the owners of the Bonds, and, except as provided in the Indenture or Loan Agreement, after the issuance of said Bonds this Ordinance shall not be repealed or amended in any respect which would adversely affect the right of such owners so long as any of said Bonds or the interest thereon remains unpaid. All ordinances in conflict with this Ordinance are repealed to the extent of such conflict. Section 9. This Ordinance shall constitute the approval of the Bonds pursuant to Section 147(f) of the Internal Revenue Code of 1986. Section 10. This Ordinance shall be in full force and effect from and after compliance with procedures required by law. Ali AI -mber of Co if ' Council Filed In Clerk's Office 1st READING s'/a 6/9Y MAY 9 1994 PUBLIC HEARING S'/i9 /7 3 rd READING 519,4a'SC OANION NOT APPROVED -3- CITY CLEREK,SO.B ND,/N. REFERRED PASSED S 9/nom,q-c ca...os-eil .,edo �