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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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3/21/2013 4:22:24 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1993
Ord-Res Number
8443-93
Bill Number
108-93
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(iii) a final installment, payable on the first day of the 220th month <br />following the Purchase Date, in the amount of the entire unpaid principal <br />balance of and interest on this Bond. <br />Under the circumstances set forth in Section 210 of the Indenture referred to below <br />relating to taxability for Federal income tax purposes of interest on this Bond, the holder <br />hereof may be entitled to receive additional interest and other payments pursuant to said <br />Section 210, to which reference is hereby made. <br />This Bond shall bear interest on any overdue installment of principal and premium <br />and (to the extent that the payment of such interest shall be legally enforceable) on any <br />overdue installment of interest at a rate per annum determined by adding four percent (4 %) <br />to the interest rate on or with respect to such installment of principal in effect at the payment <br />date of such installment until paid. <br />In the event any installment of principal of or interest on this Bond is not paid when <br />due, a delinquency charge equal to four percent (4 %) of such installment shall be payable, <br />upon demand of the holder hereof, to reimburse the holder hereof for extra expense <br />incurred in the administration of such delinquent payments. <br />Both principal of and interest on this Bond are payable in lawful money of the United <br />States of America immediately available at the principal office of The Indiana National <br />Bank, as Trustee under the Indenture referred to below, or its successor in trust. Each <br />installment of principal and interest, when paid, shall be first applied to the payment of <br />interest accrued to and .including the date fixed for payment on the unpaid principal amount <br />of this Bond, and the balance thereof to payment on account of the principal hereof. <br />This Bond is one of a series of Bonds issued under the hereinafter described Indenture <br />of Trust in an aggregate principal amount not to exceed $8,030,384.77 (hereinafter referred <br />to as the "Bonds ") in order to pay a portion of the redemption price of and amount required <br />to prepay the Issuer's $9,000,000 Economic Development Revenue Bonds (First Bank <br />Center Project) (the "Prior Bonds ") which were issued (a) to increase employment and to <br />promote the diversification of business, commerce and industry in and near the Issuer and to <br />promote the health, prosperity, economic stability and general welfare of the area in and <br />near the Issuer by funding a loan by the Issuer to the Borrower, and (b) for the purpose of <br />financing costs of the acquisition and construction by the Borrower of certain economic <br />development facilities (the "Project ") located in the City of South Bend, Indiana to be <br />operated as a bank office building. <br />This Bond is issued under and secured and entitled to the security of an Indenture of <br />Trust dated as of November 15, 1993 (hereinafter referred to as the "Indenture ") duly <br />executed and delivered by the Issuer to NBD Bank, N.A., in Indianapolis, Indiana as Trustee <br />(the term "Trustee" where used herein referring to said Trustee or its successors in said <br />trust), and also to certain other security described in the Indenture. Reference is made to the <br />Indenture and to all indentures supplemental thereto for a description of the provisions, <br />among others, with respect to the nature and extent of the security, the rights, duties and <br />-3- <br />
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