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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
Creation date
10/1/2012 2:09:23 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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obligations of the Issuer and the Trustee, and the rights of the holders of the Bonds, to all <br />the provisions of which the holder hereof by the acceptance of this Bond assents. As <br />described in the Indenture as part of the security for the Bonds, this Bond is secured by a <br />Mortgage, Assignment of Rents and Security Agreement dated as of November 15, 1993 <br />(the "Mortgage ") from the Borrower to the Trustee, constituting a valid first lien on and <br />security interest in the Project for the equal and ratable benefit of the holders of the Bonds <br />and of the holder of the promissory note of the Borrower dated on or about November 30, <br />1993 in the original principal amount of $2,235,000 (the "Taxable Note"). <br />This Bond is created and issued pursuant to and in full compliance with the <br />Constitution and laws of the State of Indiana, particularly Indiana Code 36 -7 -12, as <br />amended, and pursuant to proceedings duly adopted and approved by the Issuer which <br />proceedings authorized the execution and delivery of the Indenture. This Bond to the extent <br />of the advances hereunder and the interest hereon are limited obligations of the Issuer and <br />are payable solely from (i) payments from the Note (the "Note ") delivered by the Borrower <br />to evidence its obligation to repay the loan made by the Issuer to the Borrower for the <br />purpose of financing a portion the redemption price and amount required to prepay the <br />Prior Bonds, and otherwise as provided in a Loan Agreement, dated as of November 15, <br />1993, by and between the Issuer and the Borrower (the "Loan Agreement"), (ii) proceeds <br />from the Mortgage and any other security given for the Bonds, (iii) amounts and <br />investments from time to time on deposit in the Bond Fund created under the Indenture, and <br />(iv) any other security from time to time given for the Bonds. Pursuant to the Loan <br />Agreement, payments on the Note sufficient for the prompt payment when due of the <br />principal of, premium, if any, and interest on this Bond are to be made by the Borrower to <br />the Trustee for the account of the Issuer and deposited in a special account created by the <br />Issuer and designated "City of South Bend, Indiana, Economic Development Revenue <br />Refunding Bonds (First Bank Center Project) Bond Fund "; such payments have been duly <br />assigned and pledged to the Trustee for that purpose; and under the Indenture the rights of <br />the Issuer under the Loan Agreement and the Note have been assigned and pledged to the <br />Trustee to secure payment of such principal of, premium, if any, and interest on this Bond. <br />The obligations of the Borrower under the Loan Agreement, the Note and the Mortgage are <br />nonrecourse as to any partner of the Borrower. This Bond and the interest thereon do not <br />now and shall never constitute an indebtedness of or a charge against the general credit or <br />taxing power of the Issuer. <br />This Bond is transferable by the registered holder hereof in person or by his attorney <br />duly authorized in writing at the principal office of the Trustee in Indianapolis, Indiana, but <br />only in the manner, subject to the limitations and upon payment of the charges provided in <br />the Indenture, and upon surrender and cancellation of this Bond. Upon such transfer a new <br />registered Bond or Bonds without coupons for an aggregate principal amount equal to the <br />unpaid principal amount of the Bond so surrendered will be issued to the transferee in <br />exchange therefor. <br />The Issuer and the Trustee may deem and treat the registered holder hereof as the <br />absolute owner hereof for the purpose of receiving payment of or on account of principal <br />hereof and premium, if any, thereon and interest due hereon and for all other purposes and <br />me <br />
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