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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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ARTICLE IV <br />GENERAL COVENANTS <br />Section 401. Payment of Principal and Interest. The Issuer covenants that it will <br />promptly pay the principal of, premium, if any, and interest on every Bond issued under this <br />Indenture at the place, on the dates and in the manner provided herein and in said Bonds <br />according to the true intent and meaning thereof. The principal, interest and premium, if <br />any, are payable solely from the Revenues, which Revenues are hereby specifically pledged <br />to the payment thereof in the manner and to the extent herein specified, and nothing in the <br />Bonds or in this Indenture should be considered as pledging any other funds or assets of the <br />Issuer other than those assigned and pledged hereby. Neither the Issuer nor the State of <br />Indiana nor any political subdivision thereof shall in any event be liable for the payment of <br />the principal of, premium, if any, or interest on any of the Bonds or for the performance of <br />any pledge, obligation or agreement undertaken by the Issuer. <br />Section 402. Performance of Covenants; Issuer. The Issuer covenants that it will <br />faithfully perform at all times any and all covenants, undertakings, stipulations and <br />provisions contained in this Indenture, in any and every Bond executed, authenticated and <br />delivered hereunder and in all proceedings pertaining thereto. The Issuer covenants that it is <br />duly authorized under the Constitution and laws of the State of Indiana, including <br />particularly and without limitation the Act, to issue the Bonds authorized hereby and to <br />execute this Indenture, to enter into and perform its obligations under the Loan Agreement <br />and to pledge the Revenues herein described and hereby pledged in the manner and to the <br />extent herein set forth; that all action on its part for the issuance of the Bonds and the <br />execution and delivery of this Indenture has been duly and effectively taken, and that the <br />Bonds in the hands of the holders thereof are and will be valid and enforceable obligations <br />of the Issuer according to the import thereof. <br />Section 403. Enforcement of Loan Agreement and Note. The Issuer hereby <br />authorizes the Trustee to enforce the payment of all amounts payable under the Loan <br />Agreement and the Note and to require the Borrower to perform its obligations thereunder, <br />whether or not the Issuer is in default hereunder. <br />Section 404. Filing of Financing Statements. The Issuer shall cause financing <br />statements and all supplements thereto and other instruments as may be required from time <br />to time to be kept filed in such manner and in such places as may be required by law in <br />order fully to preserve and protect the security of the owners of the Bonds and the rights of <br />the Trustee hereunder and to perfect the lien of, and the security interest created by, the <br />Indenture. The Trustee shall be responsible for enforcing the provisions of this Section 404. <br />Section 405. Inspection of Project Books. The Issuer covenants and agrees that all <br />books and documents in its possession relating to the Project and the Revenues shall at all <br />times be open to inspection by such accountants or other agents as the Trustee may from <br />time to time designate. <br />-21- <br />
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