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Economic Development Revenue Bond P.A.I. Properties $722,000
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Economic Development Revenue Bond P.A.I. Properties $722,000
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1/14/2013 3:03:32 PM
Creation date
1/14/2013 3:03:30 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/8/1986
Ord-Res Number
7708-86
Bill Number
123-86
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(iii) further finding that the proposed economic development <br /> revenue bond financing of such facilities complies with the <br /> purposes and provisions of the Act, (iv) approving the economic <br /> development revenue bond financing of such facilities, includ- <br /> ing the form and terms of the Loan Agreement and Security <br /> Agreement between the Company and the City, the Promissory Note <br /> from the Company to the City, the registered City of South <br /> Bend, Indiana, Economic Development Revenue Bond, Series 1986 <br /> (P.A. I . Properties, an Indiana Partnership Project) from the <br /> City to the bondholders, The Trust Indenture between the City <br /> and 1st Source Bank (the "Trustee") , and this Ordinance, pre- <br /> sented to the Commission, and (v) recommending that this Coun- <br /> cil find that the proposed economic development revenue bond <br /> financing of such facilities will be of benefit to the health <br /> and welfare of the City and its citizens, and complies with the <br /> purposes and proisions of the Act, and that this Council adopt <br /> an ordinance approving such financing, <br /> WHEREAS, the City previously issued its economic <br /> development revenue bonds in the original principal amount of <br /> $310, 000, dated June 15, 1982, for the benefit of P.A. I . Prop- <br /> erties (the "1982 Bonds") , which bonds bear interest at 14% per <br /> annum and the Commission at its meeting of December 5, 1986 <br /> approved a reduction in the interest on the 1982 Bonds to 10% <br /> per annum. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL <br /> OF THE CITY OF SOUTH BEND, INDIANA, THAT: <br /> -2- <br />
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