Bill No. 67-22 Ordinance Authorizing Fund for SB Choc. Dest. Pr.

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gainful employment within the jurisdiction of the City, and (iv) will not have a material adverse competitive effect on any similar facilities already constructed or operating in or near the City. SECTION II. The substantially final form of the Loan Agreement shall be incorporated herein by reference and shall be inserted in the minutes of the Common Council and kept on file by the Clerk. In accordance with the provisions of IC 36-1-5-4, two (2) copies of the Loan Agreement are on file in the office of the Clerk for public inspection. SECTION III. The Project costs will be reimbursed to the Borrower from the Loan. The City shall fund the Loan from Tax Increment on hand, or to be on hand, junior and subordinate to the Outstanding Bonds and any bonds issued in the future on a parity with the Outstanding Bonds, pledged by the Redevelopment Commission to the Borrower in the maximum amount not to exceed Two Million Seven Hundred Thousand Dollars ($2,700,000), payable in one or more series provided that in no event shall the aggregate amount of the series exceed the actual cost of the Project. To the extent the respective representations in Section 2.20) of the Loan Agreement are met, payments on the respective series of the Loan shall be forgiven. If the respective representations in Section 2.20) are not met, the Loan shall not be forgiven. The Series 2022 Note shall not accrue interest at a rate in excess of four percent (4%). The Series 2022 Note shall never constitute a general obligation of, an indebtedness of, or charge against the general credit of the City. The Series 2022 Note shall not be subject to optional redemption prior to maturity. SECTION IV. The Mayor, Controller and the Clerk are authorized and directed to execute the Loan Agreement, and such other documents approved or authorized herein and any other document which may be necessary, appropriate or desirable to consummate the transactions contemplated by the Loan Agreement and this ordinance, and their execution is hereby confirmed on behalf of the City. The Mayor, Controller and Clerk are authorized to arrange for the delivery ME