Approving the Resolution of the South Bend Economic Development Commission Relating S J Enterprises Project

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aggregate amount not to exceed Five Hundred Five Thousand Dollars ($505, 000. 00) , as registered bonds in denominations of $1,000 . 00 or multiples thereof payable in lawful money of the United States of America at the principal office of St. Joseph Bank and Trust Company, South Bend, Indiana in the City of South Bend, Indiana. Such Bonds shall be repayable with interest thereon at a rate of 78% of the rate charged to its prime customers by Citibank, N.A. , New York, New York, over a term of not more than fifteen (15) years, and subject to re- demption, all in accordance with the terms of said Bonds , Loan Agree- ment and Indenture of Trust. Such Bonds shall be dated as of the date of execution and delivery, and shall be executed on behalf of the City of South Bend, Indiana, by the manual signatures of the Mayor and City Clerk of the City, and sealed with the corporate seal of the City and executed and delivered to the purchasers of the Bonds on or before February 28, 1986. Section 5. The Mayor and City Clerk may approve changes and amend- ments to the Loan Agreement, Indenture of Trust, Economic Development Revenue Bonds, Note, Mortgage, and other related documents which do not affect terms contained in this Ordinance. Section 6 . The Resolution of the South Bend Economic Development Commission, passed on December 16,1985, is hereby approved, and the Common Council of the City of South Bend, Indiana, hereby finds that the proposed financing for the issuance of the Economic Development Revenue Bonds would be of benefit to the health and welfare of the City of South Bend, and that it complies with the purposes and provisions of the Act. -3-