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Issue its Economic Development Revenue Bond (South Bend Orthopedic Associates Inc. Project) $100,000.00
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Issue its Economic Development Revenue Bond (South Bend Orthopedic Associates Inc. Project) $100,000.00
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3/13/2013 2:09:12 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/16/1985
Ord-Res Number
7571-85
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Bond to the Company for the acquisition of such facilities, <br /> such loan to be evidenced by said Promissory Note, (iv) the <br /> repayment of said loan by the Company pursuant to said Loan <br /> Agreement and said Promissory Note, and (v) the securing of <br /> said Economic Development Revenue Bond under the terms of said <br /> Loan Agreement and under said Trust Indenture. <br /> Section 5. The City shall issue its Economic Develop- <br /> ment Revenue Bond, Series 1985 (South Bend Orthopedic Associ- <br /> ates, Inc. Project) , in the aggregate principal amount of One <br /> Hundred Thousand Dollars ($100, 000. 00) for the purpose of <br /> procuring funds to loan to the Company in order to finance the <br /> acquisition of such facilities, as more particularly set out in <br /> said Loan Agreement, which Economic Development Revenue Bond <br /> shall be payable as to principal and interest solely from the <br /> payments made by the Company on its aforesaid Promissory Note <br /> in the principal amount of One Hundred Thousand Dollars <br /> ($100, 000.00) which will be executed and delivered by the <br /> Company to evidence said loan, from other sources under said <br /> Loan Agreement and as otherwise provided in said Trust <br /> Indenture. Said Economic Development Revenue Bond shall never <br /> constitute a general obligation of, indebtednesses of, or <br /> charge against the general credit of the City. Said Economic <br /> Development Revenue Bond shall be executed by the manual or <br /> facsimile signatures of the Mayor and the Clerk of the City; <br /> shall be dated as of December 1, 1985; shall have a final <br /> maturity date of December 1, 1992 ; shall bear interest at a <br /> variable per annum rate of seventy percent (70%) of the national <br /> prime rate, except in the case of an Event of Taxability as <br /> defined in the Loan Agreement, in which case the per annum <br /> interest rate shall be as set forth therein; shall be in the <br /> denominations of Five Thousand Dollars ($5, 000. 00) or integral <br /> multiples thereof; shall be issued in registered form; shall be <br />
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