Approving Loan Agreement Economic Development Revenue Bonds The P James and M Maria Scheetz Project

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Section 1. The form and terms of the Loan Agreement, Indenture of Trust, and Economic Development Revenue Bonds pertaining to the P. James and M. Maria Scheetz Project and the issuance of the Economic Development Revenue Bonds pursuant thereto are hereby approved and adopted. Section 2 . Said forms of Indenture of Trust and Loan Agreement, together with the Note and Mortgage attached as an exhibit thereto, and the Economic Development Revenue Bonds which are on file with the Commission, are hereby incorporated by reference into this Ordinance, and said forms shall be inserted into the minutes of the Common Council of the City of South Bend, Indiana. Section 3. Said Loan Agreement and Indenture of Trust shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk of South Bend, Indiana, and sealed with the corporate seal of such City. Section 4 . Said Economic Development Revenue Bonds, payable solely and only from the revenues derived from such Project pursuant to the aforementioned Loan Agreement and Indenture of Trust will not be in any respect a general obligation of the City, nor may the Bonds be paid in any manner from funds raised by taxation, and may be issued in an aggregate amount not to exceed $575,000 . 00, as bonds in denomina- tions 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 not to exceed 73% of the rate of interest charged to its prime customers by Citibank N.A. , New York, New York, adjusted monthly during the term of said Bonds, which Bonds mature on September 1, 2000 , all in accordance with the terms of said Bonds, Loan Agreement and Indenture of Trust. Such Bonds shall be dated as of the date of exe- cution and delivery, and shall be executed on behalf of the City of South Bend, Indiana, by the manual signatures of the Mayor and r, Fc� ('lorlr rF ---------i- ---, r . ,_