Repealing Ordinance 7501-85 Economic Development Revenue Bonds (Gem Partnership Project)

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other sources under said Loan Agreement and Mortgage and as otherwise provided in said Bond Purchase Agreement. Said Bond shall never constitue general obligations of, indebtedness of, or charges against the general credit of the City. The delivery date and date of the Bond shall be on or about August 21, 1985. Said Bond shall be executed by the manual or facsimile signatures of the Mayor and the Clerk of the City; shall be executed and delivered on or about the date on which the Bond is purchased; shall be dated as of the date on which the Bond is purchased; shall be in the form of a 1985 Bond in the principal amount of One Million Dollars ($1, 000, 000) , payable over twenty (20) years callable at the option of the bondholder at the end of year ten (10) at a rate based on the prime rate of American Fletcher National Bank and Trust Company, Indianapolis, Indiana, which rate shall not exceed fifteen percent (15%) per annum except in the case of an Event of Taxability as defined in the Loan Agreement, or in the case of certain changes in the Corporate Tax Rate specified by the Internal Revenue Code of 1954, as amended, and supplemented, in which cases borrower shall pay such amounts, as more particularly described in the Loan Agreement and Bond Purchase Agreement; shall be issued in registered form; shall be registrable as provided herein; shall be payable in the medium and at the place or places provided therein; and shall be subject to optional and mandatory prepayment as provided therein. In the event the purchaser and the bank shall in their discretion agree in writing that the purchase date may occur later than August 21, 1985, then the maturity date of this Bond set forth in the Bond may be extended (with interest accruing to such extended maturity date at the rate set forth in the Bond and payable monthly on the first day of each month) , and the payment dates of the installments payable as set forth in the Bond may be extended, all as set forth in such agreement, provided any such extension shall not exceed twelve (12) months. Section 6. The Mayor and/or Clerk of the City are authorized and directed to sell said Bond to American Fletcher National Bank and Trust Company at a price not less than one hundred percent (100%) of the principal amount thereof, plus accrued interest, if any. Section 7. The GEM Partnership facility to be located at 2920 West Sample Street will not have an adverse competitive impact on other facilities of the same kind already operating in the same market area and will contribute significantly to the creation of permanent job opportunities. Section 8. The Mayor and Clerk of the City are authorized and directed to execute and deliver the aforementioned documents for and on behalf of the City after making therein such changes permitted by the Act as they deem necessary or proper, as evidenced by their execution of such documents, and are further authorized and directed to execute and deliver such other documents for and on behalf of the City, and to take such other actions for and on behalf of the City, as they deem necessary or proper in connection with the consummation of such financing. The Mayor and the Clerk of the City are authorized to arrange for the delivery of said Bond, and after the -3-