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Authorizing the City to Issuse its Economic Development Revenue Bond (Data Link Systems Inc) $1,000,000.00
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Authorizing the City to Issuse its Economic Development Revenue Bond (Data Link Systems Inc) $1,000,000.00
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3/19/2013 2:19:39 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
7/22/1985
Ord-Res Number
7490-85
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City; shall be executed and delivered on or about August 1, 1985; <br /> shall be dated on or about August 1, 1985; shall have a final <br /> maturity date on or about August 1, 1997 with principal reduced <br /> monthly, beginning on or about September 1, 1985; shall bear interest <br /> computed on the basis of a 360 day year, twelve 30-day months on the <br /> principal balance thereon remaining unpaid at the per annum rate of <br /> eighty percent (80%) of the national prime rate at 1st Source Bank, <br /> South Bend, Indiana, at the date of August 1, 1985 and continuing at <br /> the rate of eighty percent (80%) of such national prime rate as of <br /> the first day of each quarter thereafter, not to be less, however, <br /> than seven percent (7%) per annum or to be more than eleven percent <br /> (11%) per annum, shall be in the denominations of Five Thousand <br /> Dollars ($5,000.00) or integral multiples thereof; shall be issued in <br /> registered from; shall be registrable as provided therein; shall be <br /> payable in the medium and at the place or places provided therein; <br /> and shall be subject to optional and mandatory prepayment as provided <br /> therein. <br /> Section 6. The Mayor and/or the Clerk of the City are <br /> authorized and directed to sell said Economic Development Revenue <br /> Bond to 1st Source Bank at a price not less than one hundred percent <br /> (100%) of the principal amount thereof, plus accrued interest. <br /> Section 7 . The Mayor and the Clerk of the City are <br /> authorized and directed to execute and deliver the aforementioned <br /> documents for and on behalf of the City after making therein such <br /> changes permitted by the Act as they deem necessary or proper, as <br /> evidenced by their execution of such documents, and are further <br /> authorized and directed to execute and deliver such other documents <br /> for ana on behalf of the City, and to take such other actions for and <br /> on behalf of the City, as they deem necessary or proper in connection <br />
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