Approving Economic Development Reveune Bonds Inland Distributing Corp Project

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Inland Distributing Corporation 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, to- gether with the Note and Mortgage attached as exhibits 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 exe- cuted 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 Six Hundred Twenty-Five Thousand Dollars ($625,000 . 00) , as fully registered bonds in denominations of One Thousand Dollars ($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 in the City of South Bend, Indiana. Such Bonds shall be re- payable with interest thereon at a rate not to exceed the higher of 80% of the four year U.S . Treasury Note rate of interest or 75% of the rate of interest charged to its prime customers by Citicorp of New York in effect during the term of the Bonds, over a term of not more than 15 years, and subject to redemption, 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 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 July 1, 1985.