Authorizing Issuance & Sale of $8,500,000.00 Economic Development Revenue Bonds Loan to Brick Road Associates

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- 3 - currency or its equivalent at the offices of Paine Weber Incorporated. The Bonds will be amortized over a period of twenty (20) years and bear interest at a rate of nine and three - quarters percent (9.75 %) per annum. The Bonds will be executed and delivered during regular business hours on or before December 31, 1984. The Bonds are redeemable at maturity or prior thereto on or after December 1, 1999, at par in accordance with the terms of Section 7.1 of the Loan Agreement. Such bonds shall be issued on behalf of the City of South Bend, Indiana, by the Mayor and Clerk of the City of South Bend, Indiana, and shall be sealed with the corporate seal of the City. Section 5. The Economic Development Revenue Bonds authorized by the Ordinance shall not be and shall never constitute an indebtedness of or a charge against the general credit or taxing power of the City of South Bend and shall not be in any respect a general obligation of the City, nor shall the bonds be paid in any manner from funds raised by taxation. The bonds shall be payable solely from revenues and receipts derived pursuant to the terms of the Loan Agreement and Indenture of Trust. Section 6. The Resolution of the South Bend Economic Development Commission passed on November 30, 1984, relating to the Brick Road Associates Project is hereby approved; and the Common Council of the City of South Bend hereby finds that the proposed financing for the issuance of the economic development revenue bonds would be of benefit to the health and welfare of the City of South Bend and that it complies with the purposes and provisions of I.C. 36- 7 -12 -1, as amended and supplemented. Section 7. This Ordinance shall be in full force and