Authorizing $1,550.000 Economic Development Technologies Corp Project

Home Browse Search

UNITED STATES OF AMERICA STATE OF INDIANA CITY OF SOUTH BEND, INDIANA Economic Development Revenue Bond, Series 1984 (Clark Information Technologies Corporation Project) PAYABLE BY THE ISSUER SOLELY AND ONLY FROM REVENUES AND INCOME DERIVED FROM THE LOAN AGREEMENT AND THE PROMISSORY NOTE REFERRED TO HEREIN No. R -1 $1,550,000 KNOW ALL MEN BY THESE PRESENTS that the City of South Bend, Indiana, a municipal corporation and political subdivision of the State of Indiana (the "Issuer "), for value received, promises to pay solely and only from the source and as herein- after provided, to HARRIS TRUST AND SAVINGS BANK, Chicago, Illinois, or its registered assigns (the "Bank "), the principal sum of: ONE MILLION FIVE HUNDRED FIFTY THOUSAND DOLLARS ($1,550,000) maturing as to principal in fifteen (15) consecutive annual principal installments, of $103,333.33 each, payable on December 1, 1985, and on the first day of each December thereafter with a final installment of $103,333.42 on December 1, 1999, except as the provisions hereinafter set forth with respect to redemption prior to maturity may become applicable hereto, together with interest on the unpaid principal amount hereof from the date hereof at the Applicable Rate (as hereinafter defined) in effect from time to time, payable on March 1, 1985, and on the first day of each March, June, September and December thereafter until said principal amount is paid. Interest on this Bond shall be computed on the basis of a calendar year consisting of 360 days, and charged on the basis of the actual number of days elapsed. The principal installments hereof and premium, if any, and interest hereon are payable in lawful money of the United States of America in Federal or other immediately available funds at the principal office of the Bank in the City of Chicago, Illinois. The following terms, as used in this Bond, shall have the following meanings: "Applicable Rate" shall mean seventy percent (700) of the Prime Rate in effect from time to time, plus eight and -12-