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10963-23-Ordinance Authorizing the Acquisition and Construction of Certain Additions and Improvements to the Municipal Waterworks of the City of South Bend
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10963-23-Ordinance Authorizing the Acquisition and Construction of Certain Additions and Improvements to the Municipal Waterworks of the City of South Bend
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ARTICLE II <br /> PURPOSE OF BORROWING AND LOAN TERMS <br /> Section 2.01. Amount; Purpose. The Finance Authority agrees to Loan an amount not <br /> to exceed [ 1 Dollars ($[ 1) in aggregate principal amount <br /> to the Participant as Financial Assistance to pay for the Eligible Costs, as hereinafter described, of <br /> the Project on, and subject to, the terms and conditions contained herein. The Loan shall be used <br /> only to pay the following Eligible Costs: (a) eligible planning services for the production of a <br /> Preliminary Engineering Report ("Planning"), (b) eligible design services for the production of <br /> Plans and Specifications ("Design") and (c) eligible construction costs, including financing and <br /> legal costs ("Construction"). The Loan shall be funded solely from available proceeds of the <br /> Finance Authority Bonds contained in the Purchase Account or from other sources that the Finance <br /> Authority may,in its sole discretion, designate. The Loan is evidenced by the Bonds executed and <br /> delivered by the Participant contemporaneously herewith. The Bonds shall be in fully registered <br /> form, with the Finance Authority registered as the registered owner. So long as the Finance <br /> Authority is the registered owner,the principal of and redemption premium, if any, and interest on <br /> the Bonds shall be paid to the Trustee by a wire transfer referenced as follows: The Bank of New <br /> York,ABA 021 000 018,For Credit to 610026840C,Account Name: South Bend Drinking Water, <br /> Attn: Derick Rush. The Participant agrees to undertake and complete the Project and to receive <br /> and expend the Loan proceeds in accordance with this Agreement. <br /> Section 2.02. The Bonds. <br /> (a) Until paid, the Bonds will bear interest at the per annum rate of[ 1 percent <br /> ([ 1%). Such interest shall be calculated on the basis of a 360 day year comprised of twelve <br /> 30 day months, and be as provided in I.C. 5-1.2-10-15 and -20. Interest, if any, on the Bonds will <br /> be payable on January 1 and July 1 of each year, commencing [ 1 1, 20[ 1. The Bonds <br /> will be in the aggregate principal amount of[ ' Dollars($[ D. Subject <br /> to Section 2.05 and 2.06 herein, the Bonds will mature on January 1 until January 1, 2033, and <br /> then January and July of each of the years set forth in, and at the principal amount set opposite <br /> each such month and year set forth in the schedule contained in the attached Exhibit B to this <br /> Agreement (which is hereby incorporated by reference); provided, however, notwithstanding the <br /> foregoing or the terms of the Bonds to the contrary,no maturity of Bonds shall extend beyond the <br /> date which is thirty-five (35) years after the date of this Agreement. If the maturity date for any <br /> Bonds is beyond such date, unless otherwise agreed to, such Bonds, together with accrued and <br /> unpaid interest thereon, will be due and payable on such date. <br /> (b) The Bonds will be subject to redemption by the Participant as provided in the <br /> Authorizing Instrument; provided however that in no event shall the Participant exercise any <br /> provision contained in the Authorizing Instrument or the Bonds permitting a redemption of the <br /> Bonds at the option of the Participant unless and until such has been consented by the Authority. <br /> The Loan, and the Bonds evidencing it, will be subject to payment by the Participant as provided <br /> in this Agreement. <br /> (c) The form and other terms of the Bonds will be in conformity with the Authorizing <br /> Instrument. <br /> (d)The additional terms contained in the attached Exhibit D are applicable to this Loan(as <br /> and to the extent set forth in Exhibit D) to the same effect as if such were set forth in this section. <br /> Section 2.03. Disbursement Conditions. Each of the following shall be a condition <br /> precedent to the disbursement of the Loan or any portion thereof(including from the Construction <br /> Fund): <br /> (a) (1) With respect to procurement of professional services related to the Project <br /> to be paid from Loan proceeds, the Participant shall have complied with applicable State <br /> law and SRF Policy Guidelines. Additionally costs related Planning and Design shall only <br /> be Eligible Costs upon compliance with paragraph A of the attached Exhibit D. (2) With <br /> respect to procurement of all other goods and services related to the Project to be paid from <br /> Loan proceeds, the Participant shall have complied with I.C. 36-1-12 and SRF Policy <br /> Guidelines. <br /> B-6 <br />
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