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Authorizing Economic Development Revenue Bond (Park Center Associates Project)
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Authorizing Economic Development Revenue Bond (Park Center Associates Project)
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4/18/2013 11:33:52 AM
Creation date
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/25/1984
Ord-Res Number
7345-84
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approved (herein collectively referred to as the "Financing <br />Agreement" referred to in I.C. 36- 7 -12), and'the Financing <br />Agreement shall be incorporated herein by reference and shall <br />be inserted in the minutes of the Common Council and kept on <br />file by the Clerk. In accordance with the provisions of I.C. <br />36- 1 -5 -4, two (2) copies of the Financing Agreement are on file <br />in the office of the Clerk for public inspection. <br />Section 5. The City of South Bend shall issue its Economic <br />Development Revenue Bond, Series 1984 (Park Center Associates <br />Project), in the total principal amount of Nine Hundred <br />Thousand Dollars .($900,000) and maturing not later than 30 <br />years from the date of the first principal payment, and its <br />Economic Development Refunding Revenue Bond, Series 1984 (Park <br />Center Associates Project), in the total principal amount of <br />Seven Hundred Thousand Dollars ($700,000) and maturing not <br />later than 30 years from the date of the first principal <br />payment. Said bonds are to be issued for the purpose of <br />procuring funds to pay the costs of acquisition, construction <br />and equipping of the economic development facilities as more <br />particularly set out in the Loan Agreement and Bond Purchase <br />Agreements incorporated herein by reference, which bonds will <br />be payable as to principal, premium, if any, and interest from. <br />the note payments made by Park Center Associates under the Loan <br />Agreement and Bond Purchase Agreements and Notes. The bonds <br />shall be issued in fully registered form in the denomination of <br />$5,000 or integral multiples thereof and shall be redeemable as <br />provided in the bonds. Payments of principal and interest are <br />payable in lawful money of the United States of America at the <br />principal office of the Bondholder or by check or draft mailed <br />or delivered to the Bondholder. The bonds shall never <br />constitute a general obligation of, an indebtedness of, or a <br />charge against the general credit of the City of South Bend, <br />nor are the bonds payable in any manner from-revenues raised by <br />taxation. <br />- 3 - <br />
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