Approving Economic Development Revenue Bonds Park Center Associates Project

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Section 2. Said forms of Indenture of Trust and Loan Agreement, together with the Note and Mortgage attached as an exhibit 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 executed 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, and dated August 1, 1983. 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 $650,000, as registered bonds in denomina- tions of $1,000 or multiples thereof payable in lawful money of the United States of America at the principal office of lst Source Bank in the City of:South Bend, Indiana. Such Bonds shall be repayable with interest thereon at a rate not to exceed 11% per annum, over a term of not more than 30 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 exe- cution 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 October 1, 1983. Section 5. The Mayor and City Clerk may approve changes and amend- ments to the Loan Agreement, Indenture of Trust, Economic Development Revenue Bonds, Note, Mortgage, and other related documents which do not affect terms contained in this Ordinance. Section 6. The Resolution of the South Bend Economic Development Commission, passed on July 1, 1983, is hereby approved, and the Common Council of the City of South Bend, Indiana, hereby finds that the proposed financing for the issuance of the Economic Development