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Economic Development Revenue Bonds SDT Partnership
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Economic Development Revenue Bonds SDT Partnership
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Last modified
4/30/2013 1:32:24 PM
Creation date
4/30/2013 8:33:26 AM
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Template:
City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/25/1983
Ord-Res Number
7186-83
Bill Number
31-83
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Security Agremeent approved by the South Bend Economic Development <br />Commission and presented to this Common Council, the issuance <br />and sale of revenue bonds, the loan of the proceeds of the <br />revenue bonds to SDT Partnership 1983 for the equipping of <br />such facilities, the payment of the revenue bonds by the Note <br />payments of SDT Partnership - 1983 under the Loan and Security <br />Agreement and Note, the leasing of the equipment being financed <br />to Synthetic Diamond Technology, Inc. under the Equipment <br />Lease, and the securing of said bonds by the granting of <br />security interests under the Loan and Security Agreement complies <br />with the purposes and provisions of I.C. 36 -7 -12 and will be of <br />benefit to the health and welfare of the City of South Bend and <br />its citizens. <br />Section 2. The substantially final forms of the Loan and <br />Security Agreement, Note and Trust Indenture approved by the <br />South Bend Economic Development Commission are hereby approved <br />(herein collectively referred to as the "Financing Agreement" <br />as defined in I.C. 36-7-12), and the substantially final forms <br />of the Equipment Lease, Collateral Assignment of Equipment Lease <br />and Rentals, Lessee's Consent and Agreement to Equipment Lease <br />Assignment, Official Statement and Bond Purchase Agreement <br />approved by the South Bend Economic Development Commission are <br />hereby approved, and all such documents shall be incorporated <br />herein by reference and shall be inserted in the Minutes of the <br />Common Council and kept on file by the Clerk. In accordance <br />with the provisions of I.C. 36- 1 -5 -4, two (2) copies of all <br />such documents are on file in the Office of the Clerk for <br />public inspection. <br />Section 3. The City of South Bend shall issue its Economic <br />Development Revenue Bonds, Series 1983 (SDT Partnership - 1983 <br />Project), in the total principal amount not exceeding Four <br />Million, Six Hundred and Eighty Thousand ($4,680,000.00) Dollars, <br />and maturing not later than seven (7) years from the date of <br />the first interest payment and which in no event may exceed <br />- 2 - <br />
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