Economic Development Revenue Bonds SDT Partnership

Home Browse Search

thirty (30) years, for the purpose of procuring funds to pay the costs of acquisition, construction and equipping of the economic development facilities as more particularly set out in the Trust Indenture and Loan and Security Agreement incorporated herein by reference, which bonds will be payable as to principal, premium, if any, and interest from the Note payments made by SDT Partnership - 1983 under the Loan and Security Agreement and Note or as otherwise provided therein and in the above described Trust Indenture. The bonds may be issued in coupon or registered form, may be issued in denominations of Five Thousand ($5,000.00) Dollars, or a multiple thereof, may be fully registered, or in the case of coupon bonds, may be registrable as to principal only, and shall be redeemed as provided in Article V of the Trust Indenture. Payments of principal and interest are payable in lawful money of the United States of America at the principal office of the Trustee of its successor in trust, or by check or draft mailed or delivered to the registered owner as provided in the Trust Indenture. The bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City of South Bend, nor are the bonds payable in any manner from revenues raised by taxation. Section 4. The Mayor and Clerk are authorized and directed to sell such bonds to the purchasers thereof at a rate of interest on the bonds not to exceed 9.75% and at a price not less than 96% of the principal amount thereof. Section 5. The Mayor and Clerk are authorized and directed to execute, attest, affix or imprint by any means the City Seal to the documents constituting the Financing Agreement, the Official Statement and Bond Purchase Agreement approved herein on behalf of the City of South Bend and any other document which may be necessary or desirable to consummate - 3 -