Authorizing Economic Development Fortuna Land Company Project

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additions to the documents constituting the Financing Agreement which take place after the date of this Ordinance with the review and advice of the City Attorney; it being the express understanding of this Common Council that said Financing Agreement is in substantially final form as of the date of this Ordinance. The approval of said modifications or additions shall be conclusively evidenced by the execution and attesta- tion thereof and the affixing of the seal thereto or the imprinting of the seal thereon; provided, however, that no such modification or addition shall change the maximum principal amount of, interest rate on or term of the bond as approved by the Common Council by this Ordinance without further considera- tion by the Common Council. The signatures of the Mayor and Clerk on the bond may be either manual or facsimile signatures. The Clerk is authorized to arrange for delivery of such bond to the Bondholder named in the Bond Purchase Agreement. The Mayor and Clerk shall execute and the Clerk shall deliver the bond to the Bondholder within ninety days of the adoption of this ordinance. The bond shall be dated as of the date of delivery thereof. Section 6. The provisions of this Ordinance and the Loan Agreement and Mortgage securing the bond shall constitute a contract binding between the City of South Bend and the holder of the Economic Development First Mortgage Revenue Bond (Fortuna Land Company Project), and after the issuance of said bond, this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of such holders so long as said bond or the interest thereon remains unpaid. Section 7. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor. Ist READING //— A 4 _ PUBLIC HEARING / / —�� _ X 2 2nd READING NOT APPROVED REFERRED PASSED Me r of the Cognon Council - 4 - iv 16192