Authorizing Issurane of Economic Development Revenue Bonds Robert H Freshley Project

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equivalent at the Offices of American National Bank, 101 North Main Street, South Bend, Indiana. The Bonds will be amortized over a period of fifteen (15) years and bear interest at a rate of ten (10 %) percent per annum in equal monthly installments. The Bonds will be executed and delivered during regular business hours on February 16, 1982. The Bonds are redeemable at maturity or prior thereto in accordance with the terms of Section 6.1 of the Loan Agreement. Such Bonds shall be issued on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk of the City of South Bend, Indiana, and shall be sealed with the Corporate Seal of the City of South Bend not later than ninety (90) days after the date hereof. Section 5. The Economic Development Revenue Bonds authorized by the Ordinance shall not be and shall never constitute an indebtedness of or a charge against the general credit or taxing power of the City of South Bend and shall not be in any respect a general obligation of the City, nor shall the Bonds be paid in any manner from funds raised by taxation. The Bonds shall be payable solely from revenues and receipts derived pursuant to the terms of the Loan Agreement and Indenture of Trust. Section 6. The Resolution of the South Bend Economic Development Commission passed on November 20, 1981, Resolution No. 13 -81, relating to the Robert H. Freshley Project, is hereby approved; and the Common Council of the City of South Bend hereby finds that the proposed financing for the issuance of the Economic Development Revenue Bonds would be of benefit to the health and welfare of the City of South Bend and that it complies with the purposes and provisions of I.C. 36- 7 -12 -1, as amended and supplemented. Section 7. This Ordinance shall be in full force and effect from and after its passage, due attesta / ion and approval by the Mayor. 10 READING I � -1 y -01 PUBLIC HEARING / - / %-$a 2nd READING NOT APPROVED, REFERRED PASSED J— // - SQ WILED ID CLERFS OFFICE DEC 8 1981 Irene Gammon - 3 - qyy CLERB, $00 BEND, IND.