Issuance of Economic Development Revenue Bonds Jeffry S Beardsley - Bernell Corporation Project

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or its equivalent at the Office of the First National Bank, 301 South Main Street, Elkhart, Indiana. The Bonds will be amortized over a period of twelve (12) years and bear interest at a rate of thirteen (13 %) percent, or seventy (70 %) percent of the Prime Rate charged by the First National Bank, Elkhart, Indiana. If a floating rate is used, there will be a floor of nine and one -half (9 1/2 %) percent. The Bonds will be executed and delivered during regular business hours on February 12, 1982. The Bond is callable for redemption on any interest payment date in whole or in part at a redemption price of one hundred (100 %) percent of the principal amount thereof, plus accrued interest. 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. 14 -81, relating to the Jeffry S. Beardsley - Bernell Corporation 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 suppleamted. Section 7. This Ordinance shall be in full force and effect from and after its passage, due attestat/ on and approval by the Mayor. Ist READING 141 -1 q-9) PUBLIC HEAPING it - TS- L 2nd READING NOT APPROVED REFERRED PASSED ( 1 \ - SC L, FILED ID CLERK'S DEC 8 1981 - 3 - Irene Gammon CRYCLERR, SM BEND, IND,