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Issuance of Economic Development Revenue Bonds Jeffry S Beardsley - Bernell Corporation Project
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Issuance of Economic Development Revenue Bonds Jeffry S Beardsley - Bernell Corporation Project
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5/7/2013 4:00:31 PM
Creation date
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
1/11/1982
Ord-Res Number
7013-82
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such economic development facilities, does now find that the proposed <br />financing complies with the purposes and provisions of the applicable <br />Indiana statutes governing the issuance of industrial development <br />revenue bonds by the Commission and complies in all things with <br />IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30; and <br />BE IT FURTHER RESOLVED by the South Bend Economic Development <br />Commission that the proposed financing of the relocation, expansion <br />and construction of such facility constitutes such economic development <br />facilities in accordance with the terms of the financing agreements, <br />sometimes referred to as "Indenture of Trust," "Loan Agreement" and <br />the bonds to be issued pursuant thereto in the principal amount of <br />Three Hundred Thousand ($300,000.00) Dollars, repayable with interest <br />at the rate of either a fixed rate of thirteen (13 %) percent or a <br />floating rate of seventy (70 %) percent of the prime rate.per annum, <br />in accordance with the terms set forth in such Indenture of Trust <br />and Loan Agreement, are hereby approved and authorized; and <br />BE IT FURTHER RESOLVED, that the form and terms of the financing <br />agreements pertaining to such bonds, being designated as an Indenture <br />of Trust and Loan Agreement, and the form and terms of such bonds <br />securing the performance of the terms of such Indenture of Trust and <br />Lcan Agreement, and the issuance of such bonds are hereby approved <br />and authorized and that the Secretary of the Commission be, and he is <br />hereby directed to transmit to the Clerk of the City of South Bend, <br />Indiana, this resolution, together with a copy of the form and terms <br />of the financing agreements, viz, Indenture of Trust, Loan Agreement <br />and bonds. <br />THIS RESOLUTION ADOPTED BY THE SOUTH BEND ECONOMIC DEVELOPMENT <br />COMMISSION OF THE CITY OF SOUTH BEND, INDIANA, THIS 20th DAY OF <br />NOVEMBER, 1981. <br />MM <br />
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