Authorizing the Issuance and Sale $350,000 Economic Development Revenue Bonds Medical Arts Corp

Home Browse Search

Section 3. The Loan Agreement, Indenture of Trust and Economic Development Revenue Bonds shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and the Clerk manually affixing their signatures thereto. Section 4. The Economic Development Revenue Bonds, pay- able solely and only from the revenue derived from the facilities, may be issued in an aggregate amount not to exceed Three Hundred Fifty Thousand Dollars ($350,000.00) as registered serial bonds dated as of November 1, 1982, in denominations of Ten Thousand Dollars ($10,000.00) or multiples thereof payable in currency or its equivalent at the offices of 1st Source Bank, 133 South Main Street, South Bend, Indiana. The Bonds will be amortized over a period of seven (7) years and bear interest at a rate of seventy percent (70 %) of the local Prime Rate of interest charged by lst Source Bank, South Bend, Indiana, adjusted quarterly. The Bonds will be executed and delivered during regular business hours on November 9, 1982. The Bonds are redeemable at maturity or prior thereto in accorance 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 Clerk of the City of South Bend, Indiana, and shall be sealed with the corporate seal of the City. Section 5. The Economic Development Revenue Bonds autho- rized 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 De- velopment Commission passed on April 2, 1982, relating to the Medical Arts Corporation Project is hereby approved; and the Common Council of the City of South Bend hereby finds that the proposed financing -3-