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Section 4. The Economic Development Revenue Bonds, pay- <br />able solely and only from the revenue derived from the facilities, <br />may be issued in an aggregate amount not to exceed Three Hundred <br />Ten Thousand Dollars ($310,000.00) as registered serial bonds dated <br />as of June 15, 1982, in denominations of Ten Thousand Dollars <br />($10,000.00) or multiples thereof payable in currency or its equiv- <br />alent at the offices of 1st Source Bank, 100 North Michigan Street, <br />South Bend, Indiana. The Bonds will be amortized over a period of <br />ten (10) years and bear interest at the rate of fourteen percent <br />(14 %). The Bonds will be executed and delivered during regular <br />business hours on June 15, 1982. The Bonds are redeemable at <br />maturity or prior thereto in accordance with the terms of Section <br />6.1 of the Loan Agreement. Such bonds shall be issued on behalf <br />of the City of South Bend, Indiana, by the Mayor and Clerk of the <br />City of South Bend, Indiana, and shall be sealed with the corporate <br />seal of the City. <br />Section 5. The Economic Development Revenue Bonds autho- <br />rized by the ordinance shall not be and shall never constitute an <br />indebtedness of or a charge against the general credit or taxing <br />power of the City of South Bend and shall not be in any respect a <br />general obligation of the City, nor shall the bonds be paid in any <br />manner from funds raised by taxation. The bonds shall be payable <br />solely from revenues and receipts derived pursuant to the terms of <br />the Loan Agreement and Indenture of Trust. <br />Section 6. The Resolution of the South Bend Economic De- <br />velopment Commission passed on March 5, 1982, relating to the PAI <br />Properties, an Indiana Partnership Project is hereby approved; and <br />the Common Council of the City of South Bend hereby finds that the <br />proposed financing for the issuance of the economic development <br />revenue bonds would be of benefit to the health and welfare of the <br />City of South Bend and that it complies with the purposes and pro- <br />visions of I.C. 36- 7 -12 -1, as amended and supplemented. <br />-3- <br />