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$1,000,000 Economic Development Revenue Bonds Dayton-Hudson Corp
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$1,000,000 Economic Development Revenue Bonds Dayton-Hudson Corp
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Last modified
5/9/2013 9:20:24 AM
Creation date
5/9/2013 8:34:25 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/26/1981
Ord-Res Number
6987-81
Bill Number
111-81
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NOW, THEREFORE, Be It Resolved by the South Bend Economic <br />Development Commission, as follows: <br />1. The proposed financing of the Project by the City for <br />Dayton- Hudson Corporation is hereby found to be of benefit to <br />the economic welfare of the City <br />and to comply with the purposes and provisions of Indiana Code 18- 6 -4.5. <br />2. The Project will not have an adverse competitive effect <br />on similar facilities already constructed or operating in or near <br />the City. <br />3. The Commission approves the proposed financing and <br />the proposed form and terms of: <br />(a) $1,000,000 Economic Development Revenue Bonds <br />maturing 15 years from their date and bearing interest at <br />the rate of 13-1/4% per annum proposed to be issued by the <br />City for the purpose of loaning the proceeds to Dayton- Hudson <br />Corporation for paying costs of the Project; <br />(b) Loan Agreement whereby the City loans the bond <br />proceeds to Dayton- Hudson Corporation to pay costs of such <br />facilities and the repayment of which is upon terms sufficient <br />to retire, and is the source of payment of, the Bonds and <br />interest thereon; <br />(c) Indenture of Trust from the City to The Indiana <br />National Bank, as Trustee, securing said Bonds; <br />(d) Bond Purchase Agreement among the City, Dayton - <br />Hudson Corporation, and Thornton, Farish & Gauntt, Inc. <br />providing the terms of sale of said Bonds; <br />(e) Official Statement describing said Bonds; and <br />-2- <br />
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