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adverse competitive effect on similar facilities already con- <br />structed and operating in the City of South Bend, Indiana. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF <br />THE CITY OF SOUTH BEND, INDIANA, THAT: <br />Section 1. The form and terms of the Trust Indenture <br />and User Agreement, Security Agreement, and Industrial Develop- <br />ment Revenue Bond attached as exhibits thereto pertaining to the <br />issuance of the Industrial Development Revenue Bonds in accor- <br />dance with the terms of the Trust Indenture and User Agreement <br />pertaining to the application of Lock Joint Tube Company, Inc., <br />an Indiana corporation, herein sometimes referred to as "Lock <br />Joint Tube Company, Inc. Project ", are hereby approved- and <br />adopted. <br />Section 2. Said forms of Trust Indenture and User <br />Agreement, Security Agreement, and Industrial Development Revenue <br />Bond which are on file with the Commission and the City -Clerk are <br />hereby incorporated by reference into this Ordinance, and said <br />forms shall be inserted into the minutes of the Common Council of <br />the City of South Bend, Indiana, and shall be kept on file by the <br />City -Clerk of the City of South Bend, Indiana. <br />Section 3. Said Industrial Development Revenue Bonds, <br />payable solely and only from the revenues derived from such Lock <br />Joint Tube Company, Inc. Project pursuant to the aforementioned <br />Trust Indenture and User Agreement, may be executed in amounts <br />not to exceed Eight Hundred Thousand Dollars ($800,000.00) re- <br />payable with interest thereon a rate not to exceed seventy -five <br />percent (75 %) of the prime rate recognized by First Bank and <br />Trust Company of South Bend, South Bend, Indiana, adjusted <br />quarter annually on the first day of each quarter annual period <br />but not less than ten percent (10 %) per annum, payable in <br />quarter - annual installments over a period of eight (8) years <br />after the date of such Bond or Bonds and such Industrial Devel- <br />opment Revenue Bond or Bonds shall be executed on behalf of the <br />City of South Bend, Indiana, by the Mayor and Clerk and sealed <br />with the corporate seal of such City. <br />-2- <br />