Authorizing Economic Development Revenue Bonds - Michiana Telecasting Corp Project

Home Browse Search

Notre Dame du Lac under the Guaranty Agreement, complies with the purposes and provisions of I.C. 18 -6 -4.5 and will be of bene- fit to the health and welfare of the City of South Bend and its citizens. Section 2. The final forms of the Loan Agreement, Note, Trust Indenture, Guaranty Agreement and Offering Memorandum approved by the South Bend Economic Development Commission are hereby approved and all such documents (herein collectively referred to as the "Financing Agreement" referred to in I.C. 18- 6 -4.5), shall be incorporated herein by reference and shall be inserted in the minutes of the Common Council and kept on file by the Clerk. Section 3. The City of South Bend shall issue its Economic Development Revenue Bonds (Michiana Telecasting Corp. Project), in the total principal amount of Three Million ($3,000,000) Dollars for the purpose of procuring funds to pay the costs of acquisition, construction and equipping of the economic development facilities as more particularly set out in the Trust Indenture and Loan Agreement incorporated herein by reference, which bonds will be payable as to principal, premium, if any, and interest from the note payments made by Michiana Telecasting Corp. under the Loan Agreement and Note or as otherwise provided in the above described Trust Indenture. The Bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City of South Bend. Section 4. The Mayor, Clerk and /or Comptroller are authorized and directed to sell such bonds to the purchasers thereof at a rate of interest on the bonds not to exceed 8; % per annum and at a price not less than 99.23% of the principal amount thereof. Section 5. The Mayor and Clerk are authorized and directed to execute the documents constituting the Financing Agreement approved herein on behalf of the City and any other document which may be necessary or desirable to consummate the transaction, includ- ing the bonds authorized herein. The signatures of the Mayor and Clerk on the bonds may be facsimile signatures. The Clerk is authorized to arrange for delivery of such Bonds to the Trustee named - 2 -