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Authorizing Economic Development Revenue Bonds - Michiana Telecasting Corp Project
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Authorizing Economic Development Revenue Bonds - Michiana Telecasting Corp Project
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5/10/2013 4:04:03 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
3/23/1981
Ord-Res Number
6899-81
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in the Trust Indenture, payment for which will be made to the <br />Trustee named in the Trust Indenture and delivered by the <br />Trustee to the purchasers thereof. <br />Section 6. The provisions of this Ordinance and the Trust <br />Indenture shall constitute a contract binding between the City of <br />South Bend and the holder of the Economic Development Revenue <br />Bonds (Michiana Telecasting Corp. Project), and after the issuance <br />of said bonds, this Ordinance shall not be repealed or amended <br />in any respect which would adversely affect the rights of such <br />holders so long as any of said bonds or the interest thereon <br />remains unpaid. <br />Section 7. The Common Council recognizes that this financing <br />is interim in nature and is anticipated to be repaid from the <br />proceeds of a long term economic development refunding bond <br />issue, and the Common Council agrees to cooperate and use its <br />best efforts to accomplish the proposed refunding bond issue. <br />Section 8. This Ordinance shall be in full force and effect <br />from and after its passage and signing by the Mayor. <br />Passed, as amended, March 23, 1981 <br />- 3 - <br />
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