Authorizing Economic Development Revenue Bonds - Universal Companies Inc Project

Home Browse Search

have an adverse competitive effect on similar facilities already constructed and operating in and near the City of South Bend, Indiana; and The St. Joseph County Council has adopted a resolution approving the proposed financing; and NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: Section 1. The form and terms of the Loan Agreement, Mortgage, Indenture of Trust, Security Agreement and Industrial Development Revenue Bonds pertaining to The Universal Companies, Inc. facilities and the issuance of the Industrial Development Revenue Bonds pursuant thereto are hereby approved and adopted. Section 2. Said form of Loan Agreement, Mortgage, Indenture of Trust, and Security Agreement together with Industrial Development Revenue Bonds which are on file with the Commission are hereby incorporated by reference into this Ordinance, and said forms shall be inserted into the minutes of the Common Council of the City of South Bend, Indiana and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. The Loan Agreement, Mortgage and Indenture of Trust shall be executed on behalf of the City of South Bend, Indiana by the Mayor and City Clerk and sealed with the corporate seal of such City. Section 4. Said Industrial Development Revenue Bonds, payable solely and only from the revenue derived from such Universal Companies, Inc. facilities, may be issued in amounts not to exceed Three Hundred Thousand and no /100 Dollars ($300,000.00) for a period not exceeding fifteen (15) years after the first installment due thereon, in accordance with the terms of said Loan Agreement, Mortgage and Indenture of Trust and that such Bonds shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk of South Bend, Indiana, and shall be sealed with the corporate seal of such City. -2-