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0 <br />facilities, does now find that the proposed financing complies <br />with the purposes and provisions of the applicable Indiana <br />statutes governing the issuance of Industrial Development Revenue <br />Bonds by the Commission; and <br />BE IT FURTHER RESOLVED, by the South Bend Economic <br />Development Commission that the proposed financing of the con- <br />struction and equipping of a manufacturing building located on <br />real estate in St. Joseph County, Indiana, and the form and terms <br />of the financing agreement (Loan Agreement, Mortgage and Indenture <br />of Trust) and the Bonds in the principal amount not to exceed <br />Three Hundred Thousand and no /100 Dollars ($300,000.00) and bearing <br />interest at the rate of seventy -five percent (750) of the Prime <br />Rate (as defined below), provided that the interest charged on <br />the principal amount shall not exceed a maximum of thirteen and <br />three- fourths percent (13.75 %) nor shall it be less than a minimum <br />of eight percent (8%). The "Prime Rate" applicable during any <br />calendar year quarter shall be the New York consensus prime rate <br />of interest calculated on the first business day of the calendar <br />quarter to -wit: the first business day of the calendar quarter <br />to -wit: the first business day of January, April, July and Octo- <br />ber during the term of this Bond. The Bonds shall be amortized <br />over a term of fifteen (15) years, and the issuance of the Bonds <br />in accordance therewith, be and the same hereby are approved, and <br />the Secretary of the Commission be and he is directed to transmit <br />to the City of South Bend, Indiana and the St. Joseph County <br />Council, this resolution, together with a copy of the form and <br />terms of the financing agreement (Loan Agreement, Mortgage and <br />Indenture of Trust) and the Bonds. <br />THIS RESOLUTION ADOPTED BY THE SOUTH BEND ECONOMIC <br />DEVELOPMENT COMMISSION OF THE CITY OF SOUTH BEND, INDIANA, THIS <br />20th DAY OF FEBRUARY, 1981. <br />FILED ID CLERK'S OFFICE <br />MAR 4 1981 <br />Irene Gammon <br />CITY CLERK, SOUTH BEND, IND. <br />-2 u <br />