Approving Industrial Development Revenue Bond - William Heike Dobslaw Project

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Section 5. Said Loan Agreement and Trust Indenture 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 6. Said Industrial Development Revenue Bonds, payable solely and only from the revenues derived from such William R. Dobslaw and Heike Dobslaw facilities, pursuant to the aforementioned Loan Agreement and Trust Indenture, may be executed in the amounts not to exceed Three Hundred and Fifty Thousand ($350,000.00) Dollars, repayable with interest at the rate of 70% of the prime interest rate established by the Continental Illinois National Bank and Trust Company of Chicago, not to exceed an annual interest rate of 12% nor to be less than an annual interest rate of 10 %, such rate to be adjusted as of the lst day of each calendar month payable in monthly installments over a period not exceeding 12 years after the date of such bonds and as such Loan Agreement and Trust Indenture and such Industrial Development Revenue Bonds 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 7. Resolution No. 3 -81 of the South Bend Economic Development Commission and the Common Council the proposed financing revenue bonds would be the City of South Bend and provisions of I.C. passed on April 3, 1981, is hereby approved; of the City of South Bend hereby finds that for the issuance of the economic development of benefit to the health and welfare of and that it complies with the purposes 18- 6 -4.5, as amended and supplanted. Section 8. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. 1st READING 7 S -9'/ PUBLIC HEARING � —s2 f — k1 2n8 READING NOT APPROVED REFERRED ./ PASSED / - 3 - FILED IN CLERIC'S OFFICE APR $1981 Irene Gammon CITY CLERK, SOUTH BEAD, I?,