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Thousand Dollars ($450,000.00), repayable with interest thereon <br />at a rate not to exceed nine percent (9 %) per annum, payable in <br />installments over a period not to exceed fifteen (15) years <br />after the date of such bonds, and that such Indenture of Trust <br />and Loan Agreement and such Industrial Development Revenue Bonds <br />and shall be executed on behalf of the City of South Bend, <br />Indiana, by the Mayor and Clerk and sealed with the corporate <br />seal of such Citv. <br />Section 5. Resolution No. 23 -80 of the South Bend <br />Economic Development Commission passed on November 7, 1980, is <br />hereby approved; and the Common Council of the City of South Bend <br />hereby finds that the proposed financing for the issuance of the <br />economic development revenue bonds would be of benefit to the <br />health and welfare of the City of South Bend and that it complies <br />with the purposes and provisions of IC 18- 6 -4.5, as amended and <br />supplanted. <br />Section 6. This Ordinance shall be in full force and <br />effect from and after its passage by the Common Council and <br />approval by the Mayor. <br />Member of the South Bend Common Counc'1 <br />U: "n% <br />MGi AP ?ROYE� <br />rce� e;;zu� , � 1980 <br />PASS�.D DEC <br />—3— <br />