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Approving Economic Development Revenue Bonds - Cira's Timberline Inc
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Approving Economic Development Revenue Bonds - Cira's Timberline Inc
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5/13/2013 1:49:49 PM
Creation date
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
1/12/1981
Ord-Res Number
6876-81
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already constructed and operating in the City of South Bend, <br />Indiana. <br />The City of South Bend, Indiana, has heretofore issued <br />its Economic Development First Mortgage Revenue Bond, Series <br />1980 (Timberline Trace Project), in the aggregate principal <br />amount of $500,000.00, to finance the acquisition and construc- <br />tion of certain real estate and improvements, a portion of which <br />will be leased to the Borrower. The economic development <br />facilities of the Borrower are designed to perfect and complete <br />said Timberline Trace Project by providing for the construction <br />of leasehold improvements and the acquisition and installation <br />of furnishings, fixtures, and equipment in that portion of the <br />improvements to be leased to the Borrower. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of <br />the City of South Bend, Indiana, that: <br />Section 1. The form and terms of the Loan Agreement, <br />Indenture of Trust, and Economic Development Revenue Bonds <br />pertaining to the Cira's Timberline, Inc. Project and the <br />issuance of the Economic Development Revenue Bonds pursuant <br />thereto are hereby approved and adopted. <br />Section 2. Said forms of Indenture of Trust and Loan <br />Agreement, together with the Note and Mortgage attached as an <br />exhibit thereto, and the Economic Development Revenue Bonds which <br />are on file with the Commission, are hereby incorporated by <br />reference into this Ordinance, and said forms shall be inserted <br />into the minutes of the Common Council of the City of South <br />Bend, Indiana. <br />Section 3. Said Loan Agreement and Indenture of Trust <br />shall be executed on behalf of the City of South Bend, Indiana, <br />by the Mayor and City Clerk and sealed with the corporate seal <br />of such City. <br />Section. 4. Said Economic Development Revenue Bonds, <br />payable solely and only from the revenues derived from such <br />-2- <br />
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