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Project pursuant to the aforementioned Loan Agreement and <br />Indenture of Trust will not be in any respect a general <br />obligation of the City, nor may the Bonds be paid in any <br />manner from funds raised by taxation, and may be issued in <br />amounts not to exceed $300,000.00 repayable with interest <br />thereon at the rate of 10% per annum, over a term of 7 years, <br />in accordance with the terms of said Loan Agreement and <br />Indentures of Trust and that such Bonds shall be executed <br />on behalf of the City of South Bend, Indiana, by the Mayor <br />and City Clerk of South Bend, Indiana, and sealed with the <br />corporate seal of said City. <br />Section 5. The Resolution of the South Bend Economic <br />Development Commission, passed on December 5, 1980, is hereby <br />approved; and the Common Council of the City of South Bend, <br />Indiana, hereby finds that the proposed financing for the <br />issuance of the Economic Development Bonds would be of benefit <br />to the health and welfare of the City of South Bend, and that <br />it complies with the purposes and provisions of the Act. <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 />1st READING /a. <br />PUBLIC HEARING f' °�- <br />2nd READING <br />NOT APPROVED <br />REFERRED , rI <br />PASSED <br />/LtL <br />Member of the Common Council <br />-3- <br />9.,in B�e Fly 9� <br />Cis? ;iER , SHIN BE!" D, IND. <br />,n <br />