Authorizing South Bend Economic Development Revenue Note - South Bend Medical Foundation Inc Project

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referred to in IND. CODE §§ 18- 6 -4.5 -1 et seq.), shall be inserted in the minutes of the Common Council and kept on file by the Clerk. Section 3. The City of South Bend shall issue the Revenue Note in the total principal amount of Two Million One Hundred Fifty Thousand ($2,150,000.00) Dollars for the purchase of procuring funds to pay the costs of construction and equipping of the economic development facilities as more particularly set out in the Note Purchase and Loan Agreement incorporated herein by reference, which Revenue Note will be payable as to Principal, premium, if any, and interest solely from the payments made by South Bend Medical Foundation, Inc., an Indiana not-for-profit corpora- tion, under the Note Purchase and Loan Agreement and Promissory Note and as otherwise provided in the Financing Agreement. The Revenue Note shall never constitute a general obligation of, or a charge against, the general credit of the City of South Bend. Section 4. The Mayor, Clerk and /or Comptroller are authorized and directed to sell the Revenue Note to the purchaser thereof at a price not less than one hundred (100%) percent of the principal amount thereof and at the stated rates of interest not greater than (i) eighty-five (850) percent of the Prime Rate per annum from the date thereof_ to the Purchase Date and (ii) ten and three - quarters (10 3/40) percent per annum from and after the Purchase Date. In the event of a Determination of Taxability, the Revenue Note shall bear interest at rates not to exceed (i) one hundred twenty -five (125%) percent of the Prime Rate per annum prior to the Purchase Date and (ii) fourteen (140) percent per annum from and after the Purchase Date. The Revenue Note shall bear interest on over -due installments of principal or interest at the rates per annum equal to: (i) one hundred (100%) percent of the Prime Rate prior to the Purchase Date and (ii) fourteen (14%) percent from and after the Purchase Date. The terms "Purchase Date ", "Prime Rate" and "Determi- nation of Taxability" shall have the same meanings as assigned to them in the Financing Agreement. Section 5. The Mayor and Clerk are authorized and directed to execute the documents constituting the Financing Agreement approved herein, and their execution is hereby confirmed, on behalf of the City of South Bend and any other document which may be neces- sary or desirable to consummate the transaction, including the Revenue Note authorized herein. The Mayor and Clerk are authorized to arrange for the delivery of the Revenue Note to the -Purchaser thereof, payment for which will be made to the Trustee named in the Mortgage and Trust Indenture. Section 6. The provisions of this Ordinance and the Financing Agreement securing the Revenue Note shall constitute a contract binding between the City of South Bend and the holder of the Revenue Note and after the issuance of the Revenue Note, this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of the holder of the Revenue Note so long as the Revenue Note or the interest thereon remain unpaid. Section 7. All ordinances or parts of ordinances in conflict herewith are hereby repealed. Section 8. This Ordinance shall be in full force and effect from and after its passage and signyha by the Mavor. ember of the South Bend Common Council FILE) IN OFFICE 0"� .1U_ - 2 - Irene Gammon CITY CLERK, SOUTH BEND, IN 2nd READING NOT APPROVED REFERRED PASSED FILE) IN OFFICE 0"� .1U_ - 2 - Irene Gammon CITY CLERK, SOUTH BEND, IN