Approving Industrial Development Revenue Bonds - R & C Realty

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Loan Agreement shall not be in any respect a general obligation of the City, nor shall the bonds be paid in any manner from funds raised by taxation, and may be executed in the principal amount of Two Hundred Fifty Thousand Dollars ($250,000.00), repayable with interest thereon at seventy percent (70 %) of the local prime rate charged by Pacesetter Bank & Trust - Southwest, Niles, Michigan, such rate of interest to be calculated on the first business day of each calendar quarter and the interest charged shall not exceed twelve and one -half percent (12- 1/2%), payable in monthly installments over a period of ten (10) years after the date of such bonds, and that such Trust Indenture, Mortgage and Loan Agreement and such Industrial Development Revenue Bonds shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and Clerk and sealed with the corporate seal of such City. Section 5. Resolution No. 32 -80 of the South Bend Economic Development Commission passed on January 9, 1981, is hereby approved and the Common Council of the City of South Bend hereby finds that the proposed financing for the issuance of the economic development revenue bonds would be of benefit to the health and welfare of the City of South Bend and that it complies with the purposes and pro- visions of IC 18- 6 -4.5, as amended and supplanted. Section 6. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. '$I READING / - � 6 - Y/ PUBLIC HEARING a- 57_- q/ 2nd READING - Cl-el NOT APPROVED REFERRED PASSED -3- FILED IdI CLE7g'S OFFICE P,N2' -1.981 Irene Gammon CITY CLERK, SOUTH BERD, WD.