Industrial Development Revenue Bonds - Schafer Gear Works Inc Project

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the issuance of Industrial Development Revenue Bonds, including but not limited to the Act, and that such economic development facilities will not have an adverse competitive effect on similar facilities al- ready constructed and operating in the City of South Bend, Indiana. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: Section 1. The form and terms of the Indenture of Trust, Loan Agreement, Industrial Development Revenue Bonds pertain- ing to Schafer Gear Works, Inc. Project and the issuance of the Industrial Development Revenue Bonds pursuant thereto, the note, real estate mortgage and guaranty are hereby approved and adopted. Section 2. Said forms of Indenture of Trust, Loan Agreement, Industrial Development Revenue Bonds, note, real estate mortgage and guaranty which are on file with the Commission are hereby incorporated by reference into this Ordinance, and said forms shall be inserted into the minutes of the Common Council of the City of South Bend, Indiana, and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. The Mayor and City Clerk be and they hereby are authorized and directed to execute said Indenture of Trust, said Loan Agreement, Industrial Development Revenue Bonds and Ten Million Dollars ($10,000,000.00) Election Statement authorized by the Internal Revenue Code as well as any other documents deemed advisable by said officers to be executed on behalf of the City of South Bend, Indiana, and affix the corporate seal thereto. Section 4. Said Industrial Development Revenue Bonds, payable solely and only from the revenues derived from such Schafer Gear Works, Inc. Project pursuant to the aforementioned Indenture of Trust and Loan Agreement may be issued in amounts not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) repayable with interest thereon at the rate of eleven and one -half (11.5 %) per annum, in sixty (60) consecutive monthly payments, including interest, of Five Thousand Four Hundred Ninety -Eight and 15/100 Dollars ($5,498.15) on or before the same day of each of such sixty (60) consecutive months as the date of original issue of said bond(s), all in accordance with the terms of said Indenture of Trust and Loan Agreement, and that -2-