Industrial Development Revenue Bonds - Schafer Gear Works Inc Project

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ment facilities, does now find that the proposed financing complies with the purposes and provisions of the applicable Indiana statutes governing the issuance of industrial development revenue bonds by the Commission and complies in all things with IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30; and BE IT FURTHER RESOLVED by the South Bend Economic Develop- ment Commission that the proposed financing of the acquisition, in- stallation and construction of such plant expansion constitute such economic development facilities in accordance with the terms of the financing agreements, sometimes referred to as "Indenture of Trust," "Loan Agreement" and the bonds to be issued pursuant thereto in the principal amount of Two Hundred Fifty Thousand Dollars ($250,000.00) repayable with interest at the rate of eleven and one -half (11.5 %) per annum in accordance with the terms set forth in such Indenture of Trust and Loan Agreement, together with note and real estate mort- gage are hereby approved and authorized; and BE IT FURTHER RESOLVED, that the form and terms of the financing agreements pertaining to such bonds, being designated as an Indenture of Trust and Loan Agreement, and the form and terms of such bonds and note and real estate mortgage securing the performance of the terms of such Indenture of Trust and Loan Agreement, and the issuance of such bonds are hereby approved and authorized and that the Secretary of the Commission be, and he is hereby directed to transmit to the Clerk of the City of South Bend, Indiana this reso- lution, together with a copy of the form and terms of the financing agreements, viz, Indenture of Trust, Loan Agreement and the bonds, note and real estate mortgage. THIS RESOLUTION ADOPTED BY THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION OF THE CITY OF SOUTH BEND, INDIANA, THIS atT DAY OF AUGUST, 1981. -2-