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Industrial Development Revenue Bonds - Schafer Gear Works Inc Project
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Industrial Development Revenue Bonds - Schafer Gear Works Inc Project
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5/14/2013 3:59:26 PM
Creation date
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/28/1981
Ord-Res Number
6962-81
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ment facilities, does now find that the proposed financing complies <br />with the purposes and provisions of the applicable Indiana statutes <br />governing the issuance of industrial development revenue bonds by the <br />Commission and complies in all things with IC 18- 6 -4.5 -1 through IC <br />18- 6- 4.5 -30; and <br />BE IT FURTHER RESOLVED by the South Bend Economic Develop- <br />ment Commission that the proposed financing of the acquisition, in- <br />stallation and construction of such plant expansion constitute such <br />economic development facilities in accordance with the terms of the <br />financing agreements, sometimes referred to as "Indenture of Trust," <br />"Loan Agreement" and the bonds to be issued pursuant thereto in the <br />principal amount of Two Hundred Fifty Thousand Dollars ($250,000.00) <br />repayable with interest at the rate of eleven and one -half (11.5 %) <br />per annum in accordance with the terms set forth in such Indenture <br />of Trust and Loan Agreement, together with note and real estate mort- <br />gage are hereby approved and authorized; and <br />BE IT FURTHER RESOLVED, that the form and terms of the <br />financing agreements pertaining to such bonds, being designated as an <br />Indenture of Trust and Loan Agreement, and the form and terms of such <br />bonds and note and real estate mortgage securing the performance of <br />the terms of such Indenture of Trust and Loan Agreement, and the <br />issuance of such bonds are hereby approved and authorized and that <br />the Secretary of the Commission be, and he is hereby directed to <br />transmit to the Clerk of the City of South Bend, Indiana this reso- <br />lution, together with a copy of the form and terms of the financing <br />agreements, viz, Indenture of Trust, Loan Agreement and the bonds, <br />note and real estate mortgage. <br />THIS RESOLUTION ADOPTED BY THE SOUTH BEND ECONOMIC DEVELOPMENT <br />COMMISSION OF THE CITY OF SOUTH BEND, INDIANA, THIS atT DAY OF <br />AUGUST, 1981. <br />-2- <br />
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