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Industrial Development Revenue Bonds Schilling's Sales Co Inc
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Industrial Development Revenue Bonds Schilling's Sales Co Inc
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Last modified
5/17/2013 2:48:39 PM
Creation date
5/17/2013 11:38:33 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/27/1980
Ord-Res Number
6845-82
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Revenue Bonds, including but not limited to the Act and approved <br />the form and terms of the Loan Agreement, Indenture of Trust, <br />Note, Security Agreement, and Industrial Development Revenue <br />Bonds, and further approved this form of ordinance authorizing <br />the execution thereof, and that such economic development facil- <br />ities will not have an adverse competitive effect on similar <br />facilities already constructed and operating in the City of South <br />Bend, Indiana. <br />NOW THEREFORE, BE IT ORDAINED by the Common Council of <br />the City of South Bend, Indiana, that: <br />Section 1. The form and terms of the Loan Agreement, <br />Indenture of Trust, Security Agreement and Industrial Development <br />Revenue Bonds attached as exhibits thereto pertaining to the is- <br />suance of the Industrial Development Revenue Bonds in accordance <br />with the terms of the Indenture of Trust and Loan Agreement per- <br />taining to the application of Schilling's Sales Co., Inc., an <br />Indiana corporation, are hereby approved and adopted. <br />Section 2. Said forms of Loan Agreement, Indenture of <br />Trust, Note, Security Agreement and Industrial Development Rev- <br />enue Bonds which are on file with the Commission are hereby in- <br />corporated by reference into this Ordinance, and said forms shall <br />be inserted into the minutes of the Common Council of the City of <br />South Bend, Indiana, and shall be kept on file by the City Clerk <br />of South Bend, Indiana. <br />Section 3. The Loan Agreement, Indenture of Trust, <br />Security Agreement and Industrial Development Revenue Bonds shall <br />be executed on behalf of the City of South Bend, Indiana, by the <br />Mayor and the City Clerk. <br />Section 4. Said Industrial Development Revenue Bonds, <br />payable solely and only from the revenues derived from such Schilling' <br />Sales Co., Inc., an Indiana corporation, Project pursuant to the <br />aforementioned Indenture of Trust and Loan Agreement shall not <br />be in any respect a general obligation of the City, nor shall <br />the bonds be paid in any manner from funds raised by taxation, <br />-2- <br />
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