Approving Industrial Development Revenue Bonds Raconik Leasing

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and may be executed in amounts not to exceed One Million Dollars ($1,000,000.00), repayable with interest thereon at a rate not to exceed thirteen percent (13%) per annum, payable in monthly installments over a period not to exceed thirteen (13) years after the date of such bonds, and that such Indenture of Trust 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. 19 -80 of the South Bend Eco- nomic Development Commission passed on September 26, 1980, 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 provisions of IC 18- 6 -4.5, as amended and supplanted. Section 6. The Mayor and the Clerk of the City of South Bend, Indiana, hereby authorized separately and collectively, to execute and file on behalf of the City of South Bend, Indiana, the statement reauired pursuant to Section 103(b)(6)(D) of the Internal Revenue Code, as amended, and regulations issued pursuant thereto, with the Director of the Regional Service Center of the Internal Revenue Service where said Raconik Leasing, a partnership, files federal income tax returns prior to issuance of any such Industrial Development Revenue Bonds, in order to elect to have the provisions of said Section 103(b)(6)(D) of the Internal Revenue Code, as amended, be applicable to this issue of Industrial Development Revenue Bonds. Section 7. This Ordinance shall be in full force and effect from and after its passage by the Common Council and ap- proval by the Mayor. _ e South Bend 9fftion Council Passed, as amended, October 13, 1980 -3-