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to the Act and approved the form and terms of the Loan Agreement, <br />Indenture of Trust, Real Estate Mortgage, Security Agreement and <br />Industrial Development Revenue Bonds, and further approved this <br />form of ordinance authorizing the execution thereof, and that such <br />economic development facilities will not have an adverse competitive <br />effect on similar facilities already constructed and operating in <br />the City of South 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, Real Estate Mortgage, Security Agreement and <br />Industrial Development Revenue Bonds attached as exhibits thereto <br />pertaining to the issuance of the Industrial Development Revenue <br />Bonds in accordance with the terms of the Indenture of Trust and <br />Loan Agreement pertaining to the application of Mossberg & Company, <br />Inc., an Indiana corporation, are hereby approved and adopted. <br />Section 2. Said forms of Loan Agreement, Indenture of <br />Trust, Real Estate Mortgage, Security Agreement and Industrial <br />Development Revenue Bonds which are on file with the Commission are <br />hereby incorporated by reference into this Ordinance, and said forms <br />shall be inserted into the minutes of the Common Council of the City <br />of 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, Real <br />Estate Mortgage, Security Agreement and Industrial Development Revenue <br />Bonds shall be executed on behalf of the City of South Bend, Indiana <br />by the Mayor and the City Clerk. <br />Section 4. Said Industrial Development Revenue Bonds, <br />payable solely and only from the revenues derived from such Mossberg <br />& Company, Inc. Project pursuant to the aforementioned Indenture of <br />Trust and Loan Agreement shall not be in any respect a general ob- <br />ligation of the City, nor shall the bonds be paid in any manner <br />from funds raised by taxation, and may be executed in amounts not <br />to exceed Seven Hundred Fifty Thousand Dollars ($750,000.00), re- <br />payable with interest thereon at a rate not to exceed eleven percent <br />-2- <br />