Approving Industrial Development Revenue Bonds G & W Rentals Project

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User Agreement, may be executed in amounts not to exceed One Million Four Hundred Thousand Dollars ($1,400,000.00) repayable with interest thereon at a rate not to exceed nine and one - quarter per cent (9 -1 /4q) per annum, payable in semi - annual installments over a period of twenty (20) years after the date of such Bonds, and that such Trust Indenture and User Agreement and such Indus- trial Development 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. The Industrial Development Revenue Bonds authorized by this ordinance shall not be and shall never con- stitute an indebtedness of or a charge against the general credit of the taxing power of the City of South Bend, Indiana, and shall not be in any respect a general obligation of the City of South Bend, Indiana, nor shall such Bonds be paid in any manner from funds raised by taxation. Such Bonds shall be payable solely from the revenues and receipts received pursuant to the terms of such Trust Indenture and User Agreement. Section 6. Resolution No. 46 -79 of the South Bend Economic Development Commission passed on February 15, 1980 is hereby approved; and the Common Council of the City of South Bend, Indiana hereby finds that the proposed financing for the issuance of the Industrial Development Revenue Bonds involved will be of benefit to the health and welfare of the City of South Bend, Indiana and that it complies with the purposes and provi- sions of T.C. 18- 6 -4.5 -1 through I.C. 18- 6- 4.5 -30 as amended and supplemented. Section 7. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. Member of the Common Council 1st READING y a S ^ — 'i v 2nd READ, N, -�a - gv NOT �`APP;-')pVED REFERRED PASSED FILED III CLEUTS DP��CE FEB 2 0 1980 Irene Gammon CITY CLERK, SOM BEND, 0-