Laserfiche WebLink
PAGE FOUR <br />may be issued in an amount or amounts not to exceed Ninety Five <br />Thousand ($95,000.00) Dollars for a period not to exceed Eighteen <br />(18) years duration from the date of the issuance of said Bond in <br />accordance with the terms of the Loan Agreement and Trust Indenture <br />and such Bond shall be issued on behalf of the City of South Bend, <br />Indiana, by the Mayor and the City Clerk of the City of South Bend, <br />Indiana, and shall be sealed with the corporate seal of the City. <br />Section 5. The Loan Agreement and Trust Indenture and <br />Economic Development Revenue•Bond shall be executed on behalf of the <br />City of South Bend, Indiana, by the Mayor and the City Clerk. The <br />Economic Development Revenue Bond authorized by this Ordinance shall <br />not be and shall never constitute an indebtedness of or a charge <br />against the general credit or taxing power of the City of South Bend, <br />nor shall the Bonds be paid in any manner from funds raised by taxa- <br />tion. The Bond shall be payable solely from revenues and receipts <br />derived pursuant to the terms of the Loan Agreement and Trust Indenture. <br />Section 6. Resolution Number 3 -80 of the City of South <br />Bend Economic Development Commission passed on March 21, 1980, is <br />hereby approved and the Common Council of the City of South Bend <br />hereby finds that the proposed financing for the issuance of the <br />Economic Development Revenue Bond would be of benefit to the health <br />and welfare of the City of South Bend and that it complies with the <br />purposes and provisions of T.C. 18 -6 -4.5 as amended and supplanted. <br />Section 7. The Mayor and the Clerk be and they each <br />hereby are, authorized and directed, in the name of and on behalf <br />of the City of South Bend to execute any and all instruments, per- <br />form any and all acts, approve any and all matters and do any and <br />all things deemed by them, or any of them, to be necessary or de- <br />sirable in order to carry out the provisions of this Bond Ordinance. <br />Section 8. This Bond Ordinance shall be in full force <br />and effect from and after its passage, due attestation and approval <br />by the Mayor as provided by law. <br />tsr UEADING 'l- 151 ---f'd <br />PUBLIC NEARING <br />2nd READING <br />NOT APPROVED <br />REFERRED <br />PASSED -/__-'! >ej <br />RET U �L. <br />- , -''- <br />f. <br />±1 <br />r of the Common Counc <br />