Approving Economic Development Revenue Bonds - Thomas and Jane Kinnucan Project

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NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: Section 1. The form and terms of the Loan Agreement, Mortgage and Security Agreement, Note, a Trust Indenture and Bonds pertaining to the Thomas and Jane Kinnucan project and the issuance of economic development revenue bonds pursuant thereto are hereby approved. Section 2. Said form of Loan Agreement, Mortgage and Security Agreement, Note, a Trust Indenture and Bonds are hereby incorporated by reference into this ordinance and said forms shall be inserted into the minutes of the Common Council of South Bend, Indiana, and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. The said Loan Agreement, Mortgage and Security Agreement, Note, a Trust Indenture and Bonds shall be executed on behalf of the Economic Development Commission of the City of South Bend, Indiana, by the Mayor and City Clerk and sealed with the corporate seal of such City. Section 4. Said economic development revenue bonds, repayable solely by Thomas and Jane Kinnucan, the proceeds of which shall be used for the construction and acquisition of the Facilities, may be issued in a total sum of not to exceed $300,000 at an annual interest rate of ten percent (1O%) for a period not to exceed ten years duration from the date of the issuance of such bonds in accordance with the terms of said Loan Agreement, Mortgage and Security Agreement, Note, and Trust Indenture and that such bonds shall be executed on behalf of the Economic Development Commission of the City of South Bend, Indiana, by the Mayor and City Clerk of South Bend, Indiana, and shall be sealed with the corporate seal of said city. Section 5. Resolution No. 9 -80 of the South Bend Economic Development Commission passed on April 18, 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 pur- poses and provisions of IC 18 -6 -4.5 as amended and supplemented. Section 5. This ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. l r CKE LT S OFFICE 1st READING PUBLIC HEARING 2nd READING �?i;t1 NOT APPROVED Member of South Bend Common Council PASS Irene Gammon P;1, s�3"` l"1 CITY CLERK, SOUTH BEND, IND.