Approving Economic Development Bonds - South Bend Forge Inc

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Section 6. Sale of Series 1980 Bonds and Allocation of Purchase Price; Construction Fund. The Executive and Fiscal Officer are hereby authorized and directed to offer for sale the Series 1980 Bonds to the Original Purchasers in accordance with their written offers therefor. The Executive further is hereby authorized and directed to make the necessary arrangements on behalf of the Issuer with the Original Purchasers to establish the date, location, procedure and conditions for the delivery of the Series 1980 Bonds to the Original Purchasers. The Executive and Fiscal Officer further are hereby authorized and directed to take all steps necessary to effect due authentication, delivery and security of the Series 1980 Bonds under the terms of this Series 1980 Bond Legislation and the Indenture and it is hereby determined that the price for and the terms of the Series 1980 Bonds and the manner of sale, as provided in this Bond Legislation are in the best interest of the Issuer and consistent with all legal requirements. The Fiscal Officer shall furnish to the Trustee a true transcript, certified by him, of all proceedings had with reference to the issuance of the Series 1980 Bonds along with such information for the records as is necessary to determine the regularity and validity of the issuance of the Series 1980 Bonds. There is hereby created by the Issuer and ordered maintained as a separate deposit account (except when invested as hereinafter provided) in the custody of the Trustee a trust fund to be designated "City of South Bend - South Bend Forge, Inc. Series 1980 Construction Fund" (herein called the "Series 1980 Construction Fund "). All of the proceeds of the Series 1980 Bonds shall be allocated, deposited, and credited to the Series 1980 Construction Fund. Moneys in the Series 1980 Construction Fund may be invested as provided Eligible Investments, as defined in the Original Indenture. Moneys in the Series 1980 Construction Fund shall be disbursed by the Trustee in accordance with the provisions of the Agreement. - 11 -