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Approving Economic Development Bonds - South Bend Forge Inc
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Approving Economic Development Bonds - South Bend Forge Inc
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Last modified
5/22/2013 10:20:12 AM
Creation date
5/22/2013 10:02:57 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
5/27/1980
Ord-Res Number
6781-80
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Section 6. Sale of Series 1980 Bonds and Allocation of Purchase <br />Price; Construction Fund. The Executive and Fiscal Officer are hereby <br />authorized and directed to offer for sale the Series 1980 Bonds to the <br />Original Purchasers in accordance with their written offers therefor. The <br />Executive further is hereby authorized and directed to make the necessary <br />arrangements on behalf of the Issuer with the Original Purchasers to <br />establish the date, location, procedure and conditions for the delivery of <br />the Series 1980 Bonds to the Original Purchasers. The Executive and Fiscal <br />Officer further are hereby authorized and directed to take all steps <br />necessary to effect due authentication, delivery and security of the Series <br />1980 Bonds under the terms of this Series 1980 Bond Legislation and the <br />Indenture and it is hereby determined that the price for and the terms of <br />the Series 1980 Bonds and the manner of sale, as provided in this Bond <br />Legislation are in the best interest of the Issuer and consistent with all <br />legal requirements. The Fiscal Officer shall furnish to the Trustee a true <br />transcript, certified by him, of all proceedings had with reference to the <br />issuance of the Series 1980 Bonds along with such information for the <br />records as is necessary to determine the regularity and validity of the <br />issuance of the Series 1980 Bonds. <br />There is hereby created by the Issuer and ordered maintained as a <br />separate deposit account (except when invested as hereinafter provided) in <br />the custody of the Trustee a trust fund to be designated "City of South <br />Bend - South Bend Forge, Inc. Series 1980 Construction Fund" (herein called <br />the "Series 1980 Construction Fund "). All of the proceeds of the Series <br />1980 Bonds shall be allocated, deposited, and credited to the Series 1980 <br />Construction Fund. Moneys in the Series 1980 Construction Fund may be <br />invested as provided Eligible Investments, as defined in the Original <br />Indenture. Moneys in the Series 1980 Construction Fund shall be disbursed <br />by the Trustee in accordance with the provisions of the Agreement. <br />- 11 - <br />
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