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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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The moneys to the credit of the Series 1980 Construction Fund shall, <br />pending application thereof as set forth, be subject to a lien and <br />charge in favor of the holders of the Series 1980 Bonds, but only to the <br />extent of their interest therein. <br />Section 7. Source of Payment - Terms and Conditions. Pursuant to the <br />provisions of this Series 1980 Bond Legislation and the Original Bond <br />Legislation the Pledged Receipts shall be set aside, deposited and expended <br />in ,;the manner provided in the Original Bond Legislation. The Series 1980 <br />Construction Fund and Bond Fund shall be maintained, invested and used as <br />provided in said Original Bond Legislation and this Series 1980 Bond <br />Legislation. <br />Section 8. Covenants of the Issuer. The Issuer will restrict the use <br />of the proceeds of the Series 1980 Bonds in such manner and to such extent, <br />if any, as may be necessary, after taking into account reasonable <br />expectations at the time of the delivery of and payment for such Series <br />1980 Bonds, so that the Series 1980 Bonds will not constitute arbitrage <br />bonds under Section 103(c) of the Code and the regulations prescribed under <br />that Section. The Fiscal Officer, or any other officer having responsi- <br />bility for issuing the Series 1980 Bonds, is authorized and directed, alone <br />or in conjunction with any of the foregoing or with any other officer, <br />employee, consultant or agent of the Issuer, or any officer of the Company, <br />to give an appropriate certificate of the Issuer, for inclusion in the <br />transcript of proceedings for the Series 1980 Bonds, setting forth the <br />reasonable expectations of the Issuer regarding the amount and use of the <br />proceeds of the Series 1980 Bonds and the facts and estimates on which they <br />are based, such certificate to be premised on the reasonable expectations <br />of the Company and the facts and estimates on which they are based as <br />certified by the Company, all as of the date of delivery and payment for <br />such Series 1980 Bonds, pursuant to said Section 103(c) and regulations <br />thereunder. <br />- 12 - <br />
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