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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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It is further determined and acknowledged that the Series 1980 Bonds <br />are being issued pursuant to the terms of the Original Bond Legislation and <br />the terms of this Series 1980 Bond Legislation are subject to all the terms <br />and conditions of the Original Bond Legislation; and all terms and <br />conditions, and covenants and warranties contained in the Original Bond <br />Legislation except as otherwise provided herein shall apply with like force <br />and effect to the Series 1980 Bonds as if originally made in connection <br />therewith. <br />This Legislative Authority hereby elects to have the limitation on <br />capital expenditures specified in Section 103(b)(6) of the Internal Revenue <br />Code of 1954 applied to the Series 1980 Bonds, and the execution and filing <br />with the Internal Revenue Service of a statement regarding such election, <br />as provided by the rules and regulations of the Internal Revenue Service, <br />by the Executive, the Fiscal Officer or the Clerk of this Legislative <br />Authority is hereby authorized, approved, ratified and affirmed. <br />Section 9. First Supplemental Indenture and First Supplemental <br />Agreement. In order to better secure the payment of the Bond service <br />charges as the same shall become due and payable, the Executive and the <br />Fiscal Officer are hereby authorized and directed to execute, acknowledge <br />and deliver the First Supplemental Indenture and the First Supplemental <br />Agreement and to accept and assign the First Supplemental Mortgage, in <br />substantially the forms submitted to the Issuer, which instruments are <br />hereby approved, with such changes therein not inconsistent with this <br />Series 1980 Bond Legislation and not substantially adverse to the Issuer, <br />as may be permitted by the Act and approved by the officers executing the <br />same on behalf of the Issuer. The approval of such changes by said <br />officers, and that such are not substantailly adverse to the Issuer, shall <br />be conclusively evidenced by the execution of the First Supplemental <br />Indenture and the First Supplemental Agreement, respectively, by such <br />officers. <br />- 13 - <br />
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