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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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EXHIBIT A <br />State of Indiana <br />City of South Bend <br />Economic Development First Mortgage Revenue Bond, Series 1980 <br />(South Bend Forge, Inc. Project) <br />(ABS Industries, Inc. - Guarantor) <br />The City of South Bend (hereinafter called the "Issuer "), a municipal <br />corporation and political subdivision in the County of St. Joseph and the <br />State of Indiana (hereinafter referred to as the "State "),for value <br />received, promises to pay to American Securities Bank N.A., or registered <br />assigns, but solely from the sources and in the manner hereinafter re- <br />ferred to, the.principal sum of <br />Three Million Dollars <br />and to pay from said sources interest on the unpaid balance of the princi- <br />pal sum hereof from and after the date of initial delivery of this Bond at <br />the rate or rates hereinafter provided, on the first day of each August, <br />November, February, and May, commencing August 1, 1980. Principal shall <br />be payable in eighteen (18) consecutive installments on the first day of <br />each August, November, February, and May, commencing November 1, 1980 until <br />paid in full, with the final installment due and payable on May 1, 1985, <br />subject to the conditions hereinafter set forth with respect to mandatory <br />and optional redemption by the Issuer prior to payment in full of said <br />principal sum. Principal of and interest on this Bond are payable in lawful <br />money of the United States of America, without deduction for the services <br />of the paying agent, by check or draft to the registered holders at the <br />addresses as they appear on the registration books of the Issuer and upon <br />presentation and surrender upon the final payment of principal and interest <br />at the principal corporate trust office of the Trustee, presently First <br />Bank and Trust Company of South Bend. <br />The Series 1980 Bonds will bear interest at a rate of eighteen percent <br />(18 %) per annum, provided that with the consent of the holder of this Bond, <br />interest payable on the principal sum from time to time outstanding shall be <br />adjusted from time to time so that such rate is at all times equal to <br />sixty -eight percent (68 %) of National City Bank's Prime Rate. As used <br />herein, National City Bank's "Prime Rate" shall mean the base rate, by <br />whatever name then denoted, as announced and generally applied from time to <br />time by National City Bank for 90 days commercial loans in Cleveland, Ohio, <br />to borrowers of the highest credit standing, which base rate of interest <br />shall be adjusted automatically as of the opening of business on the <br />effective date of any change therein. Interest shall be calculated on the <br />basis of a 360 day year, but computed on the actual number of days <br />outstanding. On the tenth business day next preceding an Interest Payment <br />Date (as that term is defined in the First Supplemental Agreement) (the <br />"Notice Date "), the Trustee shall give the Company and all registered <br />holders of the Series 1980 Bonds written notice of the amount of interest <br />payable on such Interest Payment Date. Such written notice shall state the <br />various rates of interest applied during the preceding quarter and the <br />number of days to which each of the respective rates of interest were <br />applied. Interest for the period commencing on any Notice Date and ending <br />on such subsequent Interest Payment Date shall be fixed and calculated at <br />the aforementioned tax - exempt interest rate then in effect on such Notice <br />Date. <br />This Bond is one of a duly authorized issue of Economic Development <br />First Mortgage Revenue Bonds, Series 1980 (South Bend Forge, Inc. Project) <br />(ABS Industries, Inc. - Guarantor) (hereinafter called the "Series 1980 <br />Bonds "), issuable under the Trust Indenture described below, aggregating in <br />
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