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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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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 Series 1980 Bonds are issued pursuant to the Constitution and to <br />the laws of the State, particularly Indiana Code of 1971, Title 18, Article <br />6, Chapter 4.5 and the authorities therein mentioned, and an ordinance duly <br />passed by the Issuer. The Bonds are special obligations of the Issuer, and <br />the principal of and interest and any premium on the Bonds (hereinafter <br />collectively called "Bond service charges) are payable solely from, and <br />such payment is secured by a pledge of an lien on, the Bond Fund established <br />by and as provided in the Indenture and the "Pledged Receipts" as defined and <br />as provided for in the Indenture (being, generally, the payments and other <br />amounts payable under the Agreement and the income and profit from the invest- <br />ment of such payments), and are not otherwise an obligation of the Issuer. <br />The Bonds do not represent or constitute a debt, liability or general obliga- <br />tion of the Issuer, the State or any political subdivision thereof, or a pledge <br />of the faith and credit or taxing power of the Issuer or of the State or of <br />any such political subdivision. Payments sufficient for the prompt payment <br />when due of the Bond service charges is required by the Agreement to be paid <br />by the Company to the Trustee for the account of the Issuer and deposited in <br />a special account created by the Issuer and designated "City of South Bend - <br />South Bend Forge, Inc. Revenue Bond Fund ", and have been duly pledged for <br />that purpose. <br />The Series 1980 Bonds are issuable as fully registered bonds in <br />denominations of $20,000 and any integral multiple thereof. This Bond is <br />transferable by the registered holder hereof in person or by his attorney <br />duly authorized in writing at the corporate trust office of the Trustee as <br />Bond Registrar, upon presentation hereof to the Trustee, all subject to the <br />terms and conditions provided in the Indenture. The holder hereof agrees <br />with the Company not to transfer this Bond without obtaining the prior <br />written consent hereon of any such transferee, whereby such transferee <br />accepts the terms and conditions hereof. <br />This Bond is subject to mandatory redemption upon a final determination <br />that, interest on the Series 1980 Bonds is wholly includable for Federal income <br />tax purposes in the gross income of the holders of the Series 1980 Bonds (other <br />than because a holder is a "substantial user" of the Project or a "related <br />person ", as those terms are used in Section 103(b)(9) of the Internal Revenue <br />Code of 1954). As used herein, "final determination" shall be deemed to have <br />occurred upon the receipt by the Trustee of a ruling or technical advice by <br />the Internal Revenue Service in which the Company has participated or a <br />written opinion by any attorney or firm of attorneys of recognized standing <br />on the subject of municipal bonds selected by the Trustee, and approved by <br />the Company, which approval shall not be unreasonably withheld. Following <br />such final determination the Series 1980 Bonds shall be redeemed in whole <br />by the Issuer at a redemption price of 100% of the aggregate principal amount <br />outstanding, plus accrued interest, at the earliest practicable date selected <br />by the Trustee, after consultation with the Company, but in no event later than <br />180 days following the Trustee's notification of such final determination. <br />In the event that such redemption is a result of the Company's failure to observe <br />its agreement in Section 6.4 of the Agreement, the redemption price shall <br />be increased by an additional amount equal to 10% of the aggregate principal <br />amount of the Series 1980 Bonds outstanding at the time of such failure. <br />This Bond and any principal installment hereof is subject to optional <br />redemption at the request of the Company prior to the date due and payable <br />on any interest payment date from and after issuance. If called for redemption <br />the entire outstanding balance of the principal sum of this Bond or any install- <br />ment of principal shall be subject to redemption by the Issuer on any interest <br />payment date, at a redemption price of 100% of the principal amount to be so <br />redeemed, plus accrued interest to the redemption date. If less than all of <br />the outstanding Series 1980 Bonds are called for redemption at one time, the <br />Series 1980 Bonds or portions of fully registered Series 1980 Bonds shall be <br />called on a pro rate basis among the bondholders shall be in inverse order of <br />principal installments due. <br />- 3 - <br />
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