Approving Industrial Development Revenue Bonds - Masterbilt Inc Project

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the Act, and approved the form and terms of the Loan Agreement and Trust Indenture, real estate mortgages and bonds, and further approved this form of Ordinance authorizing the execution thereof, and that such economic development facilities will not have an adverse competitive effect on similar facilities already construct- ed and operating in the City of South Bend, Indiana. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: Section 1. The form and terms of the Loan Agreement and Trust Indenture, and Industrial Development Revenue Bond attached as Exhibits hereto pertaining to the issuance of the Industrial Development Revenue Bonds in accordance with the terms of the Loan Agreement and Trust Indenture pertaining to the application of Masterbilt Inc., are hereby approved and adopted. Section 2. Said forms of Loan Agreement and Trust Indenture, and Industrial Development Revenue Bond which are on file with the Commission are hereby incorporated by reference into this Ordinance, and said forms shall be inserted into the minutes of the Common Council of the City of South Bend, Indiana and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. The Loan Agreement and Trust Indendure and Bond shall be executed on behalf of the City of South Bend, Indiana by the Mayor and the City Clerk. Section 4. Said Industrial Development Revenue Bond, payable solely and only from the revenues derived from such Masterbilt Inc—Project pursuant to the aforementioned Loan Agreement and Trust Indenture, shall not be in any respect a general obligation of the City, nor shall the bond be paid in any manner from funds raised by taxation, and may be executed in amounts not to exceed Ninety Thousand Dollars ($90,000.00) repayable with interest over a period of five (5) years in accordance with the terms set forth in such Loan Agreement and Trust Indenture, and that -2-