Approving Economic Development Revenue Bonds - Lawson-Fisher Associates Project

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Associates Project and the issuance of the Economic Development Revenue Bonds pursuant thereto are hereby approved and adopted. Section 2. Said forms of Indenture of Trust and Loan Agreement, to- gether with the Notes and Mortgage attached as exhibits thereto, and the Economic Development Revenue Bonds 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. Section 3. Said Loan Agreement and Indenture of Trust shall be execu- ted on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk and sealed with the corporate seal of such City. Section 4. Said Economic Development Revenue Bonds, payable solely and only from the revenues derived from such Project pursuant to the afore- mentioned Loan Agreement and Indenture of Trust will not be in any respect a general obligation of the City, nor may the Bonds be paid in any manner from funds raised by taxation, and may be issued in amounts not to exceed $350,000.00 repayable with interest thereon at a rate not to exceed ten (10a) percent per annum, over a term of ten (10) years, in accordance with the terms of said Loan Agreement and Indenture of Trust and that such Bonds shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk of South Bend, Indiana, and sealed with the corporate seal of said City. Section 5. The Resolution of the South Bend Economic Development Commission, passed on December 21 , 1979, is hereby approved; and the Common Council of the City of South Bend, Indiana, hereby finds that the proposed financing for the issuance of the Economic Development Revenue Bonds would be of benefit to the health and welfare of the City of South Bend, and that it complies with the purposes and provisions of the Act. Section 6. This Ordinance shall be in full force and effect from and after its passage by the Common Counci Is! READING /— a Ff — *-a PUBLIC HEARING 2nd READING NOT APPROVELI REFERRED % PASSED and approved by the Mayor. r of the Common Counci 1 FILED Oil CLE1 OFFICE JAN 2 3 1980 Irene Gammon CITY CLERK, SOUTH BEND, IND, �- 2