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this form of ordinance authorizing the execution thereof, and that <br />such economic development facilities will not have an adverse <br />competitve effect on similar facilities already constructed and <br />operating in the City of South Bend, Indiana. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of <br />the City of South Bend, Indiana, that: <br />Section 1. The form and terms of the Loan Agreement, <br />Trust Indenture, Real Estate Mortgage, Security Agreement and In- <br />dustrial Development Revenue Bonds attached as exhibits thereto per- <br />taining to the issuance of the Industrial Development Revenue Bonds in <br />accordance with the terms of the Trust Indenture and Loan Agreement <br />pertaining to the application of South Bend Tool and Die Co., Inc., an <br />Indiana corporation, are hereby approved and adopted. <br />Section 2. Said forms of Loan Agreement, Trust Indenture, <br />Real Estate Mortgage, Security Agreement and Industrial Development <br />Revenue Bonds which are on file with the Commission are hereby incorpo- <br />rated by reference into this Ordinance, and said forms shall be inserted <br />into the minutes of the Common Council of the City of South Bend, <br />Indiana, and shall be kept on file by the City Clerk of South <br />Bend, Indiana. <br />Section 3. The Loan Agreement, Trust Indenture, Real <br />Estate Mortgage, Security Agreement and Industrial Development Revenue <br />Bonds shall be executed on behalf of the City of South Bend, Indiana by <br />the Mayor and the City Clerk. <br />Section 4. Said Industrial Development Revenue Bonds, <br />payable solely and only from the revenues derived from such South <br />Bend Tool and Die Co., Inc. Project pursuant to the aforementioned <br />Trust Indenture and Loan Agreement shall not be in any respect a <br />general obligation of the City, nor shall the bonds be paid in <br />any manner from funds raised by taxation, and may be executed in <br />amounts not to exceed Six Hundred Thousand Dollars ($600,000.00), <br />repayable with interest thereon at a rate not to exceed eight and <br />one -half percent (8 -1/2 %) per annum, payable in monthly install- <br />ments over a period of fifteen (15) years after the date of such <br />bonds, and that such Trust Indenture and Loan Agreement and such <br />-2- <br />