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thereof, and that such economic development facilities will not <br />have an adverse competitive effect on similar facilities already <br />constructed and 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 Lease and Trust <br />Indenture and Industrial Development Revenue Bonds attached as <br />exhibits thereto pertaining to the issuance of the Industrial <br />Development Revenue Bonds in accordance with the terms of the <br />Lease and Trust Indenture pertaining to the application of GEORGE E. <br />ROSS, ROBERT C. ROSS and RICHARD C. ROSS, a partnership, are hereby <br />approved and adopted. <br />Section 2. Said forms of Lease and Trust Indenture and <br />Industrial Development Revenue Bonds which are on file with the <br />Commission are hereby incorporated by reference into this <br />Ordinance, and said forms shall be inserted into the minutes of <br />the Common Council of the City of South Bend, Indiana, and shall <br />be kept on file by the City Clerk of South Bend, Indiana. <br />Section 3. The Lease and Trust Indenture and Bonds shall <br />be executed on behalf of the City of South Bend, Indiana, by the <br />Mayor and the City Clerk. <br />Section 4. Said Industrial Development Revenue Bonds, <br />payable solely and only from the revenues derived from such GEORGE E. <br />ROSS, ROBERT C. ROSS and RICHARD C. ROSS, a Partnership, Project <br />shall not be in any respect a general obligation of the City, nor <br />shall the Bonds be paid in any manner from funds raised by taxation, <br />and may be executed in amounts not to exceed Forty Thousand <br />($40,000.00) Dollars, repayable with interest thereon at a rate not <br />to exceed seven and one -half (7 -1/2%) percent per annum, payable in <br />monthly installments over a period of twenty (20) years after the <br />date of such Bonds, and that such Lease and Trust Indenture and such <br />Industrial Development Revenue Bonds shall be executed on behalf of <br />the City of South Bend, Indiana, by the Mayor and Clerk and sealed <br />with the corporate seal of such City. <br />Section 5. Resolution No. 42 -79 of the South Bend Economic <br />Development Commission, passed on the December 7, 1979, is hereby <br />grz <br />