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Revenue Bonds, and further approved this form of ordinance authorizing <br />the execution thereof, and that such economic development facilities <br />will not have an adverse competitve effect on similar facilities <br />already constructed and operating in the City of South Bend, Indiana. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the <br />City of South Bend, Indiana, that: <br />Section 1. The form and terms of the Loan Agreement, <br />Mortgage and Trust Indenture and Industrial Development Revenue Bonds <br />attached as exhibits thereto pertaining to the issuance of the In- <br />dustrial Development Revenue Bonds in accordance with the terms of the <br />Trust Indenture, Mortgage and Loan Agreement pertaining to the appli- <br />cation of R & C Realty, an Indiana partnership, are hereby approved <br />and adopted. <br />Section 2. Said forms of Loan Agreement, Trust Indenture, <br />Mortgage and Industrial Development Revenue Bonds which are on file <br />with the Commission are hereby incorporated by reference into this <br />Ordinance, and said forms shall be inserted into the minutes of the <br />Common Council of the City of South Bend, Indiana, and shall be kept <br />on file by the City Clerk of south Bend, Indiana. <br />Section 3. The Loan Agreement, Trust Indenture, Mortgage <br />and Industrial Development Revenue Bonds shall be executed on behalf <br />of the City of South Bend, Indiana by 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 R & C <br />Realty Project pursuant to the aforementioned Trust Indenture and Loan <br />Agreement shall not be in any respect a general obligation of the <br />City, nor shall the bonds be paid in any manner from funds raised by <br />taxation, and may be executed in amounts not to exceed Five Hundred <br />Thousand Dollars ($500,000.00), repayable with interest thereon at a <br />rate not to exceed eight percent (8 %) per annum, payable in monthly <br />installments over a period of fifteen (15) years after the date of <br />such bonds, and that such Trust Indenture, Mortgage and Loan Agreement <br />and such Industrial Development Revenue Bonds shall be executed on <br />behalf fo the City of South Bend, Indiana, by the Mayor and Clerk and <br />-2- <br />