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11/26/79 <br />the Bonds. The Bonds will be secured as provided in the Loan <br />Agreement, and the terms of said instrument is adopted herein by <br />reference and by approval of the instruments. <br />The Loan Agreement and documents executed thereunder will con- <br />stitute the sole security for the Bonds. The Bonds and the interest <br />thereon shall be a valid claim of the respective holders only against <br />the Bond Fund created under the Loan Agreement and other moneys held <br />by the Trustee. The City will have no ownership interest in the <br />Project. <br />The Bonds do not and shall never constitute an indebtedness of, <br />or a charge against the general credit or taxing power of the City. <br />Section 6. Sale of the Bonds: <br />The Mayor and the Clerk of <br />the City are hereby authorized and directed to sell the Bonds to <br />the First Bank and Trust Company of South Bend, Indiana, at a price <br />of par, plus accrued interest from the date of the Bonds to the date <br />of delivery and payment therefor. <br />Section 7. Indenture: The form and terms of the Loan Agreement <br />and the Security Agreement pertaining to Jackel, Inc. Project and <br />the issuance of the industrial development revenue bonds pursuant <br />thereto are hereby approved and adopted. Said forms of Loan Agreement <br />and Security Agreement and Industrial Development Revenue Bond which <br />are on file are hereby incorporated by reference into this Ordinance <br />and said form shall be inserted into the minutes of the Common Council <br />of the City of South Bend, Indiana and shall be kept on file by the <br />City Clerk of South Bend, Indiana. <br />Section 8. General: The Mayor and Clerk be, and they each <br />hereby are, authorized and directed, in the name of and on behalf <br />of the City to execute any and all instruments, perform any and all <br />acts, approve any and all matters, and do any and all things deemed <br />by them, or any of them, to be necessary or desirable in order to <br />carry out the purposes of this Bond Ordinance (including the pre- <br />ambles hereto), the acquisition and installation of the Project by <br />the User, the issuance and sale of the Bonds, and the securing of <br />the Bonds under the Loan Agreement. <br />- 5 - <br />