Approving Industrial Development Revenue Bonds - South Bend Tool and Die Co Inc

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