Approving Industrial Development Revenue Bonds - Steel Warehouse of Indiana Inc

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will not have an adverse competitive 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 Lease and Trust Indenture 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 Lease and Trust Indenture pertaining to the application of STEEL WAREHOUSE OF INDIANA, INC., are hereby approved and adopted. Section 2. Said forms of Lease and Trust Indenture 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 Lease and Trust Indenture and 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 STEEL WAREHOUSE OF INDIANA, INC. Project 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 Forty -Eight Thousand ($648,000.00) Dollars, repayable with interest thereon at a rate not to exceed Eight and one -half (8 -1/20) percent per annum, payable in monthly installments over a period of twelve (12) years after the date of such Bonds, and that such Lease and Trust Indenture 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. Section 5. Resolution No. 37 -79 of the South Bend Economic Development Commission, passed on November 2,.1979, is hereby approved; and the Common Council of the City, of South Bend -2-