Approving Industrial Development Revenue Bonds - Niles Avenue Partnership Project

Home Browse Search

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 Trust Indenture and User Agreement, 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 User Agreement pertaining to the application of NILES AVENUE PARTNERSHIP, a Partnership, are hereby approved and adopted. Section 2. Said forms of Trust Indenture and User Agreement, 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 Trust Indenture and User Agreement and Real Estate Mortgage 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 NILES AVENUE PARTNERSHIP PROJECT pursuant to the aforementioned Trust Indenture and User Agreement, shall not be in any respect a general obligation of the City, nor shall thebonds be paid in any manner from funds raised by taxation, and may be executed in amounts not to exceed Seven Hundred Fifty Thousand ($750,000.00) Dollars, repayable with interest thereon at a rate not to exceed Nine (90) percent per annum, payable in monthly installments over a period of twenty (20) years after the date of such bonds, and that such Trust Indenture and User Agreement, Real Estate Mortgage 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. 28 -79 of the South Bend Economic Development Commission passed on October 22 , 1979, is MOM