Approving Industrial Revenue Bonds - Hablin Company Inc Project

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Section 3. Said Lease and Trust Indenture 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 HABLIN COMPANY, INC' Project pursuant to the aforementioned Lease and Trust Indenture, 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 Five Hundred Thirty Thousand ($530,000.00) Dollars, repayable with interest thereon not to exceed eight and three - fourths (8 3/4 %) percent, payable in monthly installments over a period of fifteen (15) years after the date of such bonds, and that such Lease and Trust Indenture and said 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. 8 -79 of the South Bend Economic Development Commission passed on October 22, 1979, is hereby approved; and the Common Council of the City of South Bend hereby finds that the proposed financing for the issuance of the economic development revenue bonds would be of benefit to the health and welfare of the City of South Bend and that it complies with the purposes and provisions of I.C. 18- 6 -4.5, as amended and supplemented. Section 6. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. 13f tEADING PUBLIC NEARING /,;,S 2_ 75;; 2nd READING la-_-3- 7g NOT APPROVED REFERRED PASSED % `E �r 7 1979 �.ia s, r � �_• 3. 1�,Y. G..s 3111: �.� •�4