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{'. 1 . <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of <br />the City of South Bend, Indiana, that: <br />Section 1. The form and terms of the Loan Agreement and <br />Trust Indenture, Security Agreement and Industrial Development <br />Revenue Bonds attached as exhibits thereto pertaining to the <br />application of EXACTO INC. OF SOUTH BEND, an Indiana Corporation, <br />are hereby approved and adopted. <br />Section 2. Said forms of Loan Agreement and Trust <br />Indenture, Security Agreement and Industrial Development Revenue <br />Bonds which are on file with the Commission are hereby incorporated <br />by reference into this Ordinance, and said forms shall be inserted <br />into the minutes of the Common Council of the City of _South Bend, <br />Indiana, and shall be kept on file by the City Clerk of South Bend, <br />.Indiana. <br />Section 3. The Loan Agreement and Trust Indenture and <br />Security Agreement and Industrial Development Bonds shall be <br />executed on behalf of the City of South Bend, Indiana by the Mayor <br />and the City Clerk. <br />Section 4. Said Industrial Development Revenue Bonds, <br />payable solely and only from the revenues derived from such EXACTO <br />INC. OF SOUTH BEND PROJECT pursuant to the aforementioned Loan <br />Agreement and Trust Indenture and Security Agreement shall not be <br />in any respect a general obligation of the City, nor shall the <br />Bonds be paid in any manner from funds raised by taxation, and may <br />be executed in amounts not to exceed Three Hundred Thousand ($300,000.00) <br />Dollars, repayable with interest thereon at a rate not to exceed <br />nine (9 %) percent per annum, payable in_donthly installments <br />over a period of ten (10) years after the date of such Bonds, and <br />that such Loan Agreement and Trust Indenture and Security Agreement <br />and such Industrial Development Revenue Bonds shall be executed on <br />behalf of the City of South Bend, Indiana by the Mayor and the <br />City Clerk and sealed with the corporate seal of such City. <br />Section 5. Resolution No. 33 -79 of the South Bend Economic <br />Development Commission passed on October 22, 1979, is hereby approved; <br />and the Common Council of the City of South Bend hereby finds that <br />the proposed financing for the issuance of the Economic Development <br />-2- <br />