Approving Industrial Development Revenue Bonds - Diversified Group Project

Home Browse Search

j Section 1. The form and terms of the Loan-Agreement, Indenture,of Trust, and Economic Development Revenue Bonds pertaining to DIVERSIFIED GROUP PROJECT and the issuance of the Economic Development Revenue Bonds 'pursuant thereto are hereby approved and adopted. Section 2. Said forms of Indenture of Trust and Loan Agreement, together with the Note and Mortgage attached as an exhibit thereto, and the Economic Development Revenue Bonds which are on file with the Commis- sion, 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. Section 3. Said Loan Agreement and Indenture of Trust shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk and sealed with the corporate seal of such City. Section 4. Said Economic Development Revenue Bonds, payable solely and only from the revenues derived from such DIVERSIFIED GROUP PROJECT .pursuant to the aforementioned Loan Agreement and Indenture of Trust will not be in any respect a general obligation of the City, nor may the Bonds be.paid in any manner from funds raised by taxation, and may be issued in amounts not to exceed $350,000.00 repayable with interest thereon at the rate of 9% per annum, over a term of 20 years, in accordance with the terms of said Loan Agreement and Indenture of Trust and that such Bonds shall be exe.cut --d on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk of South Bend, Indiana, and sealed with the corporate s.eal..of said City. Section-5. Resolution No. 29 -79 of the South Bend Economic Develop- ment Commission, passed on October 51 1979, is hereby approved; and the Common .Council of the City of South .Bend, Indiana, 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 the Act. Section 6. This Ordinance shall be in full force and effect from and after its passage.by the Common Council and approved by the Mayor. PUELK HEARING 2nd READRAG d/ IS-_ 7� NOT APPROVED REFERRED �q7 CLE K OCT 17 1979 Irene Gammon _ 2 - PASSED /-f, ; �� CiiY CL[RK, SOLIT? BEND, UND. oPPortunity for Public - - - --- - -4A and Council action on the issue.,