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Authorizing $5,000,000 Economic Development Revenue Bonds - Brethren Care of South Bend Inc Project
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Authorizing $5,000,000 Economic Development Revenue Bonds - Brethren Care of South Bend Inc Project
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5/29/2013 3:43:10 PM
Creation date
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/15/1979
Ord-Res Number
6679-79
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WHEREAS, the Issuer proposes to issue and sell its 1979 <br />Series B Bonds in order to finance the purchase of the 1979 <br />Series B Note, the proceeds of which will be used by the Corpora- <br />tion to finance the balance of the costs of the Project, as <br />aforesaid, including necessary expenses incidental thereto and to <br />the issuance of the 1979 Series B Bonds, and including capital- <br />ized interest during the estimated period of construction of the <br />Project; and <br />WHEREAS, the 1979 Series B Bonds will be issued under <br />the terms of a proposed Trust Indenture dated as of December 1, <br />1979 (the "Indenture "), from the Issuer to First Bank and Trust <br />Company of South Bend, South Bend, Indiana, as Trustee (the <br />"Trustee "), which Indenture constitutes an assignment to the <br />Trustee of all of the Issuer's rights, title and interest in, <br />under and to the Security Agreement and the 1979 Series B Note; <br />and <br />WHEREAS, the full and prompt payment of the principal <br />of, premium, if any, and interest on the 1979 Series B Bonds will <br />be secured by a pledge of the Life Occupancy Fees (as defined in <br />the Security Agreement) received by the Corporation in respect of <br />the Project, pursuant to the terms of the 1979 Series B Note and <br />the Security Agreement; and <br />WHEREAS, the Issuer has caused to be prepared and <br />presented to this meeting the following instruments, which the <br />Issuer proposes to enter into: <br />1. the form of Security Agreement between the Issuer <br />and the Corporation; and <br />- 3 - <br />
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