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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
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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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Each of the 1979 Series B Bonds and the coupons appertaining <br />thereto shall be executed on behalf of the Issuer by its Mayor <br />and attested by its City Clerk by their respective manual or <br />facsimile signatures, shall have the seal of the Issuer impressed <br />or reproduced thereon.and shall be authenticated by the endorse- <br />ment of the Trustee. The facsimile signatures of said officers <br />shall have the same force and effect as if said officers had <br />manually signed each of the 1979 Series B Bonds and the coupons <br />appertaining thereto. <br />Section 5. Form of the 1979 Series B Bonds. The 1979 <br />Series B Bonds and the coupons to be attached to the coupon 1979 <br />Series B Bonds and the Trustee's certificate of authentication to <br />appear on the 1979 Series B Bonds shall be in substantially the <br />form set forth in the Indenture, with necessary or appropriate <br />variations, omissions and insertions as permitted or required by <br />the Indenture. <br />Section 6. Payment of the 1979 Series B Bonds. It is <br />hereby found, determined and declared by this Common Council that <br />the payments to be made on the 1979 Series B Note are sufficient <br />in each year to pay the principal of, premium, if any, and inter- <br />est on the 1979 Series B Bonds, and that the obligations under- <br />taken by the Corporation under the Security Agreement are suffi- <br />cient to satisfy the obligations required by the Act to be under- <br />taken by the "user" of an "economic development facility." No <br />reserve funds or depreciation funds are deemed advisable to be <br />established by the Issuer in connection with the retirement of <br />the 1979 Series B Bonds. The.Security Agreement provides that <br />the Corporation shall operate and maintain the Project and carry <br />all proper insurance with respect thereto, and shall pay all <br />costs of maintenance, repair, taxes, assessments, insurance <br />premiums, Trustee's fees and any other expenses relating to the <br />Project. <br />Section 7. Approval of the Indenture. The form, terms <br />and provisions of the proposed Indenture be, and they are hereby, <br />- 7 - <br />
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