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facilities will not have an adverse competitive effect on similar <br />facilities already constructed and operating in the City of South <br />Bend, Indiana. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the <br />City of South Bend, Indiana, that: <br />Section 1. The form and terms of the Trust Indenture and User <br />Agreement and Industrial Development Revenue Bonds pertaining to <br />SOUTH BEND LATHE, INC. PROJECT and the issuance of the Industrial <br />Development Revenue Bonds pursuant thereto are hereby approved and <br />adopted. <br />Section 2. Said forms of Trust Indenture and User Agreement <br />together with the real estate mortgage attached as an exhibit thereto <br />and the Industrial Development Revenue Bonds which are on file with <br />the Commission are hereby incorporated by reference into this <br />Ordinance, and said forms shall be inserted into the minutes of the <br />Common Council of the City of South Bend, Indiana, and shall be <br />kept on file by the City Clerk of South Bend, Indiana. <br />Section 3. Said Trust Indenture shall be executed on behalf of <br />the City of South Bend, Indiana by the Mayor and City Clerk and <br />sealed with the corporate seal of such City. <br />Section 4. Said Industrial Development Revenue Bonds, <br />payable solely and only from the revenues derived from such SOUTH <br />BEND LATHE, INC. PROJECT pursuant to the aforementioned Trust <br />Indenture and User Agreement, may be issued in amounts not to exceed <br />Nine Hundred Fifty Thousand ($950,000.00) Dollars, repayable with <br />interest thereon at the rate of eight (8 %) percent per annum, in <br />eighty -four (84) consecutive monthly payments, to include interest <br />of Ten Thousand Eight Hundred Eighty -seven Dollars and seventy <br />($10,887.70) Cents over the first seven (7) years and in ninety -six <br />(96) subsequent consecutive monthly payments of Six Thousand Two <br />Hundred Eleven Dollars and Eighty Cents ($6,211.80), to include <br />interest for the next eight (8) years, all in accordance with the <br />terms of said Trust Indenture and User Agreement, and that such <br />Bonds shall be executed on behalf of the City of South Bend, Indiana, <br />by the Mayor and City Clerk of South Bend, Indiana, and shall be <br />sealed with the corporate seal of said City. <br />Section 5. Resolution No. 26 -79 of the South Bend Economic <br />Development Commission, passed on September 7, 1979, is hereby approved; <br />-2- <br />