Approving Industrial Development Revenue Bonds - Smith Zeisz Company Inc

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NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: Section 1. The form and terms of the Trust Indenture, User Agreement, Mortgage and Industrial Development Revenue Bonds pertaining to SMITH -ZEISZ COMPANY, INC. PROJECT and the issuance of the Industrial Development Revenue Bonds pursuant thereto are hereby approved and adopted. Section 2. Said forms of Trust Indenture -and User Agreement together with the real estate mortgaqe attached as an exhibit thereto and the Industrial Development Revenue Bonds which are on file with the Commission 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 Trust Indenture 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 Industrial Development Revenue Bonds, payable solely and only from the revenues derived from such SMITH -ZEISZ COMPANY, INC. PROJECT pursuant to the aforementioned Trust Indenture User Agreement and Mortgage shall not be in any respect a cteneral obligatic of the City, nor shall the Bonds be paid in any manner from funds raised by taxation, and may be issued in amounts not to exceed Two Hundred Sixty-five Thousand ($265,000.00) Dollars, repayable with interest thereon at the rate of eight and three - fourths (8 -3/4%) percent per annum, in installments as follows: Two Thousand Six Hundred Forty -eight and 55/100 Dollars ($2,648.55) on or before the expiration of each one (1) month after the date thereof until the expiration of .fifteen (15) years after the date thereof when all unpaid principal and interest shall be due and payable, in accorance with the terms of said Trust Indenture, User Agreement and Mortgage and that such Bonds shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk of South Bend, Indiana, and sealed with the corporate seal of said City. Section 5. Resolution No. 24 -79 of the South Bend Economic Development Commission, passed on August 3, 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