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NOW, THEREFORE, BE IT ORDAINED by the Common Council of <br />the City of South Bend, Indiana, that: <br />Section 1. The form and terms of the Trust Indenture, real <br />estate mortgage and Industrial Development Revenue Bonds attached as <br />exhibits thereto pertaining to the issuance of the Industrial Development <br />Revenue Bonds in accordance with the terms of the Trust Indenture <br />pertaining to the application of Lyle E. Osborne and Mildred M. <br />Osborne, husband and wife, herein sometimes referred to as "South <br />Bend Precision Products Corporation Project ", are hereby approved <br />and adopted. <br />Section 2. Said forms of Trust Indenture, real estate <br />mortgage and Industrial Development Revenue Bond which are on file <br />with 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 kept <br />on file by the City Clerk of South Bend, Indiana. <br />Section 3. Said Industrial Development Revenue Bonds, <br />payable solely and only from the revenues derived from such South <br />Bend Precision Products Corporation Project pursuant to the afore- <br />mentioned Trust Indenture, may be executed in amounts not to exceed <br />One Hundred Ninety Thousand Dollars ($190,000.00) repayable with <br />interest thereon at a rate not to exceed eight and three - fourths per <br />cent (8 -3/4 %) per annum, payable in monthly installments over a <br />period of fifteen (15) years after the date of such bonds, and that <br />such Trust Indenture and such Industrial Development Revenue Bonds <br />shall be executed on behalf of the City of South Bend, Indiana, by <br />the Mayor and Clerk and sealed with the corporate seal of such City. <br />Section 4. This Ordinance shall be in full force and effect <br />from and after its passage by the Common Council and approved by the <br />Mayor. <br />Member of the Co o Council <br />1st READING S-/q--7y <br />PUBLIC HEARING /y_ 2 y <br />2nd READING 6 <br />NOT APPROVED <br />REFERRED <br />PASSED �' —/ q-,) <br />.J .. VL' J:.J <br />MAY0 <br />f(, i, ," � �0 ?,- <br />