Approving Industrial Development Revenue Bonds K & K Leasing Co

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Section 1. The form and terms of the Loan Agreement and Trust Indenture, Real Estate Mortgage and Industrial Development Revenue Bond pertaining to K & K LEASING -CO. Project and the issuance of the Industrial Development Revenue Bond pursuant thereto are hereby approved and adopted. Section 2. Said forms of Loan Agreement and Trust Indenture, Real Estate Mortgage together with the Industrial Development Revenue Bonds which are on file with the Commission, are hereby incorporated by reference into the minutes of the Common Council of the City of South Bend, Indiana, and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. Said Loan Agreement and 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 K & K LEASING CO. facilities, pursuant to the aforementioned Loan Agreement and Trust Indenture, may be executed in the amounts not to exceed Five Hundred Eighty Thousand ($580,000.00) Dollars, repayable with interest at a rate not to exceed eight and one -half (8 -1/20) percent per annum, payable in monthly installments over a period not exceeding fifteen (15) years after the date of such bonds and that such Loan Agreement and Trust Indenture and such Industrial Development Revenue Bonds 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 5. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. MemV of'the,,:, o 6mon Council 1.4 READING PUBLIC HEARING • a ri'7 �1 2nd READING NOT APPROVED REFERRED PASSED ,e -2- FILE CLERK � MAY 2 1(':. i CITY CLERK, S0UT3i ?3E:>>U, IND.