Approving Loan Agreement and Trust Indenture Real Estate Mortgage and Industrial Development Revenue Bonds - Weltek Inc

Home Browse Search

the Industrial Development Revenue Bond pursuant thereto are hereby approved and adopted.. Section 4. 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 this Ordinance, and said forms shall be inserted 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 5. 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 6. Said Industrial Development Revenue Bonds, Payable solely and only from the revenues derived from such WELTEK, INC. facilities, pursuant to the aforementioned Loan Agreement and Trust Indenture, may be executed in the amounts not to exceed Five Hundred and Fifty Thousand ($550,000.00) Dollars, repayable with interest thereon at a rate not to exceed eight and one -half (8 -1 /2/y percent tier 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 Develop- ment Revenue Bonds shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk and sealed with the cor- porate seal of such City. Section 7. That Ordinance No. 6583 -79 enacted by the Common Council of the City of South Bend on the 14th day of May, 1979, is hereby repealed and of no further force or effect. -3-