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Authorizing Issurance $6,000,000 Economic Development First Mortgage Revenue Bonds - South Bend Forge Inc
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Authorizing Issurance $6,000,000 Economic Development First Mortgage Revenue Bonds - South Bend Forge Inc
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6/4/2013 4:09:34 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/13/1979
Ord-Res Number
6622-79
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Project or a "related person" as those terms are used in Section 103(b)(8) <br />of the Internal Revenue Code of 1954). As used herein, "final determination" <br />shall be deemed to have occurred upon the receipt by the Trustee of a ruling <br />or technical advice by the Internal Revenue Service in which the Company <br />has participted or a written opinion by an attorney or firm of attorneys <br />of recognized standing on the subject of municipal bonds selected by the <br />Trustee, and approved by the Company, which approval shall not be <br />unreasonably withheld. Following a final determination the Project Bonds <br />shall be redeemed in whole by the Issuer at a redemption price of 100% of <br />the aggregate principal amount outstanding plus accrued interest, at the <br />earliest practicable date selected by the Trustee, after consultation with <br />the Company, but in no event later than 180 days following the Trustee's <br />notification of such final determination. In the event that such redemption <br />is a result of the Company's failure to observe its agreement in Section <br />6.4 of the Agreement, the redemption price shall be increased by an <br />additional amount equal to 10% of the aggregate principal amount of the <br />Project Bonds outstanding at the time of such failure. All of the Project <br />Bonds outstanding on the redemption date selected shall be redeemed by the <br />Issuer on such date, except that Project Bonds maturing on or prior to such <br />redemption date, but after the aforesaid selection of a redemption date, <br />shall be retired on their maturity date at the same redemption price as <br />if they had been called for redemption on such redemption date, and Project <br />Bonds for the payment or redemption of which sufficient moneys or investments <br />are held by the Trustee as provided in Section 8.02 of the Indenture shall <br />be redeemed on the redemption date, or paid at earlier maturity, in <br />accordance with this paragraph and not otherwise. <br />The Project Bonds are subject to optional redemption by the Issuer <br />at the request of the Company, prior to stated maturity in whole, on any <br />Interest Payment Date at a redemption price of 100% of the principal amount <br />to be so redeemed plus accrued interest to the redemption date. <br />If less than all of the outstanding Project Bonds are called for <br />- 11 - <br />
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