Industrial Development Revenue Bonds - Bath Insurance Agency Inc Project

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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 and Industrial Development Revenue Bonds pertaining to Bath Insurance Agency, Inc. Project and the issuance of the Industrial Develop- ment Revenue Bonds pursuant thereto are hereby approved and adopted. Section 2. Said forms of Trust Indenture together with 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 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 Bath Insurance Agency, Inc. Project pursuant to the aforementioned Trust Indenture may be issued in amounts not to exceed Seven Hundred Thousand Dollars ($700,000.00) repayable with interest thereon at the rate of seven and three - fourths per cent (7 -3/4 %) per annum, in installments as follows: Four Thousand Five Hundred Twenty and 84 /100 Dollars ($4,520.84) on or before the expiration of each one month after the date of the bonds until the expiration of thirteen (13) months after the date of the bonds when the installment due thereon shall be due and payable in the amount of Six Thousand Eight Hundred Forty and 40 /100 Dollars ($6,840.40), with consecutive monthly installments being due at the expiration of each month there- after in such amount of Six Thousand Eight Hundred Forty and 40/100 Dollars ($61840.40) until the expiration of fifteen (15) years after the date thereof when all unpaid principal and interest shall be due and payable, all in accordance with the terms of said Trust Indenture 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 shall be sealed with the corporate seal of said City. -2-