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Section 4. Said Industrial Development Revenue Bonds, <br />payable solely and only from the revenue derived.from such Van E. <br />Gates,facilities, may be issued in amounts not to exceed One <br />Million Five Hundred Thousand and no /100 Dollars ($1,500,000.00) <br />for a period not exceeding twenty (20) years after the first <br />monthly installment due thereon, in accordance with the terms of <br />said Loan Agreement, Mortgage and Trust Indenture and that such <br />Bonds shall be executed on behalf of the City of South Bend, <br />Indiana, by the Mayor and City Clerk of South Bend, Indiana, and <br />shall be sealed with the corporate seal of such City. <br />Section 5. The Issuer hereby elects to have the <br />provisions as to the limit in Section 103(b)6)(D) of the Internal <br />Revenue Code of 1954, as amended, apply to the Bonds; and the <br />Mayor and the City Clerk of the Issuer be and they are hereby <br />authorized, empowered and directed to take any and all further <br />action which may be required to implement and effectuate such <br />election, including without limitation the preparation and filing <br />of such statement or statements or other document or documents as <br />may be deemed by them to be necessary or advisable in order to <br />comply with the procedure set forth in Section 1.103- 10(b)(2)(vi) <br />of the Income Tax Regulations (26 CFR Part 1) under Section 103 <br />of the Internal Revenue Code of 1954, as amended, and all acts <br />heretofore taken by them in this connection are hereby ratified <br />and confirmed. <br />Section 6. This Ordinance shall be in full force and <br />effect from and after its passage by the Common Council and <br />approved by the Mayor. <br />mber of the Slbrtnon Council <br />F1110 tzn <br />lsr READING 3 -t•ZIL —7 9'�,€ 1979 <br />PUBLIC BEARING 3^ 1 p�; <br />2nd READING ,3 - 1 irene <br />NOT APPROVED %ER& S ®UTH BEND, IND. <br />REFERRED A ' <br />PASSED :. ;•; "` 1 .'i ? S+v..s G1 �%•4J <br />-2- <br />