$8,000,000 Economic Development Revenue Bonds Brethren Care of South Bend

Home Browse Search

The Series A Bonds shall be in such form, shall be in such denominations, shall be payable in such medium of payment and at such place or places, shall be subject to redemption at the times and in the manner, and shall contain such other provisions as are pro- vided in the Indenture. The Series A Bonds shall be executed on behalf of the City with the official manual or facsimile signature of the Mayor and attested with the official manual or facsimile signature of the City Clerk and the corporate seal of the City or a facsimile thereof shall be impressed or imprinted thereon, and any coupons attached to the Series A Bonds shall be executed by the facsimile signature of such officials. The Series A Bonds are limited obligations of the City payable solely from payments of principal, premium, if any, and interest made by the Company on the Series A Note in the form attached to the Loan Agreement as Exhibit B, except to the extent that the principal of, premium, if any, and interest on the Series A Bonds may be paid out of money attributable to Series A Bond proceeds or from temporary investments, or from other moneys, if any, accruing to the Trustee for the benefit of the bondholders. The Series A Bonds do not and shall never constitute an indebtedness of, or a charge against the general credit or taxing power of the City. By the Indenture, the City will assign or pledge to the Trustee the City's rights under the Loan Agreement, including the right of the City to receive payments under the Series A Note, all as security for the payment of the Series A Bonds. Section 5. Additional Bonds. The City reserves the right to authorize the issuance of Additional Bonds upon the terms and conditions provided in the Indenture and Loan Agreement; provided that prior to the issuance, sale or delivery of any such series of Additional Bonds, the Common Council shall adopt and approve an appropriate resolution or ordinance authorizing execution and delivery of a supplement to the Loan Agreement and a supplement to the Indenture and authorizing issuance of such series of Additional Bonds. Section 6. Indenture. In order to secure the payment of the principal of and interest on the Series A Bonds, the Mayor and City Clerk shall execute, acknowledge and deliver in the name and on behalf of the City, an Indenture of Trust, herein identified as and called the Indenture, in substantially the form submitted to the Common Council and before the mee -ting at which this Bond Ordinance is adopted, which is hereby approved in all respects. Section 7. Loan Agreement. In order to provide for the loan of the proceeds of sale of the Series A Bonds to the Company and to provide for the payment by the Company of an amount sufficient to pay the principal of and premium, if any, and interest on the Series A Bonds, the Mayor and City Clerk shall execute, acknowledge and deliver in the name and on behalf of the City a Loan Agreement, herein identified as and called the Loan Agreement, in substantially the form submitted to this Common Council and before the meeting at which this Bond Ordinance is adopted, which is hereby approved in all respects.