Authorizing Economic Development Revenue Bonds Robert J Basney & Ann E Basney Project

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and Loan Agreement incorporated herein by reference, which bonds will be payable as to principal, premium, if any, and interest from the note payments made by ROBERT J. BASNEY and ANN E. BASNEY under the Loan Agreement and Note and from other revenues and income conditionally assigned under the Conditional Assignment of Lease Agreement or as otherwise provided in the above described Mortgage and Indenture of Trust. The Bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City of South Bend. Section 4. The Mayor, Clerk and Controller are authorized and directed to sell such bonds to the purchasers thereof at a rate of interest on the bonds not to exceed seven percent (7a) per annum and at a price of 99% of the principal amount thereof. Section 5. The Mayor and Clerk are authorized and directed to execute the documents constituting the Financing Agreement approved herein on behalf of the City and any other document which may be necessary or desirable to consummate the transaction, including the bonds authorized herein. The signatures of the Mayor and Clerk on the bonds may be facsimile signatures. The Clerk and /or Controller are authorized to arrange for delivery of such Bonds to the Trustee named in the Mortgage and Indenture of Trust, payment for which will be made to the Trustee named in the Mortgage and Indenture of Trust and delivered by the Trustee to the purchasers thereof. Section 6. The provisions of this Ordinance and the Mort- gage and Indenture of Trust securing the bonds shall constitute a contract binding between the City of South Bend and the holder of the Economic Development First Mortgage Revenue Bonds, Series 1978 (ROBERT J. BASNEY and ANN E. BASNEY Project), and after the issuance of said bonds, this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of such holders so long as any of said bonds or the interest thereon remains unpaid. Section 7. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor. PASSED AS AMENDED, JUNE 12, 1978 0 FILED IN CLERK'S OFFICE JUN 121978 Irene Gammon CM CUR& SOUTH AND, IND.