9408-03 Authorizing the issuance of Bonds to evidence a loan from the Indiana Department of Environmental Management Brown-Fields Cleanup Revolving Loan Fund

Home Browse Search

$1 million. The Initial Loan Amount shall be evidenced by two Bonds of the City, the Bond evidencing the non-forgivable portion of the Loan being designated as "City of South Bend, Indiana Taxable Revenue Bonds of 2003 (Environmental Remediation Project), Series A", and the Bond evidencing Forgivable Portion of the Loan being designated as "City of South Bend, Indiana Taxable Revenue Bonds of 2003 (Environmental Remediation Project), Series B". In the event that the Loan amount is increased, at any time and from time to time, in accordance with the Loan Agreement, the City's obligation to repay the increased portion of the Loan shall be evidenced by additional Bonds with the same designation, other than the Series designation, which will be the next consecutive letter of the alphabet. Section 4. The Bonds will be sold to IDFA pursuant to a negotiated sale, in accordance with I.C. 6-3.5-6-25, for par value as provided in the Loan Agreement. The Bonds shall be dated and have an original issuance date as of the date of the Loan. The Bonds shall mature on a date not later than twenty (20) years from the date of original issuance thereof and shall bear interest at a rate not to exceed three percent (3.0°l0) per annum. Each series of the bonds maybe prepaid by the City at par on any date and shall be negotiable without registration. Section 5. The Mayor and the Clerk of the City are hereby authorized and directed to execute and deliver and the Clerk is hereby authorized to affix the seal on, when and if appropriate, the Loan Agreement and the Bonds, together with any documents, instruments, or certificates they deem necessary or appropriate upon the advice of counsel to complete the transactions contemplated herein. Two copies of the Loan Agreement hereby incorporated into this Ordinance, were duly filed in the Office of the Clerk and are available for public inspection in accordance with Section 36-1-5-4 of the Indiana Code. 4