Revenue Bonds Real Estate Ventures Project

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adverse competitive affect on similar facilities already constructed and operating in any part of St. Joseph County, Indiana, and Pursuant to such findings, the Commission adopted a resolution which. was transmitted to the Common Council of the City of South Lend, Indiana, approving the application of Real Estate Ventures, together with the terms of the Lease and Trust Indenture (financing agreement) and bond. NO? THEREFORE, BF IT ORDAINED by the Common Council of the City of South Lend, Indiana, that: Section 1. The form and terms of the Lease and Trust Indenture and the Industrial Development Revenue Bond or Bonds pertaining to the aforementioned application, being the Real Estate Ventures Project, and the issuance of the Industrial Development Revenue Bond or Bonds pursuant thereto, are hereby approved and adopted. Section 2. Said form of Lease and Trust Indenture, together with said form of Industrial Development Revenue Bond, 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 Lend, Indiana, and shall be kept on file by the City Clerk of South Bend., Indiana. Section 3. Said Lease and Trust Indenture shall be executed on behalf of the City of South. Bend, Indiana, and sealed with the corporate seal of such City. Section 4. The Industrial Development Revenue Eond or Bonds to be issued. pursuant to such Lease and 'Trust Indenture shall be executed on behalf of the City of South Bend, Indiana, by the ",Iayor and the City Clerk of South Bend, Indiana, and shall be sealed ..,ith the corporate seal of said City and be payable fully and only from the revenues derived from such Real Estate Ventures Project pursuant to the aforementioned Lease and Trust Indenture for a bond issue of T,,,To Hundred Thousand Dollars ($200,000.00) repayable �,Tith interest thereon at the rate of six and ei97ht- tenths Per cent (6.8°') per annum, in installments over a fifteen (15) year period, as more Particularly set forth in the form of Lease and Trust Indenture and Bond as approved by this ordinance. Section 5. The Proceeds of this Industrial Develonment Revenue Bond issue shall be used and applied in accordance Tvrith the terms of such Lease and Trust Indenture.