Approving Revnue Bonds Leyba, Sulentic, Bevis

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Section 3. The Lease and Trust Indenture shall be executed on behalf of the City of South Bend, Indiana by the Mayor and City Clerk and sealed with the corporate seal of such City. Section 4. The City of South Bend, Indiana, has previously issued a bond to finance the project pursuant to Ordinance No. 6033 -76 in the amount of $300,000.00 but said amount is not sufficient to complete the project and it is therefore necessary to issue an additional Economic Development Revenue Bond in the amount of $400,000.00 to complete the project, an to redeem in full the previously issued bond. Section 5. Said Industrial Development Revenue Bonds, payable solely and only from the revenue derived from such BENEDICT R. LEYBA and ELSIE M. LEYBA, husband and wife; STEVEN M. SULENTIC and DONNARAE M. SULENTIC; husband and wife; and DUANE D. BEVIS facilities, may be issued in amounts not to exceed Four Hundred Thousand ($400,000.00) Dollars for a period not exceeding fifteen (15) years after the first monthly installment due thereon, in accord- ance with the terms of said Lease and Trust Indenture and that such Bonds shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk of South Bend, Indiana, and shall be sealed with the corporate seal of said City. Section 6. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. ist R_ADING 9 — 8 — 7 ? ! %_"L C HEARING 9-2j.77 2nd' RcAD;NG $ aq 7 NOT APPROVED REFERRED PASSED l & - 7 7 ember of-the mmo Council -2- FILED IN CLERK'S OFFIC-E ' 7 Irene Gammon, CITY CLERK, SOUTo pfND' ilVD.