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Authorizing issuance of bonds to evidence a loan form the IDEM Browns-fields cleanup revolving loan fund
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Authorizing issuance of bonds to evidence a loan form the IDEM Browns-fields cleanup revolving loan fund
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Last modified
5/27/2009 10:39:06 AM
Creation date
8/14/2008 4:50:34 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/14/2002
Ord-Res Number
9361-02
Bill Number
76-02
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taxing power of the City is pledged to the payment of and interest on the Bonds. Furthermore, <br />the Available Revenues shall be subject to annual appropriation by the Common Council. <br />Section 3. The Common Council hereby authorizes the issuance of the Bonds in the <br />form of the Loan in an aggregate principal amount not to exceed the amount of the Loan, all in <br />accordance with the Act and the Program Agreement. The Bonds shall be designated as the <br />"City of South Bend, Indiana Revenue Bonds, Series 2002 (Environmental Remediation <br />Project)" The Bonds will be sold to IDFA pursuant to a negotiated sale, in accordance with I.C. <br />6-3.5-6-25, for par value as provided in the Program Agreement. The Bonds shall be dated and <br />have an original issuance date as of the date of the Loan. The fonds shall mature on a date not <br />later than twenty (20) years from the date of original issuance thereof and shall bear interest at a <br />rate not to exceed three percent (3.0%) per annum. The bonds maybe prepaid by the City at par <br />on any date and shall be negotiable without registration. <br />Section 4. The Mayor and the Clerk of the City are hereby authorized and directed to <br />execute and deliver and the Clerk is hereby authorized to affix the seal on, when and if <br />appropriate, the Program Agreement and the Bonds, together with any documents, instruments, <br />or certificates they deem necessary or appropriate upon the advice of counsel to complete the <br />transactions contemplated herein. <br />Section 5. This Ordinance shall be in full force and effect from and after its passage <br />by the Common Council and approval by the Mayor. <br />1st READING. q '2-342, \ ,` , (~ <br />PUBLIC HEARING \~-~~i ~~ QS S~ ~ 4.p~ <br />~3 rd READING ~ 0 , w-tJZ 0.S S c~tDS~ <br />NOT APPRQVl;D <br />REFERRED <br />PASSED ~0--1`~-DL GlS ~~~°S' `~'`"~' <br />COMMON COUNCIL OF THE CITY OF SOUTH BEND <br />By: <br />Member of the Common Counci <br />3 <br />Filed in Cieriz's ®ffi~~ <br />©CT ~ ~ ~00~ <br />LORRTTA J. ~ <br />ter ct.~RSC, ~~. ~ ~~ <br />
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