Authorizing issuance of bonds to evidence a loan form the IDEM Browns-fields cleanup revolving loan fund

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taxing power of the City is pledged to the payment of and interest on the Bonds. Furthermore, the Available Revenues shall be subject to annual appropriation by the Common Council. Section 3. The Common Council hereby authorizes the issuance of the Bonds in the form of the Loan in an aggregate principal amount not to exceed the amount of the Loan, all in accordance with the Act and the Program Agreement. The Bonds shall be designated as the "City of South Bend, Indiana Revenue Bonds, Series 2002 (Environmental Remediation Project)" 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 Program Agreement. The Bonds shall be dated and have an original issuance date as of the date of the Loan. The fonds 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%) per annum. The bonds maybe prepaid by the City at par on any date and shall be negotiable without registration. Section 4. 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 Program 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. Section 5. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. 1st READING. q '2-342, \ ,` , (~ PUBLIC HEARING \~-~~i ~~ QS S~ ~ 4.p~ ~3 rd READING ~ 0 , w-tJZ 0.S S c~tDS~ NOT APPRQVl;D REFERRED PASSED ~0--1`~-DL GlS ~~~°S' `~'`"~' COMMON COUNCIL OF THE CITY OF SOUTH BEND By: Member of the Common Counci 3 Filed in Cieriz's ®ffi~~ ©CT ~ ~ ~00~ LORRTTA J. ~ ter ct.~RSC, ~~. ~ ~~