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Year Principal Amount 1976 $45,000 1977 45,000 1978 50,000 1979 50,000 1980 55,000 1981 60,000 1982 65,000 1983 70,000 1984 75,000 1985 80,000 1986 85,000 1987 95,000 1988 100,000 1989 110,000 1990 115,000 $1,100,000 Section 5. The Mayor and City Clerk are authorized and directed to execute the documents constituting the Financing Agreement approved herein on behalf of the City of South Bend and any other document which may be necessary or desirable to consummate the transaction, including the bonds authorized here- in. The signatures of the Mayor and the City Clerk on the bonds may be manual or facsimile signatures. The City Clerk is authorized to arrange for delivery of such bonds to the purchaser thereof, payment for which will be made to the Trustee named in the Mortgage and Indenture of Trust. The Trustee is hereby authorized to receive and receipt for the proceeds of said bonds on behalf of the City and to hold, invest and disburse said proceeds in accordance with the provisions of the indenture. Section 6. The provisions of the Ordinance and the Mortgage and Indenture of Trust securing the bonds shall constitute a contract binding between the City of South Bend and the holder of the Economic Development Revenue Bonds (Char -King, Inc. Project), and after the issuance of said bonds, this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of such holders so long as any of said bonds or the interest there- on remains unpaid. Section 7. This Common Council hereby elects to have the provisions of Section 103 (c) (6) (D) of the Internal Revenue Code of 1954, as amended, applied to the One Million One Hundred Thousand dollar ($1,100,000.00) principal amount of the bonds herein authorized; and that the Mayor and City Clerk be and they hereby are authorized, empowered and directed to take any and all further action which may be required to implement and effectuate such election, including without limita- tion the preparation and filing of such a statement or statements or other docu- ment or documents as may be deemed by them to be necessary or advisable in order to comply with the procedures set forth in Section 1.103 -10 (b)(2)(VI) of the Income Tax Regulations (26 CFR Part 1) under Section 103 of the Internal Revenue Code of 1954, as amended. Section 8. The provisions of this Ordinance are hereby declared to be separable and if any section, phrase or provision shall for any reason be declared by a court of competent jurisdiction to be invalid or unenforceable, such declar- ation shall not affect the validity of the remainder of the Sections, phrases and provisions hereof. Section 9. All orders and Ordinances and parts thereof in conflict herewith are to the extent of such conflict hereby repealed, and this Ordinance shall take affect and be in full force immediately upon its adoption and signing by the Mayor. Counci man '