Confirming the Sale of $2,300,000 Economic Development Revenue Bonds

Home Browse Search

including without limitation the preparation and filing of such statement or statements or other document or documents as may be deemed by them to be necessary or advisable in order to comply with the procedure set forth in §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 sale of the Series 1975 Bonds to American Fletcher National Bank and Trust Company, Indianapolis, Indiana (the "Bond Purchaser "), at a price of $2,300,000 plus accrued interest to the date of delivery, pursuant to a letter of agreement dated May 2, 1974 from the Bond Purchaser to St. Joseph Bank and Trust Company (the "Bond Purchase Agreement "), is hereby approved, ratified and confirmed and determined to be most advantageous to the interest of the City. Section 9. The Mayor and City Clerk for and on behalf of the City are hereby each authorized and directed to do any and all things necessary to effect the execution and delivery of the Lease, the In- denture, and the Bond Purchase Agreement, and acceptance thereof by the Company, the Trustee, and the Bond Purchaser, respectively, the per- formance of all obligations of the City under and pursuant to the Lease, the Indenture and the Bond Purchase Agreement and the execution and delivery of the Series 1975 Bonds; and the Trustee is hereby au- thorized 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. All provisions of the Indenture including those with respect to the financing and acquisition of the Project, the issuance, delivery and receipt of the proceeds of the Series 1975 Bonds and the receipt, custody, investment and applica- tion of the proceeds of said bonds and the rental payments and other revenues to be derived from the Project, are hereby in all respects adopted, ratified and confirmed for and on behalf of the City. Section 10. The provisions of this ordinance shall constitute a contract binding the City and the holders of the Series 1975 Bonds, and after the issuance of the Series 1975 Bonds, this ordinance shall not be repealed or amended in any respect which would adversely affect the rights of the holders so long as the principal of or the interest - 7 --