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9 <br />construction of such facilities and the equipping thereof, the <br />lease of said facilities to McCormick & Company, Incorporated, <br />the payment of the revenue bonds by the rent payments of McCormick <br />& Company, Incorporated under the Lease Agreement, and the securing <br />of said bonds by the mortgaging of such facilities to the Trustees <br />under the Mortgage and Indenture of Trust and the guaranty of the <br />payment thereof by McCormick & Company, Incorporated to the Trustee <br />under the Guaranty Agreement complies with the purposes and provisions <br />of I.C., 18 -6 -4.5 and will be of benefit to the health and welfare <br />of the City of South Bend and its citizens. <br />Section 2. The forms of the Lease Agreement, Mortgage and <br />Indenture of Trust, Construction Letter, Guaranty Agreement, Pur- <br />chase Contract and Disclosure Materials Packet approved by the <br />South Bend Economic Development Commission are hereby approved and <br />all such documents (herein collectively referred to as the "Fi- <br />nancing Agreement" referred to in I.C., 18- 6- 4 -.5), shall be incor- <br />porated herein by reference and shall be inserted in the minutes <br />of the Common Council and kept on file by the City Clerk. <br />Section 3. The City of South Bend shall issue its Economic <br />Development First Mortgage Revenue Bonds, Series 1976 (McCormick <br />& Company, Incorporated Project), in the total principal amount <br />of Three Million Three Hundred and Fifty Thousand Dollars ($3,350,000.00) <br />for the purpose of procuring funds to pay the costs of acquisition, <br />construction and equipping of the economic development facilities, <br />as more particularly set out in the Mortgage and Indenture of Trust <br />and Lease Agreement incorporated herein by reference, which bonds <br />will be payable as to principal, premium, if any, and interest from <br />the rental payments made by McCormick & Company, Incorporated under <br />the Lease Agreement and from other revenue and income realized <br />under the Lease Agreement, or as otherwise provided in the above <br />described Mortgage and Indenture of Trust. The bonds shall never <br />constitute a general obligation of, an indebtedness of, or a charge <br />