Revenue Bonds McCormick & Co Inc Project

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against the general credit of the City of South Bend. Section 4. The Mayor, City Clerk and Controller are authorized and directed to sell such bonds to the purchasers thereof at a rate of interest on the bonds not to exceed 7% per annum and at a price of 98.6% of the principal amount thereof, of which Two Million Eight Hundred and Fifty Thousand Dollars ($2,850,000.00) bears a bond dis- count of 1 %. Section 5. The Mayor, City Clerk and Controller 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 herein. The signatures of the Mayor, City Clerk and Controller on the bonds and coupons may be facsimile signatures. The Controller is au- thorized to arrange for delivery of such bonds to the Trustee named in the Mortgage and Indenture of Trust, payment for which will be made to the Trustee named in the Mortgage and Indenture of Trust and delivered by the Trustee to the purchasers thereof. Section 6. The provisions of this 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 First Mortgage Revenue Bonds, Series 1976 (McCormick & Company, Incorporated Project), and after the issuance of said bonds, this Ordinance shall not be repealed or amended in any respect which would aversely affect the rights of such holders so long as any of said bonds or the interest thereon remains unpaid. Section 7. This Ordinance shall be in full force and effect from and after its passage and signed by the Mayor. Passed, as amended, May 24, 1976