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Section 1. The form and terms of the Lease, Trust <br />Indenture and Bonds pertaining to the Petro Chem Automotive <br />Corp. facilities and the issuance of the economic development <br />revenue bonds pursuant thereto are hereby approved. <br />Section 2. Said form of Lease, Trust Indenture and <br />Bonds is hereby incorporated by reference into this ordinance <br />and said form shall be inserted into the minutes of the <br />Common Council of South Bend, Indiana, and shall be kept <br />on file by the City Clerk of South Bend, Indiana. <br />Section 3. The said Lease, Trust Indenture and Bonds <br />shall be executed on behalf of the Economic Development <br />Commission of the City of South Bend, Indiana, by the Mayor <br />and City Clerk, but such officers shall not execute such <br />Lease, Trust Indenture and Bonds within twenty (20) days <br />following the adoption of this ordinance as provided by law. <br />Section 4. Economic Development revenue bonds, payable <br />solely and only from the revenue derived from such Petro <br />Chem Automotive Corp. facilities, may be issued in a total <br />sum of not to exceed $90,000.00 for a period not to exceed <br />15 years duration from the date of the issuance of such bonds <br />in accordance with the terms of said Lease and Trust Indenture <br />and that such bonds shall be executed on behalf of the <br />Economic Development Commission of the City of South Bend, Indiana <br />by the Mayor and City Clerk of South Bend, Indiana, and shall <br />be sealed with the corporate seal of said city. <br />Section 5. This ordinance shall be in full force and effect <br />from and after its passage by the Common Council and approved <br />by the Mayor. <br />1st & 2nd READING $ -4- � �- <br />COMMITTEE OF THE WHOLE <br />PUBLIC HEARING 9 - /!- 2• <br />30 READ,INB q -// �a <br />NOT APPROYLtN <br />REFERRM <br />PASSED, 9- / /-'7a <br />Ppts� Q41 0 -IfAAC;4, <br />Member Cou c'1 <br />-2- <br />