Authorizing Revenue Bonds - Royal Inn

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Section 1. The form and terms of the Lease and Mortgage pertaining to the Royal Inn of South Bend facilities and the issuance of the economic development revenue bonds pursuant thereto are hereby approved. Section 2. Said form of Lease and Mortgage is hereby in- corporated by reference into this ordinance and said form shall be inserted into the minutes of the Common Council of South Bend, Indiana, and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. The said Lease and Mortgage shall be executed on behalf of the Economic Development Commission of the City of South Bend, Indiana, by the Mayor and City Clerk, but such officers shall not execute such Lease and Mortgage within twenty (20) days following the adoption of this ordinance as provided by law. Section 4. Economic development revenue bonds, payable solely and only from the revenue derived from such Royal Inn of South Bend facilities, may beissued in a total sum not to exceed Two Million Eight Hundred Thousand and no /100 ($2,800,000.00) Dollars, repayable with interest thereon in monthly installments over a period of twenty (20) years from the date of the issuance of such bonds in accordance with the terms of said Lease and Mortgage and that such bonds shall be executed on behalf of the Economic Development Commission of the City of South Bend, Indiana, by the Mayor and City Clerk of South Bend, Indiana, and shall be sealed with the corporate seal of said city. Section 5. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. /s/ Peter J. Nemeth Member of the Common Council 1st & 2nd READING 6 -26 -72 COMMITTEE OF THE WHOLE' PUBLIC HEARING 6 -26 -72 3:d READIN06 -26 -72 ,- Suspension of Rules NOT APPROW REFERRER PASSED 6 -26 -72 as amended