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Authorizing City to issue Variable Rate Demand Economic Development Revenue Bonds
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Authorizing City to issue Variable Rate Demand Economic Development Revenue Bonds
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Last modified
5/15/2009 2:13:11 PM
Creation date
11/7/2008 3:13:10 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
7/24/2000
Ord-Res Number
9119-00
Bill Number
55-00
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the amount of at least $1,000,000, if requested by such owner, as provided in the Trust Indenture. <br />The Bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the <br />general credit of the City of South Bend nor are the Bonds payable in any manner from revenues <br />raised by taxation. <br />Section 6. The Mayor and City Clerk are authorized and directed to sell the Bonds to the <br />original purchasers thereof at the price of 100% of the principal amount thereof. The Bonds shall <br />bear interest at the rates per annum established pursuant to Section 203 of the Trust Indenture, <br />provided that the interest rate on the Bonds shall not exceed the maximum rate permitted by law. <br />The Underwriter, Banc One Capital Markets, Inc., shall be entitled to an underwriting fee not to <br />exceed 1% of the face amount of the Bonds. <br />Section 7. The Mayor and City Clerk are authorized and directed to execute, attest, affix or <br />imprint by any means the City seal to the documents constituting the Financing Agreement approved <br />herein on behalf of the City and any other document which may be necessary or desirable prior to, <br />on or after the date hereof to consummate or facilitate the transaction, including the Bonds <br />authorized herein. The Preliminary Offering Memorandum maybe converted to a final Offering <br />Memorandum upon approval of the changes and modifications by Issuer's Counsel and further the <br />distribution thereof in connection with the sale of the Bonds is hereby approved. The Mayor and <br />City Clerk are hereby expressly authorized to deem the Preliminary Offering Memorandum relating <br />to issuance of the Bonds as nearly final and the distribution of the nearly final Offering <br />Memorandum is hereby approved. The Mayor and City Clerk are hereby expressly authorized to <br />approve any modifications or additions to the documents constituting the Financing Agreement <br />which take place after the date of this Ordinance with the review and advice of counsel to the City; <br />650745.3 ' 4 <br />
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