12-08-08 Council Meeting Agenda & Packet

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the interest rate or rates on the Warrants, which shall not exceed the maximum authorized. rate of interest for the Warrants issued pursuant to this Ordinance. The Warrants sold to the Purchaser shall be accompanied by all documentation required pursuant to the provisions of Indiana law and the Warrant Purchase Agreement, including without limitation ~an approving opinion of nationally recognized bond counsel, certification and guarantee of signatures, and certification as to no litigation pending, as of the date of delivery of the Warrants to the purchaser, challenging the validity or issuance of the Warrants. The entry by the City into the Warrant Purchase Agreement and the execution of the Warrant Purchase Agreement on behalf of the City by the City Controller, in accordance with the Ordinance, are hereby authorized, approved and ratified. Section VI. The Warrants issued hereunder with respect to the Funds shall be executed in the name of the City by the manual or facsimile signature of the Mayor of the City, countersigned by the manual or facsimile signature of the City Controller, and the corporate seal of the City affixed thereto, and attested by the manual or facsimile signature of the Clerk of the City (the "Clerk"), provided, however, that at least one such signature on the Warrants shall be manual. All Warrants shall be payable in lawful money of the United States of America at the office of the City Controller as Paying Agent. Section VII. The Warrants with respect to each Fund shall be issued in substantially the following form (all blanks, including the appropriate amounts, dates, and other information to be properly completed prior to the execution and delivery thereof: (Form of Warrant) UNITED STATES OF AMERICA STATE OF INDIANA Due Date: , COUNTY OF ST. JOSEPH CITY OF SOUTH BEND, INDIANA, TEMPORARY LOAN TAX ANTICIPATION TIME WARRANT FUND) FOR VALUE RECEIVED, on or before _, 200_, the City of South Bend, Indiana (the "City), shall pay to the amount of $ (or so much thereof as may be advanced from time to time and be outstanding as evidenced by the records of the registered owner making payment for this Warrant, or its assigns) pursuant to a certain Warrant Purchase Agreement between and the City, dated as of (the "Agreement"). In addition, the City on the Due Date hereof shall pay to the bearer hereof interest at the rate of % per annum on the outstanding principal amount, with such interest to be calculated on the basis of a 360-day year comprised of twelve 30 day months. BDDBOl 5475853v1 - 4 -