Providing for the aquisition and construction of an economic development project and the leasing of the same to Marilyn Brown, Rael F. Brown, Shirley B. Waks and Beatrice L. Nevel

Home Browse Search

Section 2 . For the purpose of acquiring and constructing the Project, including necessary expenses incidental thereto, there are hereby authorized to be issued the bonds of the City in the princi- pal sum of $995,000, which bonds shall be designated Economic Develop- ment Revenue Bonds , Series 1974 (One Plaza Place Building) ( "the Series 1974 Bonds ") , and shall be payable in lawful money of the United States of America at the main office of the Trustee , or its successor in trust under the provisions of the Indenture. The Series 1974 Bonds shall be issuable as coupon bonds; registrable as to principal only , or as to principal and interest; $5000 denomination; dated February 1 , 1974 ; shall bear interest at the rate of 6 7/8o per annum unless it is determined by a court or governmental agency having jurisdiction that interest on the 1974 13onds except 1974 Bonds held ?)y any "substantial user" of the Project or any "re- lated person" is includable in gross income in accordance with Section 103 (c) of the Internal Revenue Code , in which event the Series 1974 Bonds shall bear 9 1/40 , all as provided in the Indenture; shall be numbered, shall mature , and shall be subject to redemption prior to maturity at the time , under the circumstances , in the manner, at the prices and with the effect, all as provided in the Indenture . The Series 1974 Bonds shall be limited obligations of the City as provided in the Act , the principal of and interest on which shall be payable solely from the income , revenues and property of the Project. Neither the State of Indiana nor any political sub- division thereof shall in any event be liable for the payment of the principal of or interest on the Series 1974 Bonds or for the performance of any pledge, mortgage , obligation or agreement of any kind whatsoever of the City, and none of the Series 1974 Bonds nor any of the City ' s agreements or obligations shall be construed at any time or in any manner to pledge the general credit or taxing power of the City. Nothing in this resolution or in the Lease , the Sublease or the Indenture shall be construed as an obligation or commitment 4