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05-22-2017 Packet
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05-22-2017 Packet
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City Council - City Clerk
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SECTION II. The economic development facilities will consist of the Bond Project as <br /> permitted by the Act. <br /> SECTION III. At the Public Hearing, the Commission considered whether the Project <br /> would have an adverse competitive effect on any similar facilities located in the City as required <br /> by IC 36-7-12-21. The Commission also considered whether the Bond Project would be of <br /> benefit to the public health and welfare of the City and found that financing the Bond Project <br /> would be of benefit to the public health and welfare of the City and the Common Council hereby <br /> confirms that finding. <br /> SECTION IV. The substantially final forms of the Financing and Covenant Agreement, <br /> the Indenture and the Bond Purchase Agreement approved by the Commission are hereby <br /> approved as the Financing Agreement as referred to in the Act, and the Financing Agreement <br /> shall be incorporated herein by reference and shall be inserted in the minutes of the Common <br /> Council and kept on file by the Clerk. In accordance with the provisions of IC 36-1-5-4, two (2) <br /> copies of the Financing Agreement are on file in the office of the Clerk for public inspection. <br /> SECTION V. The City may issue its Bonds, maturing no later than three (3) years after <br /> their date of issuance, in the aggregate principal amount not to exceed $3,500,000. The Bonds <br /> may be issued in installments and bond proceeds drawn down as set forth in the Indenture. The <br /> Bonds are to be issued for the purpose of procuring funds to pay the costs of the Bond Project, all <br /> as more particularly set out in the Indenture and the Financing and Covenant Agreement, <br /> incorporated herein by reference, which Bonds will be payable as to principal and premiurn, if <br /> any, from TIF Revenues and as to interest, if any, by the Developer, pursuant to the Financing <br /> Agreement or as otherwise provided in the Indenture. The Bonds shall be issued in fully <br /> registered form in denorninations of$100,000 and any integral multiples of$1,000 thereafter or <br /> -3 - <br /> 1\1 1852954.5 <br />
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