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No. 0969 approving an amended and restated lease between the SBRA and the RC for the AEDA public improvement project
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No. 0969 approving an amended and restated lease between the SBRA and the RC for the AEDA public improvement project
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10/18/2012 3:05:32 PM
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After the sale of the Tax - Exempt Bonds issued by the Authority <br />to pay the cost of the Tax - Exempt Project, including the <br />acquisition of the property therefor and other expenses incidental <br />thereto, the sum of the first and second semiannual rental <br />installments and the sum of the third and fourth semiannual rental <br />installments, and so on, shall be reduced to an amount equal to the <br />multiple of One Thousand Dollars ($1,000) next highest to the <br />highest sum of principal and interest due in any year ending on a <br />Tax - Exempt Bond maturity date (Tax - Exempt Bond Year) on such Tax - <br />Exempt Bonds plus Two Thousand Dollars ($2,000), payable in equal <br />semiannual installments. Such amount of reduced annual rental <br />shall be endorsed on this Lease at the end hereof by the parties <br />hereto as soon as the same can be done after the sale of said Tax - <br />Exempt Bonds, and such endorsement shall be recorded as an addendum <br />to this Lease. <br />(b) Taxable Project. The first semiannual rental installment <br />in the amount of Two Hundred Thirty -Two Thousand Dollars ($232,000) <br />shall be due on the day that the Taxable Project is completed and <br />ready for use, or July 28, 1993, whichever is later. If completion <br />is later than July 28, 1993, the first installment shall be in an <br />amount which provides for rental at the rate specified in Exhibit E <br />for the semiannual period in which the Taxable Project is completed <br />and ready for use, prorated from the date of completion until the <br />first January 28 or July 28 following such date of completion. <br />Thereafter such rentals shall be payable in advance in semiannual <br />installments on January 28 and July 28 of each year as provided <br />for in the lease payment schedule attached hereto as Exhibit E. <br />After the sale of the Taxable Bonds issued by the Authority <br />to pay the cost of the Taxable Project, including the acquisition <br />of the property therefor and other expenses incidental thereto, <br />the sum of the first and second semiannual rental installment and <br />the sum of the third and fourth semiannual rental installments, <br />and so on, shall be reduced to an amount equal to the multiple of <br />One Thousand Dollars ($1,000) next highest to the highest sum of <br />principal and interest due in any year ending on a Taxable bond <br />maturity date (Taxable Bond Year) on such Taxable Bonds plus Two <br />Thousand Dollars ($2,000), payable in equal semiannual <br />installments. Such amount of reduced annual rental shall be <br />endorsed on this Lease at the end hereof by the parties hereto as <br />soon as the same can be done after the sale of said Taxable Bonds, <br />and such endorsement shall be recorded as an addendum to this <br />Lease. <br />In the case of the Tax - Exempt Project, the Lessee will not <br />�r take any action or fail to take any action that would result in the <br />loss of the exclusion from gross income for federal tax purposes <br />of interest on the Bonds pursuant to Section 103(a) of the Internal <br />Revenue Code of 1986, as amended (the "Code ") , as in effect on the <br />-5- <br />\rlhill \sthbnd\ airport\ general\ lease.amd;tmg;12- 21- 90;9:OOa.m. <br />
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