9564-05 Issuance of Bonds to evidence a loan form the Environmental Remediation revolving loan fund

Home Browse Search

proceeds of the IDFA Loan (the "IDFA Loan Amount") to the Company for the purpose of providing funding for the remediation of a "Brownfield site" located on the Property in accordance with the Corrective Action Plan. The City and the Company have agreed that (i) an amount equal to Fifty Percent (50%) of the IDFA Loan Amount will be a loan (the "Company Loan") from the City to the Company (bearing the same interest and amortization as the IDFA Loan), to be evidenced by a loan agreement and related documents to be entered into between the City and the Company (the "Company Loan Documents"); and (ii) an amount equal to Fifty Percent (50%) of the IDFA Loan Amount will be a grant from the City to the Company. The IDFA Loan will be repaid from (i) the payments received by the City from the Company under the Company Loan Documents (the "Company Loan Revenues"), and (ii) the City Revenues (as defined below). The City has submitted an application to IDFA (the "Application") for the IDFA Loan, which Application sets forth the request for the IDFA Loan and the details of the Project. On 200_, IDFA approved making the IDFA Loan to the City in Resolution G -2004 (the "IDFA Resolution"), upon the terms and conditions set forth in the IDFA Resolution and in a Loan, Servicing and Disbursement Agreement to be entered in to between IDFA and the City (the "IDFA Loan Agreement") The St. Joseph County Income Tax Council has imposed a county option income tax ("COIT") pursuant to IC 6-3.5-6 on the adjusted gross income of the County taxpayers. The City shall repay the IDFA Loan (i) from the Company Loan Revenues, and (ii) from then current revenues of the City (the "City Revenues") annually appropriated by the Common Council of the City (the "Common Council") for the purpose of making such IDFA Loan 2