RM 08-04-60 - Laserfiche WebLink

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(Rel the solution No. 23) Each such Project Temporary Loan Note placed in the custody of Government for acceptance of delivery and payment therefor or is- sueld subsequent to the expiration of the Initial Loan Period shall be iss�ed in substantially the foregoing form, as modified by striking there -. fro�-i the recitals pertaining to the interest rate or rates to be borne by eac� such note, commencing with the words "at the rate or rates as follows: ", and by.inserting in lieu thereof the following: "at the rate of per centum ( %) per annum. " Section 4. That there is hereby established a separate and special which is hereby designated the "Project Temporary Loan Repayment ; Project No. Indiana R -711, said Fund being elsewhere herein referred to 4s the "Project Temporary Loan Repayment Fund ". Said Fund shall be maintained in a bank or banks which are members of the Federal Deposit Ins4rance Corporation. The following moneys shall be deposited in the Project Temporary Loan Repayment Fund as and when such moneys are received by the Local Public Agency: (a) The proceeds of all sales of Project Land by the Local Public Agency: (b) All payments which are made by the Government to the Local Public Agency on account of the Project Capital Grant; (c) All lease proceeds which the Local Public Agency de- rives under leases by it of Project Land, but not beyond the date of the establishment by the Local Public Agency of a fund to secure the payment of a Project Definitive Loan which may be secured, in whole or in part, by a lien upon and pledge of such lease proceeds: Provided , That such lease proceeds shall not be deemed to include income derived by the Local Public Agency directly from - 7 -