Regarding Issurance of economic development revenue refunding bonds Regency Place Project

Home Browse Search

Section 2. Findings Public Benefits. The Common Council of the City hereby finds and determines that the refunding of the 1982 Bonds would be of benefit to the health and general welfare of the City and would comply with the Act. Section 3. Issuance of the Bonds. The Common Council hereby authorizes the issuance of the Bonds by the City, for the purpose of refunding the 1982 Bonds issued by the City to acquire, improve, furnish or equip the Project. The principal amount of the Bonds shall not exceed $3,610,000. The Bonds shall be dated November 1, 1992; the Bonds shall be numbered as the Trustee shall determine and shall be fully registered without coupons. The Bonds shall bear interest at such rate not to exceed 10.5% per annum and shall have maturities and redemptions as set forth in the final Private Placement Memorandum approved by the Mayor or another Authorized Representative (as defined below). The principal of the Bonds shall be payable upon presentation thereof at the principal corporate trust office of the Trustee under the Indenture. The interest on the Bonds shall be paid by check or draft of the Trustee sent to the registered owners of the Bonds; provided, however, if requested in writing by an owner of the Bonds and if proper instructions are provided to the Trustee as required under the Indenture, the Trustee is hereby authorized to pay the interest on the Bonds by wire transfer to the owners thereof. The Bonds shall be executed on behalf of the City by, and bear the manual or facsimile signature of, the Mayor and Clerk of the City (the "Clerk "), and the seal of the City shall be thereunto affixed (or imprinted or engraved if in facsimile). The Bonds shall be in the form set forth in the final form of the Indenture. Section 4. Sale of Bonds. The Common Council hereby authorizes the placement of the Bonds to the original purchaser thereof pursuant to the Indenture and a placement agreement approved by the Mayor or any other person authorized to do the same by the Mayor ( "Authorized Representative "). Section 5. Limited Obligation. THE BONDS AND THE INTEREST THEREON DO NOT AND SHALL NEVER CONSTITUTE AN INDEBTEDNESS OF, OR A CHARGE AGAINST THE GENERAL CREDIT OR TAXING POWER OF, THE CITY, BUT ARE LIMITED OBLIGATIONS OF THE CITY PAYABLE SOLELY FROM REVENUES AND OTHER AMOUNTS DERIVED FROM THE LOAN AGREEMENT. Section 6. The Indenture. The Indenture is hereby approved in the form submitted to this meeting, and a copy of the Indenture shall be filed with the minutes of this meeting. The Mayor and the Clerk are hereby authorized and directed to execute and deliver the Indenture without further approval of the Common Council in substantially the form herein approved with such additions, deletions and modifications thereto as may be approved by the Act, the execution 10945.1 -3-