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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Last modified
5/13/2013 1:13:30 PM
Creation date
10/11/2012 11:14:15 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/9/1992
Ord-Res Number
8314-92
Bill Number
87-92
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Section 2. Findings Public Benefits. The Common Council of the City hereby finds <br />and determines that the refunding of the 1982 Bonds would be of benefit to the health and <br />general welfare of the City and would comply with the Act. <br />Section 3. Issuance of the Bonds. The Common Council hereby authorizes the issuance <br />of the Bonds by the City, for the purpose of refunding the 1982 Bonds issued by the City to <br />acquire, improve, furnish or equip the Project. The principal amount of the Bonds shall not <br />exceed $3,610,000. The Bonds shall be dated November 1, 1992; the Bonds shall be numbered <br />as the Trustee shall determine and shall be fully registered without coupons. The Bonds shall <br />bear interest at such rate not to exceed 10.5% per annum and shall have maturities and <br />redemptions as set forth in the final Private Placement Memorandum approved by the Mayor or <br />another Authorized Representative (as defined below). <br />The principal of the Bonds shall be payable upon presentation thereof at the principal <br />corporate trust office of the Trustee under the Indenture. The interest on the Bonds shall be paid <br />by check or draft of the Trustee sent to the registered owners of the Bonds; provided, however, <br />if requested in writing by an owner of the Bonds and if proper instructions are provided to the <br />Trustee as required under the Indenture, the Trustee is hereby authorized to pay the interest on <br />the Bonds by wire transfer to the owners thereof. <br />The Bonds shall be executed on behalf of the City by, and bear the manual or facsimile <br />signature of, the Mayor and Clerk of the City (the "Clerk "), and the seal of the City shall be <br />thereunto affixed (or imprinted or engraved if in facsimile). <br />The Bonds shall be in the form set forth in the final form of the Indenture. <br />Section 4. Sale of Bonds. The Common Council hereby authorizes the placement of the <br />Bonds to the original purchaser thereof pursuant to the Indenture and a placement agreement <br />approved by the Mayor or any other person authorized to do the same by the Mayor <br />( "Authorized Representative "). <br />Section 5. Limited Obligation. THE BONDS AND THE INTEREST THEREON DO <br />NOT AND SHALL NEVER CONSTITUTE AN INDEBTEDNESS OF, OR A CHARGE <br />AGAINST THE GENERAL CREDIT OR TAXING POWER OF, THE CITY, BUT ARE <br />LIMITED OBLIGATIONS OF THE CITY PAYABLE SOLELY FROM REVENUES AND <br />OTHER AMOUNTS DERIVED FROM THE LOAN AGREEMENT. <br />Section 6. The Indenture. The Indenture is hereby approved in the form submitted to <br />this meeting, and a copy of the Indenture shall be filed with the minutes of this meeting. The <br />Mayor and the Clerk are hereby authorized and directed to execute and deliver the Indenture <br />without further approval of the Common Council in substantially the form herein approved with <br />such additions, deletions and modifications thereto as may be approved by the Act, the execution <br />10945.1 <br />-3- <br />
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