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Revenue Bond Kokoku Wire Industries $3,200,000
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Revenue Bond Kokoku Wire Industries $3,200,000
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Last modified
12/26/2012 3:13:08 PM
Creation date
12/26/2012 3:13:05 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
7/13/1987
Ord-Res Number
7773-87
Bill Number
57-87
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Note, (iv) the repayment of said loan by the Company pursuant <br /> to said Loan Agreement, and said Promissory Note, and (v) the <br /> securing of said Economic Development Revenue Bond by said Loan <br /> Agreement, and said Trust Indenture. <br /> Section 5 . The City shall issue its Economic Develop- <br /> ment Revenue Bond, Series 1987 (Kokoku Wire Industries Corpora- <br /> tion Project) , in the aggregate principal amount not to exceed <br /> Three Million Two Hundred Thousand Dollars ($3,200, 000 . 00) for <br /> the purpose of procuring funds to loan to the Company in order <br /> to finance the acquisition and rehabilitation of such facili- <br /> ties as more particularly set out in said Loan Agreement, which <br /> Economic Development Revenue Bond shall be payable as to prin- <br /> cipal, interest and premium solely from the payments made by <br /> the Company on its aforesaid Promissory Note in the principal <br /> amount of Three Million Two Hundred Thousand Dollars <br /> ($3,200, 000 . 00) which will be executed and delivered by the <br /> Company to evidence said loan, from other sources under said <br /> Loan Agreement and as otherwise provided in said Trust Inden- <br /> ture. Said Economic Development Revenue Bond shall never con- <br /> stitute a general obligation of, indebtednesses of, or charge <br /> against the general credit of the City. Said Economic Develop- <br /> ment Revenue Bond shall be executed by the manual or facsimile <br /> signatures of the Mayor and the Clerk of the City; shall be ex- <br /> ecuted and delivered on or about July 22, 1987; shall be dated <br /> as of June 1, 1987; shall have a final maturity date on or <br /> about August 1, 1992; with principal payable at maturity; shall <br /> bear interest at a rate not to exceed ten (10%) per annum; ex- <br /> cept in the case of an Event of Taxability as defined in the <br /> Loan Agreement; shall be in the denominations of Five Thousand <br /> Dollars ($5, 000 . 00) or integral multiples thereof; shall be <br /> issued in registered form; shall be registrable as provided <br /> therein; shall be payable in the medium and at the place or <br />
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