Revenue Bond Kokoku Wire Industries $3,200,000

Home Browse Search

Section 6 . The Mayor and/or the Clerk of the City are authorized and directed to sell said Economic Development Reve- nue Bonds at a price not less than ninety-seven percent (97%) of the principal amount thereof, plus accrued interest. Section 7. The Mayor and the Clerk of the City are authorized and directed to execute and deliver the aforemen- tioned documents for and on behalf of the City after making such changes therein permitted by the Act as they deem neces- sary or proper, as evidenced by their execution of such docu- ments, and are further authorized and directed to execute and deliver such other documents for and on behalf of the City, and to take such other actions for and on behalf of the City, as they deem necessary or proper in connection with the consumma- tion of such financing. The Mayor and the Clerk of the City are authorized to arrange for the delivery of said Economic Development Revenue Bond to Mitsubishi Bank and Trust Company of New York, payment for which will be made to the Trustee for the account of the City. Section 8 . The provisions of this ordinance and the aforementioned documents shall constitute a contract binding between the City and the holders of said Economic Development Revenue Bond, and after the issuance of said Economic Develop- ment Revenue Bond this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of said holders so long as any of the principal of said Eco- nomic Development Revenue Bond or the interest thereon remains unpaid. Section 9 . All ordinances or parts of ordinances in conflict herewith are hereby repealed. Section 10 . This Ordinance shall be in full force and effect from and after its passage by this Council and its sig- nature by the Mayor of the City.