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Economic Development Revenue Bond P.A.I. Properties $722,000
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Economic Development Revenue Bond P.A.I. Properties $722,000
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Last modified
1/14/2013 3:03:32 PM
Creation date
1/14/2013 3:03:30 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/8/1986
Ord-Res Number
7708-86
Bill Number
123-86
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said Promissory Note, and (v) the securing of said Economic <br /> Development Revenue Bond by said Loan Agreement and Security <br /> Agreement and said Trust Indenture. <br /> Section 5. The City shall issue its Economic Develop- <br /> ment Revenue Bond, Series 1986 (P.A. I . Properties, an Indiana <br /> Partnership Project) , in the aggregate principal amount of <br /> Seven Hundred Twenty-two Thousand Dollars ($722, 000 . 00) for the <br /> purpose of procuring funds to loan to the Company in order to <br /> finance the acquisition and rehabilitation of such facilities, <br /> for lease to North American Signs, Inc. , as more particularly <br /> set out in said Loan Agreement and Security Agreement, which <br /> Economic Development Revenue Bond shall be payable as to prin- <br /> cipal and interest solely from the payments made by the Company <br /> on its aforesaid Promissory Note in the principal amount of <br /> Seven Hundred Twenty-two Thousand Dollars ($722, 000. 00) which <br /> will be executed and delivered by the Company to evidence said <br /> loan, from other sources under said Loan Agreement and Security <br /> Agreement, and as otherwise provided in said Trust Indenture. <br /> Said Economic Development Revenue Bond shall never constitute a <br /> general obligation of, indebtednesses of, or charge against the <br /> general credit of the City. Said Economic Development Revenue <br /> Bond shall be executed by the manual or facsimile signatures of <br /> the Mayor and the Clerk of the City; shall be executed and <br /> delivered on or about December 15, 1986; shall be dated as of <br /> said date of execution and delivery; shall have a final matur- <br /> ity date on or about January 15, 1999 with principal reduced <br /> -4- <br />
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