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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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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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monthly, beginning on January 15, 1987; shall bear interest at <br /> a variable rate per annum equal to the Prime Rate of interest <br /> charged by Citibank, New York, New York, adjusted quarterly, <br /> except in the case of an Event of Taxability as defined in the <br /> Loan Agreement, in which case the per annum interest rate shall <br /> be a variable rate, adjusted quarterly, equal to four percent <br /> (4%) in excess of said Prime Rate; shall be in the denomina- <br /> tions of Five Thousand Dollars ($5,000 . 00) or integral multi- <br /> ples thereof; shall be issued in registered form; shall be <br /> registrable as provided therein; shall be payable in the medium <br /> and at the place or places provided therein; and shall be sub- <br /> ject to optional and mandatory prepayment as provided therein. <br /> Section 6. The Mayor and/or the Clerk of the City are <br /> authorized and directed to sell said Economic Development Reve- <br /> nue Bond to the Bond Purchasers at a price not less than one <br /> hundred percent (100%) of the principal amount thereof, plus <br /> accrued interest. <br /> Section 7. The Mayor and the Clerk of the City are <br /> authorized and directed to execute and deliver the aforemen- <br /> tioned documents for and on behalf of the City after making <br /> therein such changes permitted by the Act as they deem neces- <br /> sary or proper, as evidenced by their execution of such docu- <br /> ments, and are further authorized and directed to execute and <br /> deliver such other documents for and on behalf of the City, and <br /> -5- <br />
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