1990-12-21 Resolution 28 - Laserfiche WebLink

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~ x s -After the sale of the Tax-Exempt Bonds issued by the Authority to pay the cost of the Tax-Exempt Project, including. the acquisition of the property therefor and other expenses incidental thereto, the sum of the first and second semiannual rental installments and the sum of the third and fourth semiannual rental installments, and so on, shall be reduced to an amount equal to the multiple of One Thousand Dollars .($1,000) next highest to the highest sum of principal and interest due in any year ending on a Tax-Exempt Bond maturity date (Tax-Exempt Bond Year) on such Tax- Exempt Bonds plus Two Thousand Dollars ($2,000), payable in equal semiannual installments. Such amount of reduced annual rental shall be endorsed on this Lease at the-end hereof by the parties hereto as soon as the same can be done after the sale of said Tax- Exempt Bonds, and such endorsement shall be recorded as an addendum to this Lease. {b) Taxable Project. The first semiannual rental installment. in the amount of Two Hundred Thirty-Two Thousand Dollars {$232,000) shall be due on the day that the Taxable Project is completed and ready for use., or July 28, 1993, whichever is later. If .completion is later than July 28, 1993, the first installment shall be in an amount which .provides for rental at the xate specified. in Exhibit -E for the semiannual period in which the Taxable Project is completed and ready for use, prorated from the date of completion until the first January 28 or .July 28 following such date of completion. Thereafter such rentals shall be payable in advance in semiannual installments on January 28 and July 28 of, each year as provided for in the lease payment .schedule attached hereto as Exhibit E. After the sale of the Taxable Bonds issued by the Authority to pay the cost of the Taxable Project, including the acquisition of the property therefor and other expenses incidental thereto, the sum of the first and second semiannual rental installment and the sum of the third and. fourth semiannual rental installments, and so on, shall be reduced to art amount equal to the multiple of One Thousand Dollars ($1,000) next highest to the highest sum of principal and interest due in any .year ending on a Taxable bond maturity date (Taxable Bond Year) on such Taxable Bonds plus Two Thousand Dollars ($2,000).., payable in equal semiannual installments. Such amount of reduced annual rental shall be endorsed on this Lease at the end hereof by the parties hereto as soon as the same can be done after the sale of said Taxable .Bonds, and such endorsement shall be recorded as an addendum to this .Lease. In the case of the Tax-Exempt Project, the Lessee will not take any action or `f ail to take any action that would result in the loss of the exclusion from gross income for federal tax purposes of interest on the Bonds pursuant to Section 103(a) of the Internal Revenue. Code of 1986, as amended (the "Code"), as in effect on the -5- \rlhill\sthbnd\airport\8eneral\lease.amd;tmg;12-21-90;9:OOa.m.