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r <br />i• <br />DESCRIPTION OF THE BONDS <br />Authorization of the Bonds <br />©n 1~une 18,1992,. the Authority adopted the Bond Resolution (Resolution No. 56) authorizing the issuance <br />of the Bonds to finance the acquisition of the Palms Royale building and related costs. The Lease authorizes <br />the lease of the Palais Royale building to the Commission and obligates the Commission to make lease. rental <br />payments to the Authority (except ~-s provided therein) as well as pay all taxes, insurance and maintenance <br />costs related to the Palms Royale building. The Trust Agreement provides the security to the bondholders. <br />In the Trust Agreement, the Authority .pledges the- Pledged Funds to the repayment of the Bonds and <br />covenants therein to maintain insurance and to pay taxes and other charges related to the Project.- <br />Sources and Uses of the Bonds <br />Table 1 is a summary of the projected Estimated Sources and Uses of Funds for the Bonds. <br />TABLE 1 <br />Estimated Sources and Uses of Funds <br />Sources of Funds: 1410 000 <br />Bond Proceeds <br />. Total Sources 1410 000 <br />Uses of Funds: $1,308,314 <br />Purchase Price 82,000 <br />Costs of Issuance 21,150 <br />Underwriter's Discount ~1.~1 <br />Miscellaneous <br />Total Uses 1410 000 <br />