Economic Development Cole Associates Inc

Home Browse Search

be evidenced by said Promissory Note, (iv) the repayment of said loan by the Company pursuant to said Loan Agreement and said Promissory Note, (v) the securing of said Economic Development Revenue Bond under the terms of said Loan Agreement and under said Trust Indenture, and (vi) the deed from the City to the Company. Section 5. The City shall issue its Economic Develop- ment Revenue Bond, Series 1986 (Cole Associates, Inc. Project) , in the aggregate principal amount of One Million Five Hundred Thousand Dollars ($1,500, 000. 00) for the purpose of procuring funds to loan to the Company in order to finance the acquisi- tion and construction of such facilities, as more particularly set out in said Loan Agreement, which Economic Development Revenue Bond shall be payable as to principal and interest solely from the payments made by the Company on its aforesaid Promissory Note in the principal amount of One Million Five Hundred Thousand Dollars ($1,500, 000. 00) which will be executed and delivered by the Company to evidence said loan, from other sources under said Loan Agreement and as otherwise provided in said Trust Indenture. Said Economic Development Revenue Bond shall never constitute a general obligation of, indebtednesses of, or charge against the general credit of the City. Said Economic Development Revenue Bond shall be executed by the manual or facsimile signatures of the Mayor and the Clerk of the City; shall be executed and delivered on or about May 15, 1986; shall be dated as of said date of execution and delivery; shall have a final maturity date of June 1, 2006 with principal reduced monthly beginning on July 1, 1987; shall bear interest at a fixed rate of eight percent (8%) per annum to and includ- ing May 31, 1993, thereafter, to and including May 31, 1998, a fixed rate of ninety-five percent (95%) of the Treasury Rate (as defined in the Loan Agreement) , and thereafter at a var-