Authorzing Issuance of $2,500,000 Economic Development Revenue Bonds East Race Commercial

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Section 3. Authorization of $2 ,500 ,000 Economic Develop- ment Revenue Bonds : This Council hereby approves the proposed economic development revenue bond financing of the East Race Commercial Project and in order to pay the cost of acquiring and constructing the Project , there are hereby authorized to be issued, sold and delivered $2,500 ,000 aggregate principal amounts of the Bonds . It is hereby recognized that pursuant to the terms of the Agreement , any balance of the cost of the Project will be paid for by Brademas unless paid for out of the proceeds of additional parity bonds (the "Additional Bonds") as identified in the Indenture. Section 4 . Definitions : In addition to the words and terms defined in this Bond Ordinance , the words and terms used in this Bond Ordinance shall have the meanings set forth in the Indenture and Agreement unless the context or use indicates another or different meaning or intent and the form of the Bonds and the forms of the Agreement and Indenture , which forms are before the meeting, are hereby incorporated by reference in this Bond Ordinance and the Clerk is hereby directed to insert them into the minutes of the Common Council and to keep them on file. Section 5 . Terms of the Bonds : The total principal amount of the Bonds that may be issued is hereby expressly limited to $2 ,500 ,000 provided, however, that Additional Bonds may be issued as hereinafter provided. The terms of the Bonds will be such as are set forth in the Indenture and such terms are adopted herein by reference and by approval of the Indenture. The Bonds are limited obligations of the City, payable solely from payments of principal , premium, if any, and interest made by Brademas pursuant to the Loan Agreement , „f „remium. if any,