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Issue its Economic Development Revenue Bond (Container Services Corp) $800,000.00 Amended
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Issue its Economic Development Revenue Bond (Container Services Corp) $800,000.00 Amended
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3/6/2013 1:25:18 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/16/1985
Ord-Res Number
7584-85
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Company pursuant to said Loan Agreement and Security Agreement, <br /> and said Promissory Note, and (v) the securing of said Economic <br /> Development Revenue Bond by said Loan Agreement and Security <br /> Agreement and said Trust Indenture. <br /> Section 5. The City shall issue its Economic Develop- <br /> ment Revenue Bond, Series 1985 (Container Service Corporation <br /> Project) , in the aggregate principal amount of Eight Hundred <br /> Thousand Dollars ($800, 000. 00) for the purpose of procuring <br /> funds to loan to the Company in order to finance the acquisi- <br /> tion of such facilities, as more particularly set out in said <br /> Loan Agreement and Security Agreement, which Economic Develop- <br /> ment Revenue Bond shall be payable as to principal and interest <br /> solely from the payments made by the Company on its aforesaid <br /> Promissory Note in the principal amount of Eight Hundred <br /> Thousand Dollars ($800, 000. 00) which will be executed and <br /> delivered by the Company to evidence said loan, from other <br /> sources under said Loan Agreement and Security Agreement, and <br /> as otherwise provided in said Trust Indenture. Said Economic <br /> Development Revenue Bond shall never constitute a general <br /> obligation of, indebtednesses of, or charge against the general <br /> credit of the City. Said Economic Development Revenue Bond <br /> shall be executed by the manual or facsimile signatures of the <br /> Mayor and the Clerk of the City; shall be executed and <br /> delivered on or about December 17, 1985; shall be dated as of <br /> said date of execution and delivery; shall have principal <br /> reduced monthly; shall bear interest at a variable per annum <br /> rate of seventy-five percent (75%) the prime rate of interest <br /> publicly announced by Citibank, N.A. , adjusted monthly, except <br /> in the case of an Event of Taxability as defined in the Loan <br /> Agreement, in which case the per annum interest rate shall be <br /> as set forth therein; shall be in the denominations of Five <br /> Thousand Dollars ($5, 000. 00) or integral multiples thereof; <br />
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