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Issue its Economic Development Revenue Bond (Harriosn Management Co) $700,000.00
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Issue its Economic Development Revenue Bond (Harriosn Management Co) $700,000.00
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3/13/2013 2:52:56 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/2/1985
Ord-Res Number
7548-85
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acquisition and construction of such facilities, such loan to <br /> be evidenced by said Promissory Note, (iv) the repayment of <br /> said loan by the Company pursuant to said Loan Agreement, Mort- <br /> gage and Security Agreement, and said Promissory Note, and (v) <br /> the securing of said Economic Development Revenue Bond by said <br /> Loan Agreement, Mortgage and Security Agreement and said Trust <br /> Indenture. <br /> Section 5. The City shall issue its Economic Develop- <br /> ment Revenue Bond, Series 1985 (Harrison Management Company, an <br /> Indiana Partnership Project) , in the aggregate principal amount <br /> of Seven Hundred Thousand Dollars ($700, 000. 00) for the purpose <br /> of procuring funds to loan to the Company in order to finance <br /> the acquisition and construction of such facilities, as more <br /> particularly set out in said Loan Agreement, Mortgage and <br /> Security Agreement, which Economic Development Revenue Bond <br /> shall be payable as to principal and interest solely from the <br /> payments made by the Company on its aforesaid Promissory Note <br /> in the principal amount of Seven Hundred Thousand Dollars <br /> ($700, 000. 00) which will be executed and delivered by the <br /> Company to evidence said loan, from other sources under said <br /> Loan Agreement, Mortgage and Security Agreement, and as other- <br /> wise provided in said Trust Indenture. Said Economic Develop- <br /> ment Revenue Bond shall never constitute a general obligation <br /> of, indebtednesses of, or charge against the general credit of <br /> the City. Said Economic Development Revenue Bond shall be <br /> executed by the manual or facsimile signatures of the Mayor and <br /> the Clerk of the City; shall be executed and delivered on or <br /> about December 13, 1985; shall be dated as of said date of exe- <br /> cution and delivery; shall have principal reduced monthly; <br /> shall bear interest at a variable per annum rate of seventy- <br /> eight percent (78%) of the prime rate of interest publicly <br /> announced by Citibank, N.A. , adjusted monthly, except in the <br />
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