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Issue its Economic Department Revenue Bond (Tripods Partnership) $1,300,000
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Issue its Economic Department Revenue Bond (Tripods Partnership) $1,300,000
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3/14/2013 9:12:34 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/16/1985
Ord-Res Number
7572-85
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said Economic Development Revenue Bond to the Company for the <br /> 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 and <br /> Mortgage and said Promissory Note, and (v) the securing of said <br /> Economic Development Revenue Bond under the terms of said Loan <br /> Agreement and Mortgage under said Trust Indenture. <br /> Section 5. The City shall issue its Economic Develop- <br /> ment Revenue Bond, Series 1985 (Tripods Partnership, an Indiana <br /> Partnership Project) , in the aggregate principal amount of One <br /> Million Three Hundred Thousand Dollars ($1, 300, 000. 00) for the <br /> purpose of procuring funds to loan to the Company in order to <br /> finance the acquisition and construction of such facilities, as <br /> more particularly set, out in said Loan Agreement, which <br /> Economic Development Revenue Bond shall be payable as to <br /> principal and interest solely from the payments made by the <br /> Company on its aforesaid Promissory Note in the principal <br /> amount of One Million Three Hundred Thousand Dollars <br /> ($1, 300, 000. 00) which will be executed and delivered by the <br /> Company to evidence said loan, from other sources under said <br /> Loan Agreement and as otherwise provided in said Trust <br /> Indenture. Said Economic Development Revenue Bond shall never <br /> constitute a general obligation of, indebtednesses of, or <br /> charge against the general credit of the City. Said Economic <br /> Development Revenue Bond shall be executed by the manual or <br /> facsimile signatures of the Mayor and the Clerk of the City; <br /> shall be dated as of December 1, 1985; shall have a final <br /> maturity date on or about December 1, 2000; shall bear interest <br /> at a variable per annum rate of seventy percent (70%) of the <br /> national prime rate, except in the case of an Event of Tax- <br /> ability as defined in the Loan Agreement, in which case the per <br /> annum interest rate shall be as set forth therein; shall be in <br />
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