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Issue its Economic Development Revenue Bond (Allied Products Corp Project) $1,000,000.00
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Issue its Economic Development Revenue Bond (Allied Products Corp Project) $1,000,000.00
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3/14/2013 9:19:32 AM
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3/14/2013 9:19:31 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/16/1985
Ord-Res Number
7574-85
Bill Number
164-85
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Economic Development Revenue Bond under the terms of said Lease <br /> Agreement and related security documents and under said Trust <br /> Indenture. <br /> Section 5. The City shall issue its Economic Develop- <br /> ment Revenue Bond, Series 1985 (Allied Products Corporation <br /> Project) , in the aggregate principal amount of One Million <br /> Dollars ($1, 000, 000. 00) for the purpose of procuring funds to <br /> finance the acquisition and rehabilitation of such facilities <br /> for lease to the Company, as more particularly set out in said <br /> Lease Agreement, which Economic Development Revenue Bond shall <br /> be payable as to principal and interest solely from the pay- <br /> ments made by the Company under said Lease Agreement and as <br /> otherwise provided in said Trust Indenture. Said Economic <br /> Development Revenue Bond shall never constitute a general obli- <br /> gation 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 dated as of December <br /> 1, 1985; shall have a final maturity date of December 1, 1995 <br /> with principal reduced monthly beginning on July 1, 1986; shall <br /> bear interest at a variable per annum rate of 75% of the <br /> National Prime Rate (as defined in the Lease Agreement) , except <br /> in the case of an Event of Taxability as defined in the Lease <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 /> shall be issued in registered form; shall be registrable as <br /> provided therein; shall be payable in the medium and at the <br /> place or places provided therein; and shall be subject to <br /> optional and mandatory prepayment as provided therein. <br /> Section 6. The Mayor and/or the Clerk of the City are <br /> authorized and directed to sell said Economic Development <br />
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