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Issue its Economic Development Revenue Bond (Wechter & Wechter) $400,000.00
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Issue its Economic Development Revenue Bond (Wechter & Wechter) $400,000.00
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3/15/2013 10:42:02 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/28/1985
Ord-Res Number
7536-85
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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 (Wechter and Wechter, an Indiana <br /> Partnership Project) , in the aggregate principal amount of Four <br /> Hundred Thousand Dollars ($400, 000.00) for the purpose of pro- <br /> curing funds to loan to the Company in order to finance the <br /> acquisition and rehabilitation of such facilities, for lease to <br /> Mid West Sales and Service, Inc. , as more particularly set out <br /> in said Loan Agreement, Mortgage and Security 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 Four Hundred Thousand Dollars ($400, 000. 00) which <br /> will be executed and delivered by the Company to evidence said <br /> loan, from other sources under said Loan Agreement, Mortgage <br /> and Security 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 executed and delivered on or about October 29, 1985; <br /> shall be dated as of said date of execution and delivery; shall <br /> have a final maturity date on or about October 29, 1997 with <br /> principal reduced monthly, beginning on November 29, 1985; <br /> shall bear interest at a variable rate per annum equal to 75% <br /> of the base rate on corporate loans at large money center <br />
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