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Issue its Economic Development Revenue Bond Series 1985 (Harrington Project) $400,000.00
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Issue its Economic Development Revenue Bond Series 1985 (Harrington Project) $400,000.00
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3/15/2013 12:44:02 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/18/1985
Ord-Res Number
7544-85
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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 (Harrington Project) , in the <br /> aggregate principal amount of Four Hundred Thousand Dollars <br /> ($400, 000. 00) for the purpose of procuring funds to loan to the <br /> Company in order to finance the acquisition and construction of <br /> such facilities, as more particularly set out in said Loan <br /> Agreement, Mortgage and Security Agreement, which Economic <br /> Development Revenue Bond shall be payable as to principal and <br /> interest solely from the payments made by the Company on its <br /> aforesaid Promissory Note in the principal amount of Four Hun- <br /> dred Thousand Dollars ($400, 000. 00) which will be executed and <br /> delivered by the Company to evidence said loan, from other <br /> sources under said Loan Agreement, Mortgage and Security Agree- <br /> ment, and as otherwise provided in said Trust Indenture. Said <br /> Economic Development Revenue Bond shall never constitute a gen- <br /> eral obligation of, indebtednesses of, or charge against the <br /> general credit of the City. Said Economic Development Revenue <br /> Bond shall be executed by the manual or facsimile signatures of <br /> the Mayor and the Clerk of the City; shall be executed and <br /> delivered on or about November 20, 1985; shall be dated as of <br /> said date of execution and delivery; shall have a final matur- <br /> ity date on or about November 20, 2000 with principal reduced <br /> monthly, beginning on or about December 20, 1985; shall bear <br /> interest at a fixed per annum rate of ten and one-half percent <br /> (10-1/2%) , except in the case of an Event of Taxability as <br /> defined in the Loan Agreement, in which case the per annum <br />
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