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Issue its Economic Development Revenue Bonds (Stanz Realty Co) $1,500,000.00
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Issue its Economic Development Revenue Bonds (Stanz Realty Co) $1,500,000.00
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3/15/2013 1:06:01 PM
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3/15/2013 1:06:00 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/2/1985
Ord-Res Number
7546-85
Bill Number
133-85
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of One Million Five Hundred Thousand Dollars ($1, 500,000 . 00) <br /> for the purpose of procuring funds to loan to the Company in <br /> order to finance the acquisition and construction of such <br /> facilities, as more particularly set out in said Loan Agree- <br /> ment, Mortgage and Security Agreement, which Economic Develop- <br /> ment Revenue Bonds shall be payable as to principal and inter- <br /> est solely from the payments made by the Company on its afore- <br /> said Promissory Note in the principal amount of One Million <br /> Five Hundred Thousand Dollars ($1, 500, 000 . 00) which will be <br /> executed and delivered by the Company to evidence said loan, <br /> from other sources under said Loan Agreement, Mortgage and <br /> Security Agreement, and as otherwise provided in said Trust <br /> Indenture. Said Economic Development Revenue Bonds shall never <br /> constitute general obligations of, indebtednesses of, or <br /> charges against the general credit of the City. Said Economic <br /> Development Revenue Bonds 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 December 12, 1985; <br /> shall be dated as of the date of closing; shall have a final <br /> payment date of January 1, 2001 with principal paid quarterly, <br /> beginning on April 1, 1986; shall bear interest at a variable <br /> per annum rate equal to 75% of the national prime rate of <br /> interest as reported by "The Wall Street Journal, " except in <br /> the case of an Event of Taxability as defined in the Loan <br /> Agreement, in which case the per annum interest rate shall <br /> equal one percent (1%) above the national prime rate of inter- <br /> est and except that Company shall have a right to convert the <br /> -4- <br />
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