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Authorizing the City to Issuse its Economic Development Revenue Bond (Data Link Systems Inc) $1,000,000.00
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Authorizing the City to Issuse its Economic Development Revenue Bond (Data Link Systems Inc) $1,000,000.00
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3/19/2013 2:19:39 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
7/22/1985
Ord-Res Number
7490-85
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Development Revenue Bond and Trust Indenture attached hereto and <br /> incorporated herein by reference (two (2) copies of which are on file <br /> in the Office of the Clerk of the City for public inspection) , (ii) <br /> the issuance and sale of said Economic Development Revenue Bond, <br /> (iii) the loan of the net proceeds of said Economic Development <br /> Revenue Bond to the Company for the acquisition and rehabilitation of <br /> such facilities, such loan to be evidenced by said Promissory Note, <br /> (iv) the repayment of said loan by the Company pursuant to said Loan <br /> Agreement, Mortgage and Security Agreement, and said Promissory Note, <br /> and (v) the securing of said Economic Development Revenue Bonds by <br /> said Loan Agreement, Mortgage and Security Agreement and said Trust <br /> Indenture. <br /> Section 5. The City shall issue its Economic Development <br /> Revenue Bond, Series 1985 (Data-Link Systems, Inc. Project) , in the <br /> aggregate principal amount of One Million Dollars ($1,000,000.00) for <br /> the purpose of procuring funds to loan to the Company in order to <br /> finance the addition to the Company' s existing plant and equiping <br /> same, as more particularly set out in said Loan Agreement, Mortgage <br /> and Security Agreement, which Economic Development Revenue Bond shall <br /> be payable as to principal and interest solely from the payments made <br /> by the Company on its aforesaid Promissory Note in the principal <br /> amount of One Million Dollars ($1,000,000.00) which will be executed <br /> and delivered by the Company to evidence said loan, from other <br /> sources under said Loan Agreement and Security Agreement, and as <br /> otherwise provided in said Trust Indenture. Said Economic <br /> Development Revenue Bond shall never constitute a general obligation <br /> of, indebtednesses of, or charges against the general credit of the <br /> City. Said Economic Development Revenue Bond shall be executed by <br /> the manual or facsimile signatures of the Mayor and the Clerk of the <br />
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