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Issue its Economic Development Revenue Bond (Murphy Motor Freight Lines Inc Project) $1,000,000.00
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Issue its Economic Development Revenue Bond (Murphy Motor Freight Lines Inc Project) $1,000,000.00
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3/20/2013 1:41:57 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
5/13/1985
Ord-Res Number
7444-85
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Dollars ($1 , 000,000 . 00) for the purpose of procuring funds to <br /> loan to the Company in order to finance the acquisition of such <br /> facilities, as more particularly set out in said Loan Agreement <br /> and Security Agreement, which Economic Development Revenue Bond <br /> shall be payable as to principal and interest solely from the <br /> payments made by the Company on its aforesaid Promissory Note <br /> in the principal amount of One Million Dollars ($1 , 000 , 000 . 00) <br /> which will be executed and delivered by the Company to evidence <br /> said loan, from other sources under said Loan Agreement and <br /> Security Agreement, and as otherwise provided therein. Said <br /> Economic Development Revenue Bond shall never constitute a gen- <br /> eral obligation of, indebtednesses of, or charges 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 May 23 , 1985; shall be dated on or about <br /> May 23, 1985; shall have a final maturity date of on or about <br /> May 23, 1990 with principal reduced monthly, beginning on or <br /> about June 23, 1985; shall bear interest at a variable per <br /> annum rate equal to 80% of the Reference Rate publicly <br /> announced by The First National Bank of Saint Paul , Saint Paul , <br /> Minnesota (the "Reference Rate" ) , except in the case of a <br /> Determination of Taxability as defined in the Loan Agreement, <br /> in which case the per annum interest rate shall equal two <br /> percent per annum in excess of the Reference Rate; shall bear <br /> additional interest equal to one and sixteen hundreths percent <br /> -4- <br />
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