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Authorizing the City to Issue its Economic Development Revenue Bonds (Whiteford Nationallease Inc Project) $943,650.00
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Authorizing the City to Issue its Economic Development Revenue Bonds (Whiteford Nationallease Inc Project) $943,650.00
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/8/1984
Ord-Res Number
7391-84
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the acquisition and construction of such facilities, such loan <br />to be evidenced by said Promissory Note, (iv) the repayment of <br />said loan by the Company pursuant to said Equipment Loan and <br />Security Agreement, and said Promissory Note, and (v) the <br />securing of said Economic Development Revenue Bonds by said <br />Equipment Loan and Security Agreement and said Bond Purchase <br />Agreement. <br />Section 5. The City shall issue its Economic Develop- <br />ment Revenue Bonds, Series 1984 (Whiteford NationaLease, Inc. <br />Project), in the aggregate principal amount of Nine Hundred <br />Forty -Three Thousand Six Hundred Fifty Dollars ($943,650.00) <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 Equipment Loan <br />and Security Agreement, which Economic Development Revenue <br />Bonds shall be payable as to principal and interest solely from <br />the payments made by the Company on its aforesaid Promissory <br />Note in the principal amount of Nine Hundred Forty -Three Thou- <br />sand Six Hundred Fifty Dollars ($943,650.00) which will be exe- <br />cuted and delivered by the Company to evidence said loan, from <br />other sources under said Equipment Loan and Security Agreement, <br />and as otherwise provided in said documents. Said Economic <br />Development Revenue Bonds shall never constitute general obli- <br />gations of, indebtednesses of, or charges against the general <br />credit of the City. Said Economic Development Revenue Bonds <br />shall be executed by the manual or facsimile signatures of the <br />Mayor and the Clerk of the City; shall be executed and deliv- <br />ered on or about the date said bonds are purchased; shall be <br />dated as of the date of purchase; shall be payable over approx- <br />imately four years and nine months at an interest equal to <br />
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