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Authorizing $1,550.000 Economic Development Technologies Corp Project
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Authorizing $1,550.000 Economic Development Technologies Corp Project
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Last modified
3/28/2013 3:41:04 PM
Creation date
3/27/2013 2:12:43 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/3/1984
Ord-Res Number
7405-84
Bill Number
126-84
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This Bond shall bear interest (payable solely and only <br />from the source hereinafter identified) on any overdue install- <br />ment of principal hereof, premium, if any, and interest hereon <br />(to the extent legally enforceable) at a rate equal to the <br />Applicable Rate in effect from time to time plus two percent (2 %) <br />per annum (other than the portion of any installment of interest <br />which exceeds the amount of interest estimated to be so due and <br />payable in accordance with the next following paragraph). <br />The Bank shall provide the Issuer and the Company (as <br />hereinafter defined) with written notice at least five (5) <br />Business Days in advance of each date on which interest shall be <br />payable on this Bond of the Applicable Rate in effect from time <br />to time during the applicable interest payment period, the Prime <br />Rate in effect from time to time during the applicable interest <br />payment period to the extent that the Applicable Rate is cal - <br />culated on the basis of the Prime Rate, and the amount of <br />interest estimated to be so due and payable on this Bond on such <br />interest payment date. Notwithstanding any other provision of <br />this Bond to the contrary, payment of such amount of interest as <br />so estimated shall satisfy the obligation of payment of interest <br />due on such interest payment date and shall not constitute an <br />event of default hereunder or under the Bond Resolution herein- <br />after referred to.if such amount of interest as so estimated is <br />less than the actual amount of interest due on such interest <br />payment date. Any deficiency between the amount of interest so <br />estimated and paid and the amount of interest actually due on <br />such interest payment date shall be paid on the next succeeding <br />interest payment date, and any overpayment shall be credited <br />against the amount of interest due and payable on the next <br />succeeding interest payment date. <br />The date and amount of payments of principal install- <br />ments (whether at maturity or upon acceleration or call for prior <br />redemption) and payments of interest shall be noted by the Bank <br />or any other owner of this Bond on the Payment Record -- Schedule <br />"A ", made a part of this Bond, as provided in the Bond Ordinance <br />hereinafter identified pursuant to which this Bond is issued. <br />The Bank or any other owner of this Bond shall make this Bond <br />available for inspection during regular banking hours at the <br />principal office of the Bank in the City of Chicago, Illinois, at <br />the request of the Issuer or the Company (as hereinafter <br />defined). <br />This Bond is issued in the principal amount of <br />$1,550,000 designated "Economic Development Revenue Bond, Series <br />1984 (Clark Information Technologies Corporation Project) ", <br />pursuant to the hereinafter described Act and to a Bond Ordinance <br />duly adopted by the members of the Issuer on December 3, 1984 <br />(the "Bond Ordinance "), for the purpose of providing funds to <br />finance a portion of the cost of constructing a building and the <br />-16- <br />
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