Authorizing $1,550.000 Economic Development Technologies Corp Project

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AUTHORIZATION AND PAYMENT OF BOND Section 3. That for the purpose of financing a portion of the cost of the Project there shall be and there is hereby authorized to be issued by the Issuer its Bond to be designated "Economic Development Revenue Bond, Series 1984 (Clark Information Technologies Corporation Project) ". The Bond shall be in the principal amount of $1,550,000, dated the date of its delivery, lettered R and numbered 1, issued in fully registered form, registered in the name of Harris Trust and Savings Bank, or its registered assigns, maturing as to principal in fifteen (15) consecutive annual principal installments, the first fourteen (14) installments in the amount of $103,333.33 each, payable on December 1, 1985, and on the first day of each December thereafter with a final installment of $103,333.42 on December 1, 1999, except as the provisions hereinafter set forth with respect to redemption prior to maturity may become applicable thereto, and bearing interest on the unpaid principal amount of the Bond from the date of the Bond at the Applicable Rate (as defined in the form of Bond hereinafter set forth) in effect from time to time, payable on March 1, 1985, and on the first day of each March, June, September and December thereafter until said principal amount is paid. Interest on the Bond shall be computed on the basis of a calendar year consisting of 360 days, and charged on the basis of the actual number of days elapsed. The Bond shall bear interest (payable solely and only from the source therein identified) on any overdue installment of principal of, premium, if any, and interest on the Bond (to the extent legally enforceable) at a rate equal to the Applicable Rate in effect from time to time plus two percent (2 %) per annum (other than the portion of any installment of interest which exceeds the amount of interest estimated to be due in accordance with the next following paragraph). The Bank shall provide the Issuer and the Company with written notice at least five (5) Business Days (as defined in the form of Bond) in advance of each date on which interest shall be payable on the Bond of the Applicable Rate in effect from time to time during the applicable interest payment period, the Prime Rate (as defined in the form of Bond) in effect from time to time during the applicable interest payment period to the extent that the Applicable Rate is calculated on the basis of the Prime Rate, and the amount of interest estimated to be so due and payable on the Bond on such interest payment date. Notwithstanding any other provision of the Bond or this Ordinance to the contrary, payment of such amount of interest as so estimated shall satisfy the obligation of payment of interest due on such interest pay- ment date and shall not constitute an event of default hereunder