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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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if such amount of interest as so estimated is less than the <br />actual amount of interest due on such interest payment date. Any <br />deficiency between the amount of interest so estimated and paid <br />and the amount of interest actually due on such interest payment <br />date shall be paid on the next succeeding interest payment date, <br />and any overpayment shall be credited against the amount of <br />interest due and payable on the next succeeding interest payment <br />date. <br />The principal installments of, premium, if any, and <br />interest on the Bond shall be payable to the Bank in lawful money <br />of the United States of America in Federal or other immediately <br />available funds at the principal office of the Bank in the City <br />of Chicago, Illinois. The Bank or any other owner of the Bond <br />shall note on the Payment Record attached as Schedule A to the <br />Bond the date and amount of payment of any principal installment <br />paid (whether at maturity or upon acceleration or call for prior <br />redemption) and interest paid, and, upon request of the Company <br />or the Issuer, the Bond shall be available for inspection by the <br />Company or the Issuer during regular banking hours at the prin- <br />cipal office of the Bank in the City of Chicago, Illinois. <br />The Bond, together with interest thereon, shall be a <br />special, limited obligation of the Issuer secured by the Agree- <br />ment, the Note made payable to the Issuer and endorsed to the <br />Bank and payments thereon being made directly to the Bank on <br />behalf of the Issuer and an assignment and pledge of the right, <br />title and interest of the Issuer in and to the Agreement, the <br />Note, the Guaranty and the Mortgage (except certain expense and <br />indemnification payments), pursuant to the Assignment, and shall <br />be payable solely from the revenues and income derived from the <br />Agreement and the Note (except to the extent paid out of moneys <br />attributable to the Bond proceeds, the income from the temporary <br />investment thereof or moneys derived from the Guaranty or the <br />Mortgage), and shall be a valid claim of the owner thereof only <br />against the revenues and income derived from the Agreement and <br />the Note (except as otherwise provided aforesaid), which revenues <br />and income shall be used for no other purpose than to pay the <br />principal installments of, premium, if any, and interest on the <br />Bond, except as may be otherwise expressly authorized in this <br />Ordinance or in the Agreement. The Bond and the obligation to <br />pay interest thereon do not now and shall never constitute an <br />indebtedness or an obligation of the Issuer, the State of Indiana <br />or any political subdivision thereof, within the purview of any <br />constitutional limitation or provision, but shall be secured as <br />aforesaid, and are payable solely from the revenues and income <br />derived from the Agreement and the Note (except as otherwise <br />provided aforesaid). No owner of the Bond shall have the right <br />to compel the taxing powers, if any, of the Issuer, the State of <br />Indiana or any political subdivision thereof to pay any principal <br />installment of, premium, if any, or interest on the Bond. <br />-7- <br />
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