Authorizing Economic Development Revenue Bonds Series 1984 (Automatic Project) $750,000.00

Home Browse Search

Section 4. This Council hereby approves the proposed economic development revenue bond financing of such facilities, including (i) the form and terms of the aforementioned Loan Agreement, Security Agreement, Election under I.R.C. §103(b)(6), Promissory Note, Economic Development Revenue Bonds and Trust Indenture attached hereto and incorporated hereby by reference (two (2) copies of which are on file in the Office of Clerk of the CITY for public inspection); (ii) the issuance and sale of said Economic Development Revenue Bonds; (iii) the loan of the net proceeds of said Economic Development Revenue Bonds to the Company for the acquisition of such facilities, such loan to be evidenced by said Promissory Note; (iv) the repayment of said loan by the Company pursuant to said Loan Agreement, Security Agreement, and said Promissory Note; and (v) the securing of said Economic Development Revenue Bonds by said Loan Agreement, Security Agreement and said Trust Indenture. Section 5. The CITY shall issue its Economic Development Revenue Bonds, Series 1984 (Automatic Project), in the aggregate principal amount of Seven Hundred Fifty Thousand Dollars ($750,000.00) for the purpose of procuring funds to loan to the Company in order to furnish the acquisition of such facilities, as more particularly set out in said Loan Agreement and Security Agreement, which Economic Development Revenue Bonds shall be payable as to principal and interest solely from the payments made by the Company on its aforesaid Promissory Note in the principal amount of Seven Hundred Fifty Thousand Dollars ($750,000.00) which will be executed and delivered by the Company to evidence said loan, from other sources under said Loan Agree-