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Issue its Economic Development Revenue Bonds (1818 Realty an Indiana Partnership Prohect $830,000.00
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Issue its Economic Development Revenue Bonds (1818 Realty an Indiana Partnership Prohect $830,000.00
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/24/1984
Ord-Res Number
7383-84
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such loan to be evidenced by said Promissory Note, (iv) the <br />repayment of said loan by the Company pursuant to said Loan <br />Agreement, Mortage and Security Agreement, and said Promissory <br />Note, and (v) the securing of said Economic Development Revenue <br />Bonds by said Loan Agreement, Mortgage and Security Agreement <br />and said Trust Indenture. <br />Section 5. The City shall issue its Economic Develop- <br />ment Revenue Bonds, Series 1984 (1818 Realty, an Indiana Part- <br />nership Project), in the aggregate principal amount of Eight <br />Hundred Thirty Thousand Dollars ($830,000.00) for the purpose <br />of procuring funds to loan to the Company in order to finance <br />the acquisition, expansion and construction of such facilities, <br />as more particularly set out in said Loan Agreement, Mortgage <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 Eight Hundred Thirty Thousand <br />Dollars ($830,000.00) which will be executed and delivered by <br />the Company to evidence said loan, from other sources under <br />said Loan Agreement, Mortgage and Security Agreement, and as <br />otherwise provided in said Trust Indenture. Said Economic <br />Development Revenue Bonds shall never constitute general <br />obligations of, indebtednesses of, or charges against the <br />general credit of the City. Said Economic Development Revenue <br />Bonds shall be executed by the manual or facsimile signatures <br />of the Mayor and the Clerk of the City; shall be executed and <br />delivered on or about October 5, 1984; shall be dated as of <br />October 5, 1984; shall have a final maturity date of October 5, <br />1994 with principal reduced quarterly, beginning on January 5, <br />1986; shall bear interest at a per annum rate of eleven percent <br />
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