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Setting a Public Hearing on a Lease for the Construction and Equipping of a Fire Stattion, a Fire Safety Traning Facility
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Setting a Public Hearing on a Lease for the Construction and Equipping of a Fire Stattion, a Fire Safety Traning Facility
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4/16/2013 1:37:29 PM
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4/16/2013 1:36:45 PM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
4/8/2013
Ord-Res Number
4253-13
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completion until the first January 15 and July 15 following the date of such completion. <br />Thereafter, such rental shall be payable in advance in semiannual installments of Two Hundred <br />Eighty Thousand Five Hundred and 00 /100 Dollars ($280,500.00) on January 15 and July 15 of <br />each year. The last semiannual rental payment due with respect to the Projects before the <br />expiration of this Lease shall be adjusted to provide for rental at the yearly rate specified above <br />prorated from the date such installment is due to the date of the expiration of this Lease. <br />All payments so made by the Lessee for the Projects hereunder shall be <br />considered as payment to the Lessor of the rentals payable hereunder. All rentals payable under <br />the terms of this Lease shall be paid by the Lessee to the banking institution appointed as Trustee <br />(the "Trustee ") under the Trust Indenture and Mortgage (the "Indenture ") securing the First <br />Mortgage Bonds (hereinafter referred to as 'Bonds ") to be issued by the Lessor. <br />After the sale of the Bonds issued by the Building Corporation to pay the cost of <br />the Projects, including expenses incidental thereto, the first semiannual lease payment for the <br />Projects and the sum of the second and third semiannual rental installments and the sum of the <br />fourth and fifth semiannual rental installments, and so on, for the Projects shall be reduced to an <br />amount equal to the multiple of One Thousand Dollars ($1,000) next higher than the sum of <br />principal and interest due on the Bonds in each corresponding year ending on each Bond <br />maturity date on such bonds plus Two Thousand Five Hundred Dollars ($2,500), payable in <br />equal semiannual installments, assuming for such purposes that the first semiannual rental <br />installment for the Projects is due on July 15, 2014. Such amount of reduced annual rental for <br />the Projects shall be endorsed on this Lease at the end hereof by the parties hereto in the form of <br />an addendum to be set forth in Exhibit B hereto, as soon as the same can be done after the sale of <br />the Bonds, and such endorsement shall be recorded as an addendum to this Lease. In addition, <br />-3 -. <br />DMS_US 51840010x2 <br />
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