Approving Economic Development Revenue Bond Martin's Realty Co Project

Home Browse Search

and Security Agreement, and said Promissory Note, and (v) the securing of said Economic Development Revenue Bonds by said Loan Agreement, Mortgage and Security Agreement, said Trust Indenture and said Letter of Credit. Section 5. The City shall issue its Economic Develop- ment Revenue Bonds, Series 1983 (Martin's Realty Co., an Indiana Partnership Project), in the aggregate principal amount of Nine Hundred Ten Thousand Dollars ($910,000.00) for the pur- pose of procuring funds to loan to the Company in order to finance the acquisition, construction and equipping of such facilities, as more particularly set out in said Loan Agree- ment, Mortgage and Security Agreement, which Economic Develop- ment Revenue Bonds shall be payable as to principal and inter- est solely from the payments made by the Company on its afore- said Promissory Note in the principal amount of Nine Hundred Ten Thousand Dollars ($910,000.00) which will be executed and delivered by the Company to evidence said loan, from other sources under said Loan Agreement, Mortgage and Security Agree- ment, and as otherwise provided in said Trust Indenture and said Letter of Credit. Said Economic Development Revenue Bonds shall never constitute general obligations of, indebtednesses of, or charges against the general credit of the City. Said Economic Development Revenue Bonds shall be executed by the manual or facsimile signatures of the Mayor and the Clerk of the City; shall be executed and delivered on or about December 15, 1983; shall be dated as of December 1, 1983; shall have maturities. from December 1, 1985 to December 1, 1998; -4-