Authorizing Economic Development Revenue Bond (Park Center Associates Project)

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Section 6. The Mayor and Clerk are authorized and directed to sell such bonds to the purchaser thereof at a rate of interest on the bonds not to exceed 11% per annum (except in the event interest on the bonds becomes taxable due to a Determination of Taxability, as defined in the bonds, and except in certain other events described in the bonds, in which case the interest on the bonds will increase as provided in the bonds, provided that the interest rate shall in no event exceed 25% per annum); and at a price of not'less than 100% of the principal amount thereof. Section 7. The Mayor and Clerk are authorized and directed to execute, attest, affix or imprint by any means the City seal to the documents constituting the Financing Agreement approved herein on behalf of the City and any other document which may be necessary or desirable to consummate the transaction, including the bonds authorized herein. The Mayor and Clerk are hereby expressly authorized to approve any modifications or additions to the documents constituting the Financing Agreement which .take place after the date of this Ordinance with the review and advice of the City Attorney; it being the express understanding of this Common Council that said Financing Agreement is in substantially final form as of the date of this Ordinance. The approval of said modifications or additions shall be conclusively evidenced by the execution and attesta- tion thereof and the affixing of the seal thereto or the imprinting of the seal thereon; provided, however, that no such modification or addition shall change the maximum principal amount of, interest rate on or term of the bonds as approved by the Common Council by this Ordinance without further considera- tion by the Common Council. The signatures of the Mayor and Clerk on the bonds may be either manual or facsimile signa- tures. The Clerk is authorized to arrange for delivery of such bonds to the Bondholder named in the Loan Agreement and Bond Purchase Agreements. The Mayor and Clerk shall execute and the - 4 -