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Authorizing Issue its Economic Development Revenue Bonds (Dafir Realty Co) $900,000.00
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Authorizing Issue its Economic Development Revenue Bonds (Dafir Realty Co) $900,000.00
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4/18/2013 11:33:57 AM
Creation date
4/18/2013 11:25:45 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
7/23/1984
Ord-Res Number
7352-84
Bill Number
68-84
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the acquisition and construction of such facilities, such loan <br />to be evidenced by said Promissory Note, (iv) the repayment of <br />said loan by the Company pursuant to said Loan Agreement, <br />Mortage and Security Agreement, and said Promissory Note, and <br />(v) the securing of said Economic Development Revenue Bonds by <br />said Loan Agreement, Mortgage and Security Agreement and said <br />Trust Indenture. <br />Section 5. The City shall issue its Economic Develop- <br />ment Revenue Bonds, Series 1984 (Dafir Realty Co., an Indiana <br />Partnership Project), in the aggregate principal amount of Nine <br />Hundred Thousand Dollars ($900,000.00) for the purpose of pro- <br />curing funds to loan to the Company in order to finance the <br />acquisition and construction of such facilities, as more <br />particularly set out in said Loan Agreement, Mortgage and <br />Security Agreement, which Economic Development Revenue Bonds <br />shall be payable as to principal and interest solely from the <br />payments made by the Company on its aforesaid Promissory Note <br />in the principal amount of Nine Hundred Thousand Dollars <br />($900,000.00) which will be executed and delivered by the <br />Company to evidence said loan, from other sources under said <br />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 August 15, 1984; shall be dated as of <br />August 1, 1984; shall have a final maturity date of August 1,.1999 <br />with principal reduced monthly, beginning on September 1, 1984; in <br />the interim; shall bear interest at a rate of ten percent (10 %) <br />per annum, except in the case of an Event of Taxability as <br />defined in the Loan Agreement, in which case the per annum <br />interest rate shall be a variable rate not to exceed fifteen <br />percent (15 %) or be less than eleven percent (11 %); shall be in <br />-3- <br />
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