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Authorizing $550,000 Economic Development Revenue Bonds - Automatic Molded Plastics Inc. Project)
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Authorizing $550,000 Economic Development Revenue Bonds - Automatic Molded Plastics Inc. Project)
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5/10/2013 10:08:40 AM
Creation date
5/10/2013 9:13:07 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/14/1981
Ord-Res Number
7003-81
Bill Number
93-81
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The Bonds shall be payable in any medium which is then legal <br />tender for all debts public and private. <br />Nothing in this Ordinance, the Loan Agreement, the <br />Note, the Mortgage, the Security Agreement, the Letter of Credit, <br />the Bond Purchase Agreement, the Official Statement or the Indenture, <br />or in any document or agreement required hereby or thereby, shall <br />be construed as an obligation or commitment by the Issuer to <br />expend any of its funds other than (i) the proceeds derived from <br />the sale of the Bonds, (ii) the revenues and receipts derived <br />from the Loan Ageement, the Note, the Letter of Credit, the <br />Mortgage and the Security Agreement, and (iii) any money arising <br />out of the investment or reinvestment of said proceeds, income, <br />revenues, receipts or money. <br />Section 4. The form, terms and provisions of the Loan <br />Agreement, the Indenture and the Note presented to this meeting <br />are in all respects approved, and the Mayor and the City Clerk of <br />the Issuer are hereby authorized, empowered and directed to <br />execute, acknowledge and deliver the Loan Agreement and the <br />Indenture, and endorse the Note without recourse to the Trustee, <br />in the name and on behalf of the Issuer. <br />The Loan Agreement, the Note and the Indenture, as so <br />executed and delivered, shall be in substantially the forms now <br />before this meeting and hereby approved, with only such changes <br />therein as shall be approved by the officers of the Issuer executing <br />the same, their execution thereof to constitute conclusive evidence <br />of their approval and the approval of this Common Council of any <br />and all changes or revisions therein from the forms thereof now <br />before this meeting; and from and after the execution and delivery <br />of the Loan Agreement and the Indenture, and the endorsement of <br />the Note, the Mayor and the City Clerk of the Issuer are hereby <br />authorized, empowered and directed to do all such acts and things, <br />and to execute all such documents (including any certifications, <br />financing statements, assignments and other instruments), as may <br />be necessary in the opinion of counsel to the Issuer to carry out <br />IM <br />
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