Authorizing $9,000,000 Economic Development Revenue Bonds making a Loan to First Bank Center

Home Browse Search

Section 3• Authorization of Economic Development Revenue Bonds. In order to pay a portion of the cost of acquiring, construc- ting and developing the Project, there are hereby authorized to be issued, sold and delivered $9,000,000 aggregate principal amount of Economic Development Revenue Bonds (First Bank Center Project) of the City (the "Bonds "). Any additional costs of the Project will be paid for by the Borrower. Section 4. Terms for the Bonds. The total principal amount of Bonds that may be issued is hereby expressly limited to $9,000,000. The Bonds shall be in fully registered form and shall be dated as of the date of issue and delivery. The Bonds shall be due and payable as follows: (a) the principal balance of the Bonds shall be due and payable on January 20, 1982, and interest on the prin- cipal balance from time to time outstanding (computed on the actual number of days elapsed and on the basis of a 365 -day year) at an annual rate of interest equal to 65% of the prime rate of interest charged by National Bank of Detroit from time to time to its largest and most credit- worthy commercial customers on 90 -day unsecured loans, such annual rate of interest to change as and with any change in such prime rate, shall be payable on the first day of the month following the date of issue and on the first day of each month thereafter to and including January 1, 1982, on January 20, 1982 and on the Purchase Date (hereinafter defined) in the event such Purchase Date is other than the first day of a month or January 20, 1982; but (b) if the Bonds shall have been purchased on or prior to January 20, 1982 by the Purchasers pursuant to the Bond -3-