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

Home Browse Search

Clerk shall execute, acknowledge and deliver, in the name and on behalf of the City, the Indenture in substantially the form submitted to this Common Council, which is hereby approved in all respects. Section 8. Loan Agreement. In order to provide for the loan of the proceeds of the Bonds to acquire, construct and develop the Project and the payment by the Borrower of an amount sufficient to pay the principal of and premium, if any, and interest on the Bonds, the Mayor and City Clerk shall execute, acknowledge and deliver in the name and on behalf of the City a Loan Agreement in substantially the form submitted to this Common Council, which is hereby approved in all respects. Section 9. Acceptance of Note. In connection with the Bonds, the City accepts as security for such Bonds the Note of the Borrower. The Note shall be in substantially the form attached as Exhibit B to the Loan Agreement. The Mayor and City Clerk shall endorse the Note to the Trustee. Section 10. Execution. Execution and sealing by the Mayor and the City Clerk of the Bonds, the Bond Purchase Agreement, the Indenture, and the Loan Agreement, and endorsement by the Mayor and the City Clerk of the Note shall constitute conclusive evidence of their approval of any and all changes or revisions therein from the forms of such documents before this meeting. Section 11. General. The Mayor, the City Clerk and City Controller and other officials and employees be and they are each hereby authorized and directed, in the name and on behalf of the City, to execute any and all agreements, documents, and instru- ments, perform any and all acts, approve any and all matters, and do any and all things deemed by them, or any of them, to be neces- sary or desirable in order to carry out and comply with the intent, conditions and purposes of this Bond Ordinance (including the M