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11/26/79 <br />Section 3.. Authorization of $600,000 Economic Development <br />Revenue Bonds: In order to pay the cost of acquiring and installing <br />the industrial manufacturing equipment included in the Project, <br />there are hereby authorized to be issued, sold and delivered <br />$600,000 aggregate principal amount of the Bonds. It is hereby <br />recognized that pursuant to the terms of the Agreement, any balance <br />of the cost of the Project will be paid for by the User. <br />Section 4. Definitions: In addition to the words and terms <br />defined in this Bond Ordinance, the words and terms used in this <br />Bond Ordinance shall have the meanings set forth in the Loan Agreement <br />unless the context or use indicates another or different meaning or <br />intent and the form of the Bonds and the form of the Loan Agreement, <br />which forms are before the meeting, are hereby incorporated by <br />reference in this Bond Ordinance and the Clerk is hereby directed <br />to insert them into the minutes of the Common Council and to keep <br />them on file. <br />Section 5. Terms of the Bonds: The <br />of the Bonds that may be issued is hereby <br />$600,000. The terms of the Bonds will be <br />Loan Agreement and such terms are adopted <br />approval of the Loan Agreement. <br />The Bonds are limited obligations of <br />total principal amount <br />expressly limited to <br />such as set forth in the <br />herein by reference and by <br />the City, payable <br />solely from payments of principal, premium, if any, and interest <br />made by the User pursuant to the Loan Agreement, except to the extent <br />that the principal of, premium, if any, and interest on the Bonds may <br />be paid out of money attributable to Bond proceeds or from temporary <br />investments, or from other moneys, if any, accruing to the Trustee <br />for the benefit of the bondholders. The Loan Agreement shall equally <br />and ratably secure all outstanding Bonds, except that so long as <br />there is no event of default under the Agreement, payments by the <br />User shall be used by the Trustee to make like payment of principal <br />of, or premium or interest on, the Bonds. <br />By the Loan Agreement, the City will assign to the Trustee the <br />City's rights under the Agreement, including the right of the City <br />to receive payments thereunder, all as security for the payment of <br />- 4 - <br />