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Authorizing $3,200,000 Economic Development Revenue Bonds - Crowe, Chizek & Company Project
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Authorizing $3,200,000 Economic Development Revenue Bonds - Crowe, Chizek & Company Project
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6/6/2013 1:21:51 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/2/1979
Ord-Res Number
6552-79
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Section 10. Additional Bonds. While any of the Bonds shall <br />remain outstanding and unpaid, the Issuer hereby convenants and <br />agrees with the holders from time to time of such Bonds that it <br />will not issue any additional bonds or incur any obligations of <br />any sort secured by a lien prior to or on a parity with the lien <br />of the Bonds except for any Additional Bonds which may be issued <br />pursuant to Section 210 of the Indenture. <br />Section 11. Maintenance and Repair Costs. The maintenance <br />and repair costs of the Project, all taxes in connection therewith <br />and other charges, all as specified in the Loan Agreement, will be <br />assumed and paid by the Company under the Loan Agreement, and accor- <br />dingly, the Issuer has no obligation with respect thereto and all <br />such costs, expenses, taxes, fees and charges shall be paid by the <br />Company, as provided in the Loan Agreement. <br />Section 12. Additional Findinas and Determinations. It is <br />hereby found, determined and declared by the Issuer that the <br />amounts of the installments payable under the Loan Agreement <br />are the amounts necessary in each year to pay the principal of <br />and interest on the Bonds and that the installment payments and <br />other monetary obligations undertaken by the Company in the Loan <br />Agreement are sufficient to satisfy the Loan Agreement and other <br />monetary obligations required by the Act to be undertaken by the <br />user of a project. The Loan Agreement provides that the Company <br />shall operate and maintain the Project and carry all proper insur- <br />ance with respect thereto. <br />Section 13. Approval of the Loan Agreement, Mortgage and <br />Indenture. The form, terms and provisions of the Loan Agreement, <br />the Mortgage and the Indenture are hereby approved and the Mayor <br />and the City Clerk are hereby authorized and directed to execute <br />and deliver the Loan Agreement and the Indenture in the name and <br />behalf of the Issuer, each to be in substantially the form now before <br />this meeting and hereby approved or with such changes therein as <br />shall be approved by the officers of the Issuer executing the same, <br />their execution thereof to constitute conclusive evidence of <br />
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