Authorizing $3,900,000 Revenue Bonds Allied Products Corp Project

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of the area in and near the City and will encourage and promote the expansion of industry, trade and commerce in the area in and near the City and the location of other new industries in such area. , Section 2. Findings. The Common Council hereby finds that this office (the`Bon�! Ordinance ") is of public benefit to the economic welfare of the City, by tending to overcome the deficiencies previously found to exist, to wit: insufficient employment opportunities and insufficient diversification of industry, and that such benefit is greater than the cost of public facilities (as that phrase is defined in the Act) which will be required by the Project. Section 3. Authorization of $3 900 000 Economic DevelopmenT'Revenue Bon s. Iri order to pay a portion o he cost OT acquiring the Project, there are hereby authorized to be issued, sold and delivered $3,900,000 aggregate principal amount of Economic Development Revenue Bonds, Series 1973 (Allied Products Corporation Project) of the City (the "Series 1973 Bonds ") It is hereby recognized that pursuant to the terms of the Lease the balance of the cost of the Project will be paid for by the Lessee unless paid for out of the proceeds of additional parity bonds (the "Additional Bonds ") as identified in the Indenture. Section 4. Definitions. In addition to the words and terms define c in tFiis Bow Ordinance, the words and terms used in this Bond Ordinance shall have the meanings set forth in the Indenture and the Lease unless the context or use indicates another or different meaning or intent and the form of the Series 1973 Bonds and the forms of the Lease and Indenture, which forms are before this meeting, are hereby incorporated by reference in this Bond Ordinance and the Clerk is hereby directed to insert them into the minutes of the Common Council and to keep them on file. Section 5. Terms for the Series 1973 Bonds. The total principal amount of Series 1973 Bonds that may be issued is hereby expressly limited to $3,900,000, provided, however, that Additional Bonds may be issued as hereinafter provided. The Series 1973 Bonds shall bear interest at the respective rates set forth in and shall mature on July 1 of each of the years set forth in and in the principal amount set opposite each year, in the following schedule: -3- Principal Interest Principal Interest Year Amount Rate Year Amount Rate 1974 $120,000 5% 1984 $1855000 5 -3/4% 1975 125,000 5% 1985 200,000 5 -3/4% 1976 130,000 5% 1986 210,000 6% 1977 135,000 5 -1/4% 1987 225,000 6% 1978 14o,000 5 -1/4% 1988 235,000 6% 1979 150,000 5 -1/4% 1989 24o,000 6 -i /8% 1980 1981 155,000 165,000 5 -1/2% 5 -1/2% 1990 1991 2553000 275,000 6 -1/8% 6 -1/8% 1982 1983 1705000 180,000 5-1/2/0 5 -3/4% 1992 1993 295,000 310,000 6 -1/8% 6 -1/8% -3-