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2 <br /> WHEREAS, Brethren Care has incurred certain indebtedness to pay the cost of <br /> acquisition and construction of the Project (the "Construction Indebtedness") <br /> which was not financed from the proceeds of the Series A Bonds, and now <br /> desire to refinance the Construction Indebtedness through the issuance of addi- <br /> tional tax exempt obligations of the City; and <br /> WHEREAS, the Trustee has declared a default on the Series A Bonds and the <br /> Project is presently experiencing other financial difficulties and such refi- <br /> nancing of the Construction Indebtedness will improve the financial condition of <br /> Brethren Care and help alleviate its' financial deficiencies; and <br /> WHEREAS, Brethren Care proposes to refinance the Construction Indebtedness <br /> with proceeds from the issuance of tax—exempt notes in an amount not to exceed <br /> Seven Million Eight Hundred Thousand Dollars ($7,800,000) to be issued by the <br /> City pursuant to the terms of a Loan Agreement and an Indenture of Trust; and <br /> WHEREAS, the issuance of such tax—exempt notes will contribute substantially <br /> to the revitalization of the Project, together with the preservation of job <br /> opportunities and industrial diversification in the City, resulting in a benefit <br /> to the welfare of the City; and <br /> WHEREAS, in relation to the issuance of the Series A bonds, the Commission <br /> and the Common Council of the City (the "Council") found that a need existed in <br />