Ordinance 1982-764 - Laserfiche WebLink

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is not less than $475,000. It is hereby found and declared that the financing of the Project and the use thereof 'by the Borrower as hereinafter provided is necessary to accomplish the public purposes described in the preamble hereto. Section 4 . Bond Provisions and Details. For the purpose of financing the cost of the Project there shall be and the re is hereby authorized to be issued by the City its Indus- trial Development Revenue Bond (FIRMM Investments Project), Series 1982, in the principal amount and denomination of $475,000. The Bond shall be a fully registered bond, dated the date of issuance thereof, and shall be payable to the Lender or its registered assigns. The Series 1982 Bond shall bear interest from date to matur i ty (or prior redemption) as hereinafter set forth, which interest rate is subject to ad justment in the event of a Deter- mination of Taxability, as hereinafter provided. The installments of principal and interest are payable semiannually, commencing on , 1983, and are due on and - -- __ each year thereafter. The principal installments are set forth in Exhibit A attached to this Ordinance; the Bond shall bear interest, computed on the basis of a year of 365 days and paid for the actual number of days elapsed, at the following rates: For the Years Following Limitations On Rate of Interest Delivery of the Bond Interest Rate ( a) 11% per annum years 1 and 2 -- ( b) 75% of the Prime Rate years 3 to 10, provided that of Denver National inclusive in no event Bank, such interest shall such in- rate to be fixed on terest rate be , 198 , less than 11% to be adjusted - nor more than and semiannually there- 14%. after on , and , each year; - - 6 -