Ordinance 1982-770 - Laserfiche WebLink

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body (whether sta e or federal) , the Loan Agreement becomes void or unenforceable r impossible o,f performance. It is agreed that all such prepayme ts shall be made by payment of the principal amount to be pre aid and accrued interest thereon to the date fixed for the pre ayment, without redemption premium. The Bond will cease to be r interest on the specified prepayment date, provided funds f r prepayment are on deposit at the place of payment at that ti e. to the pro'7'isions of the Loan Agreement, payments sufficie t for the prompt payment when due of the prin- cipal of and inter st on this Bond are to be paid by the Borrowers to the Lender, f r the account of the City and deposited in a special account c eated by the City and designated as the "Indus- trial Development Revenue Bond Fund (Stairs Incorporated, Pro- ject)", and all evenues and receipts payable under the Loan Agreement have be n duly pledgE~d and assigned to the Lender to secure payment of such principal and interest. The Ci t acknowledges that it is intended that interest on the Bond will not be includable in the gross income of the Bondholder (other than by reason that such Bondholder should be or become a substan ial user of the Project or Related Person as defined in Sectio 103(b) (10) of the Code) for Federal income t:.ax purposes, and the stated interest rate of this Bond reflects such exemption. Acco dingly, in the event of a Determination of Taxability (as d fined in the Loan Agreement), not more than , thirty (30) days following the Borrower's receipt of notice of such Determinati n of Taxability (the "Adjustment Date") the interest rate pa able on this Bond prior to the maturity date hereof shall be i creased to a rate of interest equivalent to two percent (2%) abov the prime Rclte of The First National Bank of Denver, such inte est rate to be fixed on the Adjustment Date, and to be adj usted 0 the first dalY of each month thereafter, such adjustment to reflect two percent (2%) above the Prime Rate of The First National B nk of Denver in effect on each such monthly . -- - 14 - --.---.-.- -~-- ------.,- n.______ __