Ordinance 1982-770 - Laserfiche WebLink

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Bond Counsel prior to the execution of the documents. The execu- .tion of any instr ent by the appropriate officers of the City herein authorized shall be conclusive evidence of the approval by the City of such nstrument in accordance wi th the terms hereof. With th consent of t:he City, the Borrowers and the Bondholder, the t rms and provisions of the Loan Agreement, the Assignment, the D ed of Trust, cjr the Bond Purchase Agreement or of any instrument upplemental thereto, may be modified or altered only by a written instrument executed in the same manner as the document Section Authorization. In order to promote industry and develop trade economic activity, the Project shall be and is hereby to be financed as described herein. The estimated cos of acquisition and constr~ctionof the Project is not less than 400,000. It is hereby found and declared that the financing of he project and the use thereof by the Borrowers as hereinafter p ovided is necessary to accomplish the public purposes described in the preamble hereto. Section 4 . Bond prcjvisions and Details. For the purpose of financ ng the cost olf the proj ect there shall be and there is hereby uthorized to be issued by the City its Indus- trial Development Revenue Bond (Stairs Incorporated, Project) , Series 1982, in th principal amount and denomination of $400,000. The Bond shall b a fully registered bond, dated the date of issuance thereof and shall be payable to the Lender or its t registered assigns. The Ser'es 1982 Bond shall bear interest at the rates set forth hich interest rate is subject to adjustment in the event termination oi: Taxabili ty) . Principal, in the amount of $1,666. 7 , and intere:st on the Series 1982 Bond, shall be payable in mont ly installments commencing on October 20, 1982, and payable on t e 20th day of' each month thereafter with the final installment due on September 20, 2002, if the Bond has not been prepaid in full as hereinafter provided. - -- - 5 - -_...-