Ordinance 1982-770 - Laserfiche WebLink

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The Bond is also subjE~ct to mandatory prepayment: ( a) on any date, in hole, by the application of moneys received by the Lender from t e proceeds of insurance or the proceeds of sale or condemnation 0 the Project upon an election by the Borrowers not to rebuild or restore the Project, (b) on any date, in whole, by the applicati n of moneys received by the Lender from the Borrowers to prep y the Bond (in connection with the destruction or governmental t king of the project) pursuant to Section 7.l(a) or (b) of the Loan Agreement, and ( c) on any date, in whole, if as a resul t of any c anges in the Constitution or laws of the State of Colorado or th Constitution of the United States or of legis- lative or administ ative action (whether state or federal) or of a final decree, jud or ordeJr of any court of administrative body (whether e or federal) , the Loan Agreement becomes void or unenforceable r impossible elf 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 premi um. 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. Section 5 . Determinations. It is hereby found, deter- mined and declare that: ( a ) th amount necessary in each year to pay the principal of and the\, interest on the Series 1982 Bond is as follows: ( i) for the peril::>d from the date of issue through September 2 , 1992, adjus,table interest payments up to a maximum tax exempt intereSit rate of fourteen percent ( 14%) per annum wi 1 be due on the Bond, payable in monthly princi- pal amounts f $1,666.67 plus interest on October 20, 1982, and payable n the 20th dalY of each month thereafter during said period. - -- - 7 - ---_._--.-- ~--~ ----. --- ~-_._---.~-_._-