Ordinance 1982-770 - Laserfiche WebLink

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( i i) for the period from September 20, 1992 to September 20, 2002, adjustable interest payments up to a maximum tax e empt interest rate of twenty-four percent (24%) per annum wil be due on th~! Bond, payable in monthly princi- pal amounts f $1,666.67 plus interest, on October 20, 1992 and payable n the 20th da:i of each month thereafter during said period. (iii) assuming the taxable interest rate of twenty- four percent (24.00%) per annum is in effect, the amount necessary to ay the principal of and int~rest on the Bond is as set forth n Exhibit B attached hereto. (b) a B Fund shall be established in connection with the issuance of Series 1982 Bond and the proceeds derived therefrom; no ve fund shall be established; ( c) Loan Agreement provides that the Borrowers sh all maintain project and carry all proper insurance with respect thereto; (d) Loan Agreement requires that the Borrowers pay the taxes which t e taxing entities specified in Section 29-3-120 ( 3 ) of the Act ar entitled to receive wi th respect to the Proj- ect; ( e ) t e payments rl!quired to be made by the Loan - Agreement are ficient to pay the principal of and interest on the Series 198 Bond, when due, and are sufficient to pay all other costs requi ed to be paid by the Loan Agreement. ( f) based upon the representations of the Borrowers and the opinion of Bo d Counsel, thE~ proj ect , as more fully described in the Loan Agre ment, constitut.es a project authorized by and described in Section 29-3-103(10) of the Act, and it is hereby found, determined and declared that the Project will serve a valid public purpose; ( g ) b sed upon the opinion of Bond Counsel, the issuance and sale of the Bond, the execution and delivery of the Loan Agreement, the Assignment and the Bond Purchase Agreement, - 8 - .- -- ----- -----..--- -. -~- .--