City Council Agenda and Packet 1979 12 18

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—'911.11141111.1"11"111.1.11171"111111"1"1"WW1171111151 r,,:ef..J is ..:. .ie C'! .. CZ '.' ..._:17 not :�:at' ty'- - -` cat to ? in c.__-t :. art ur:naid installnts of ari:ee.i_,at unei interes-t-titre - — --- th.= :..:t. pric,: to Decen'ber 1, 39;5 . On the designated due dates December 1, 1985 through C__e'nber 1, 1989, inclusive, the City shall have tht right to prepay the entire unpaid balance of outstanding principal, and accrued interest, plum a one percent premium on the balance of • outstanding principal on the date of payment. Thereafter, the City shall have the right to prepay the entire unpaid balance of outstanding principal, and accrued interest, without prepayment premium. Section 3. That, for the purpose of payment of the desi;nated installments of inter_3c on and principal of said Note, there shall be established by the City the "City of Louisville, City Hall Improvement Fund" and such fund shall be applied solely to the purpose of the payrent of the interest on and the principal of said Note and for no other purpose whatsoever until the principal of and interest on said Nate has been fully paid, satisfied, and discharged. Section 4. That, for the purpose of funding the des- ignated annual installments of interest on and principal of said Note, the City Council may, in its discretion, appropriate annual sums to be deposited into the City of Louisville, City Hall Improvement Fund; specifically, the City Council may, in its discretion, appropriate all or part of the proceeds of the City's 2 Mill Ad Valorem Capitol Improvement Tax for deposit into said Fund. Section 5. That, for the purpose of securing the nnnu_al repyy:.rerat of interest on and principal of said Note, the City pledges for deposit into the City of Louisville City Nall Improvement Fund as nuc:a of the proceeds of the City 2 percent Sales Ta:c as arc` necessary, together with • such annual :;urns as are appropriated by the City Council in its discretion for dc:.poi t into said Fund, to equal thn do:; ign,strd annual 1nut.allr'eiit-.: o`- intern:L on ant principal c,f :ld i: ti: OLdira•arat 'r ii•'i_ 579 , e.-,tabli_aaing and cn.acrting .---.- •- . {. • - . • - Y. f -y^{1L1•M.� /�MV/w'1/1A. IIf+r •.- - - .. .