Ordinance 1985-856 - Laserfiche WebLink

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To tal Principal and Year Interest Payments - 1985 (6 mont'hs) $126,453.36 1986 ~ 252,906.72 1987 252,906.72 1988 252,906.72 1989 252,906.72 1990 252,906.72 1991 252,906.72 1992 252,906.72 1993 252,906.72 1994 252,906.72 1995* 252,906.72 1996 252,906.72 1997 252,906.72 1998 252,906.72 1999 252,906.72 2000 (6 months) 126,453.36 *The Bond is subject to optional tender by the holder for payment at the end of the tenth year, which would require a balloon payment in the amount of $816,562.49 if such option is exercised. (b) No reserve fund shall be established in connection with the issuance of the Bond. (c) The Loan Agreement and Deed of Trust provide that the Borrower shall maintain the Project and carry all proper insurance with respect thereto. (d) The Loan Agreement and Deed of Trust require that the Borrower pay the taxes which the taxing entities specified in Se ct ion 2 9-3-120( 3) of the Act are enti tl ed to receive with respect to the Project. (e) The payments required in the Loan Agreement to be made are sufficient to pay the principal of, int-erest on, and any premi urn due in connection wi th the Bond when due and to pay all other costs required in the Loan Agreement to be made. (f) The proj ec.t, as more fully described in the Loan Agreemen t, constitutes a project authorized by and described in Section 2 9- 3 -1 0 3 ( 1 0 ) of the Act, and will serve a valid publ ic purpose. . (g) The issuance and sale of the Bond, the execution and deli ve ry of the Loan Agreemen t, the pe rformance of all covenants and agreemen ts of the Is sue r contained in the Loan - 14 - .