Ordinance 1985-856 - Laserfiche WebLink

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Se r i e s 1985, da ted as of the da te 0 f iss uance thereof, consisting of one bond in the denomination of $1,200,000, for the purpose, in the form and upon the te rIDS set for th in this Bond Ordinance and the Loan Agreemen t. ~ The pr inc ipal of and in terest on the Bond shall be payable to the registered owner thereof at the address s ho w n on the registration book maintained by the Ci ty CI er k , as reg istrar. The Bond shall bear in terest from the date of iss uance and delivery thereof to the Le nder at a rate of ten percen t (IO.OO%) per annum. However, upon a ~ termina t ion of Taxab il i ty , as defined in the Loan Agreemen t, whereby the interest accruing on the Bond becomes incl udible in the gross income of the hol der for the pur po se of fed er al income taxa tion, the Bond shall bear interest at an ann ual rate equal to two percent above the announced pr ime commercial lending rate 0 f First Na tional Bank in Boul der , in Boul der, Color ado, as said rate may change from time to time, from and after the Date of Taxab il i ty . However, said rate may not be set at an an n u al rate which wo ul d exceed t we n t y percent (20.00%) per annum. The maximum net effective interest rate author ized for the Bond is el even percen t (11.00%) per annum. However, upon a Determination of Taxabil i ty, the maximum net effective interest rate author i zed for the Bond is twen ty-one percen t (21.00%) per annum. The Bo nd shall mature on or before fifteen years and one men th from its date of is s ue . The Bond may be redeemed pr ior to ma t ur it y by the Borrower at any t im e , and is also subject to manda tory redemption upon certain events of damage to or condemna tion of the Project, upon the unenforceability of the Loan Agreemen t, or upon the dea th of Br uc e E. Miller, a general par tner of the Borrower. The holder of the Bond also has the option to te nder the Bond to the Borrower, for paymen t on be hal f of the Is s ue r , on or be fo r e ten years and one mo n th from its date of is s ue . Sect io n 3. Form and Execution of Bo nd . The Bond shall be s ig ned by the manual signature of the Ma yo r , se al ed with an - 5 -