Ordinance 1984-829 - Laserfiche WebLink

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This Bond bears interest, computed on the basis of a year of 365 days and paid for the actual number of days elapsed, at the followinq rates: For the Years Limitations Following Delivery On Interest Rate of Interest of the Bond Rate (a) 11% per annum years 1 and 2 __ (b) 75% of the Prime Rate of years 3 to 10, provided that Denver National Bank, inclusive in no event such interest rate to be shall such in- fixed on, terest rate be 1986, and to be adjusted less than 11% semiannually thereafter nor more than on , and 14% . , each year (c) 75% of the Prime Rate of years 11 to 15, provided that Denver National Bank, inclusive in no event such interest rate to be shall such in- fixed on, terest rate be 1994, and to be adjusted less than 11% semiannually thereafter nor more than on , and 24%. , each year. Installments of principal and interest shall be applied first to interest and then to principal wi th a final payment on , 19 , of the then outstanding principal and interest (unleSS- this-Bond shall have been previously paid pursuant to ,the terms hereof) J both the principal of and interest on this Bond are payable in lawful money of the United States of America at the principal office of the First National Bank of Louisville, 833 Main Street, P. O. Box 8, Louisville, Colorado, 80027, or at such other place as the Lender may designate in writing. In the event any semiannual payment of principal and interest is not paid when due, such payment will become delinquent, and upon demand of the Bondholder, additional interest will become due in the amount of eiqht percent (8%) per annum on the unpaid delinquent principal and interest installment, for the period of time that the installment remains unpaid after it was due. This Bond is issued by the Issuer to provide funds for a project, as defined in Section 29-3-103(10) of the County and Municipality Development Revenue Bond Act, Title 29, Article 3, Part 1, Colorado Revised Statutes 1973, as provided, (the "Act") consisting of aCqUlrlnq and developing land and constructing and equipping one or more buildings thereon for use as a medical center and office facility, within the boundaries of the Issuer (the "Project"), pursuant to a Loan Agreement dated as of the date hereof, among the Issuer, Louisville Medical Associates, a Colo- rado general partnership (the "Borrower"), and the Lender and is - 4 -