101-84 Loan for Detroit/Warren bldg project

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-4- Project Bonds for the purpose of making a loan to assist the Company in the financing of costs of the Project for the Project Purposes. The Project Bonds shall be designated "Industrial Development First Mortgage Revenue Bonds (Detroit/Warren Building Project)". The Issuer may issue, sell and deliver Additional Bonds for any purpose authorized by the Act, upon satisfaction of the conditions and in the manner provided in Section 2.04 of the Indenture. Section 4. Terms and Provisions of project Bonds. (a) Generally. The Project Bonds (i) shall be issued, unless a Supplemental ~ndenture shall have been executed and delivered pursuant to Section 8.02(h) of the Indenture, only in fully registered form, substantially as set forth in Exhibit A to the Indenture; (ii) shall be exchangeable for Project Bonds of authorized denominations, as provided in the Indenture; (iii) shall be numbered in such manner as to distinguish each Project Bond from any other Project Bond; (iv) shall be in the denominations of $5,000.00 and any integral multiple thereof but not to exceed the principal amount of Project Bonds maturing on any one date; (v) shall 'be subject to optional and mandatory redemption in the amounts, upon the conditions, and at the times and prices set forth in the Indenture; and (vi) shall be dated as of November 1, 1984. Each Project Bond shall bear interest, in accordance with the Indenture, from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from November 1, 1984. (b) Interest Rate and Principal Maturities. The Project Bonds shall bear interest at the rate of thirteen per centum (13%) per annum, payable semiannually on the first day of each May and November, beginning Hay 1, 1985, until the principal sum shall have been paid or provided for in full. Princi- pal of the Project Bonds shall be payable in thirty-eight semiannual install- ments beginning Hay 1, 1986 and on the first day of each Hay and November to and including November 1, 2004, in the amounts together with interest provided in the schedule attached to Exhibit A to the Indenture, provided that the final payment shall in any event be sufficient to pay the then outstanding principal amount of the Project Bonds and all accrued interest thereon. (c) Execution. The Project Bonds shall be signed by the Mayor and the Director of Finance in their official capacities (provided that any or all of those signatures may be facsimiles) and shall bear the corporate seal of the Issuer or a facsimile thereof. Section 5. Sale of Project Bonds. The Project Bonds are sold and awarded to the Original Purchaser at a purchase price of $1,780,000.00, plus any accrued interest on the principal amount of the Project Bonds from October 1, 1984 to the date of delivery of and payment therefor. The Executive, the Fiscal Officer and the Clerk are authorized and directed to make the necessary arrangements with the Original Purchaser to establish the date, location, procedure and conditions for the delivery of the Project Bonds to the Original Purchaser and to take all steps necessary to effect due execution, authentication and delivery to the Original Purchaser of the Project Bonds under the terms of this Bond Legislation and the Indenture. It is determined by this Legislative Authority that the price for and the terms of the Project Bonds, and the sale thereof, all as provided in this Bond Legislation and the Indenture, are in the best interests of the Issuer and are in compliance with all legal requirements. Section 6. Allocation of Proceeds of Project Bonds. The proceeds from the sale of the Project Bonds (including without limitation, any accrued interest thereon) shall be allocated, deposited and credited as follows: (i) to the Bond Fund created by the Indenture, any accrued interest paid by the Original Purchaser; and (ii) to the Project Fund created by the Indenture, the balance of the proceeds of the Project Bonds.