1983 022 Ordinance - Laserfiche WebLink

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REGISTERED UNITED STATES OF AMERICA REGISTERED N0. R-1 STATE OF OHIO $3,500,000 COUNTY OF CUYAHOGA Mayfield Village Industrial Development First Mortgage Bond (Mayfran International Incorporated Project) (Conergics Corporation - Guarantor) Mayfield Village, Ohio (the "Issuer"), a municipal corporation and political subdivision duly organized and validly existing under the laws of the State of Ohio, for value received, promises to pay to Bank One of Columbus, NA, Columbus, Ohio, or registered assigns (together with any as- signs, the "Holder"), but solely from the sources referred to herein, the principal amount of THREE MILLION FIVE IiUNDRED THOUSAND DOLLARS ($3,500,000) and to pay from said sources interest on the unpaid balance of said principal amount from and after December , 1983 (the date of original delivery of this Bond), at the Applicable Rate subject to adjustment as hereinafter provided. As used herein "Applicable Rate" means a rate equal to seventy-five per centum (75%) of the Prime Rate of Bank One, Columbus, NA, with such rate to change concurrently with each change in that Prime Rate and "Prime Rate" means the interest rate announced from time to time by Bank One, Columbus, NA at its principal office in Columbus, Ohio by such bank as its prime rate. Subject to any minimum or maximum rate specified by applicable law, the Prime Rate will automatically and immediately change from time to time and be effective as of the effective date of each such change of the prime rate of such bank. Interest on this Bond shall be calculated on a 365 or 366 day year. The principal hereof shall be paid in sixty consecutive equal quarterly install- ments of Fifty-eight Thousand Three Hundred Thirty-three dollars and thirty- three cents ($58,333.33), each such installment to be applied first to the payment of interest on the unpaid principal sum. All quarterly payments shall be due and payable in full, with the final installment due and payable on January 1, 1999. The final installment shall in any event be sufficient to pay in full the outstanding balance of the principal sum hereof. Such quarterly installments of principal together with interest thereon shall be paid on April 1, 1984 and on the first day of each January, April, July and Qctober until this Bond shall have been paid in full. Principal of and inter- est and any premium on this Bond ("Bond service charges") are payable in lawful money of the United States of America, without deduction for the ser- vices of the Holder as the paying agent, upon presentation of this Bond for proper endorsement of principal and interest paid and its presentation and surrender upon the final payment of principal and interest at the principal office of the Holder. This Bond represents the duly authorized Industrial Development First Mortgage Bond (Mayfran International Incorporated Project) (Conergics Corpora- tion - Guarantor) (the "Bond"), in the principal amount of $3,500,000, autho- rized by an ordinance duly passed by the Council of the Issuer on December 19,