1985 023 Ordinance - Laserfiche WebLink

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M.V. Ord. 85-23 9 opportunities and improving the economic welfare of the people of the State; and (iii) provision of the loan to finance costs of the Project, including without limitation, the financing thereof, will require the issuance, sale and delivery of the Project Bonds in the principal amount of $5,.750,000 and hereafter may require the Issuer's best efforts to issue, sell and deliver Additional Bonds as provided in the Indenture. This Legislative Authority also determines that, following reasonable notice, and prior to adoption of this Bond Legislation, a public hearing was held with respect to the issuance of the Project Bonds, as required by Section 103(k) of the Code. Section 3. Authorization of Project Bonds; Additional Bonds. This Legislative Authority determines it to be necessary to, and the Issuer shall, issue, sell and deliver, as provided and authorized herein and in the Indenture and pursuant to the authority of the Act, $5,750,000 principal amount of 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 "Variable Rate Demand Industrial Development Revenue Bonds (Beta Campus Company 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 Proiect Bonds. (a) Generally. The Project Bonds (i) shall be issued, unless a Supplemental Indenture shall have been executed and