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a? <br />? <br />require the iUsuance, sa1e ar.d de?_iv <br />the pr:inczpal amaunt oF $590,000 anu <br />I=,suer's besL efforts to issue, soll <br />revenue obligations for the purposes <br />chis Bond Legislat.ion. <br />??> or the <br />c' 1 <br />heLeafter <br />and deliv <br />set forth <br />? <br />? <br />Uro:? ect ?sored i.r.? <br />?nay ,_equire the <br />er a:ld.itior.al <br />in Section 8 af <br />Sectivn 3. Aathorizat.ion an:i 1'erms of Project :r3onc]. It <br />is nereby tyetermined to bP neL ???ar?= t:of --ar.d t'r?r?--Is , <br />issue, sell and deli_vec, as prova.dr::; anc3 u:athorized }1erein and <br />j:}l]'LSU3Ilt t0 the aUrilOr'lty GF t.i:'? ACt, tf1E' PY'ojE,'CC 2v?Zd lri t'tZe <br />pri_ncipal amaunt of $590,000 Eor the ;}ur.p{_>se of making a 1uan, to <br />aSsLS4 i.riP_ COmpa2"!y 11"t tr1?-? il:i1•=t11i:J.!'1g Of C`OSi.s C'Ji clt.'C1U1i:ti;y, <br />canstructinq, equ;.ppir,g and iariNtioving the Proj2ct, including <br />r.osts incic?entz_L t:.ere`o and t.a the financing ti:erect; for the <br />rY•oject Purpose. The Project 13ond shail bA designated <br />"I11d1'IS}il'al DeVelQpmPTli_ iirSi. MOY"?gaU='• [7;?JE'i1L1E' BOI"1G (BYV?ITIt & <br />Stratton Project)." ?- <br />Tne aroject Bond sha1J_ br issued i.n the szng.le ,7enamiriation <br />of $590,000, substantially in the fu11.y registerec3 form attacned <br />hereto as Exhibit a(which is inr..or_por_ated herein hy referc,nr_e <br />anc3 made a part hereoE as ii sec Eorth i;i ful.l her. in) ("Lxhibit <br />F"), and shall be subjevt to optianal and mandatory prepayrner.t <br />as set forth herein and in Exhibi.t A. <br />The Pr°oject Bvnd shall be dat:ed a, of llecember 15, 1980; <br />:;hall ue„r in:.erest (on the basis ot a 360--auy yea!- of tiaelve <br />30-day months) fram the date or: ar:iqi.na:i_ deIivery thereof_ (wriich <br />c;ate shall appear on the fa::o oi the P,-oject Bonci) on the <br />principal arnount outstandiny Ero;n time to time at the rate of <br />ten and one-quarter percent (10.25%) per annum, and, in addition <br />to the payment of "Advance Inte-cest" as def.ined be1cw, shall be <br />payable as to principal and interest as follaws: (a) Interest <br />only shall be due and payable com;nenciny on the 1 st. day of <br />March, 1981 and continuing on the 1:.t day oi each and every <br />calendar mcnth thereatter up to and includir.g the 1st day of the <br />month foJ.lowing the Cornpletion Date of the Project or the ist <br />uay of February , 1982, whir.hever occurs firsk; (b) principal <br />a;id interest shall bc dua and payable in equai month.ly <br />installments of I'ive Thousand Four Hundr2d Sixty-si.x Dol_lars <br />($5,466.00) comnlencing on the 1st da1T of the second manth <br />fo1_lowing the Co.rnpleLion Date of the Project or the 1st day of <br />Mazci1, 1982, whichzver occu;_-s first, and c^ntinuing on the lst <br />day of each and every month tnerearter Wr a period oF two <br />hunaYed riinety-nine (299) months. i''rie f inal payment of <br />principal and interest duP no later than the 1 st day af <br />February, 2007 will bz of an amot,i;t suiiicient to pay the <br />balance of prir:cipal and int`r;_st then r_emai.nir.g +_zLpa id. <br />Mont.hly i:istallmer ts shall be ac?t.?l ir?3 f. ir st to Irate CJlarae:,, i? <br />cll"??1, ?xrlC? t0 aCCi:?1.1?(3 1!:i:t't:f?:?C r+t!'d ,. t:[l?.'11 i.o YCpay'ft2nt Ot j,7,= 1riClpal. <br />6