83-152 Ordinance - Laserfiche WebLink

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or may be exempt from tax under the provisions of Section 103 of the Code. If an Event of Default (as defined in the Agreement) shall occur, the Project Note shall immediately bear interest at a rate per annum which is two percent (2X) in excess of the Prime Rate, as the Prime Rate is in effect on the first day of the month for which payment is made, and the entire unpaid principal balance of the Project Note may be declared due and payable as provided by the Agreement, but sub3ect to waiver of such default or recession of such declaration as provided in the Agreement. The Project Note shall be payable in lawful money of the United States, shall have all qualities and incidents of a negotiable instru- ment as provided in the Act and shall express on its face the purpose for which it is issued and such other statement or legend as may be required by law. The Project Note shall be executed by the Executive Officer and by the Fiscal Officer, provided that any or all of such signatures may be facsimiles, and shall bear the seal of the Issuer or a facsimile there- of. In case any officer whose signature or a facsimile of whose sig- nature shall appear on the Project Note shall cease to be such officer before the issuance or delivery of such Pro3ect Note, such signature or such facsimile shall nevertheless be valid and sufficient for all pur- poses, as if he had remained in office until that time. Section 4. Terms of Al1 Notes. All Notes shall bear such desig- nations as may be necessary to distinguish them from any other Notes. Note Payments on all Notes shall be payable in lawful money of the 18