85-128 Ordinance - Laserfiche WebLink

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,? .. . , _ ? .?, k.. ? , . . ,, . .. ?. , .? ?.?....?.. ??...,,? ?....?. <.?, ? ?.??,,..?.?......,.. _ . ? Section 3. Authorization of Bonds. It is hereby determined to be necessary to, and the Issuer shall, issue, sell and deliver, as provided herein and pursuant to the authori:ty of the Act, the Bonds in the aggregate principal amount of $450,000 for the purpose of financing costs of acquiring, constructing, rehabilitating, installing and equipping the Project, including costs incidental thereto and of the financing thereof, all in accordance with the provisions of the Loan Agreement and the Bond Purchase Agreement. The Bonds shall be designated "Industrial Development Revenue Bonds (Don F. Scnmidt, Doris L. Schmidt, Alan R. Kaserman and Pauline H. Kaserman Project)". Section 4. Terms of the Bonds. The Bonds may be issued in any denomination but only in fully registered form. The Bonds shall be initially issued in the name of the Original Purchaser, dated as of the date of their initial delivery to the Original Purchaser, in such denominations as shall be requested by the Original Purchaser, and in substantially the form set forth therefor in the Indenture. The Bonds shall mature on January l, 2006, subject to amortization and prior redemption. Upon any exchange or transfer and surrender of any Bond in accordance with the provisions of the Indenture, the Issuer shall execute and the Trustee shall authenticate.and deliver one or more new Bonds in exchange therefor as provided in the Indenture. Any such new fully registered Bond shall be dated as of the Interest Payment Date next preceding the date of its authentication, except that if authenticated on an Interest Payment Date, it shall be dated as of such date of authentication; provided that if at the time of authentication interest thereon is in default, it shall be dated as of the date to which interest has been paid. Each Bond shall be of a single maturity, except as otherwise provided in the Indenture. The Bonds shall be numbered consecutively from R-1 upwards in order of issuance. Principal of the Bonds shall be payable in twenty consecutive annual installments of $22,500, commencing January 1, 1987, and on each January 1 thereafter, to and including January 1, 2006. The Bonds shall bear interest from their respective dates at a fixed rate of ten and one-half percent (10-1/2$) per annum on the outstanding principal amount thereof. Interest on the Bonds shall be payable semiannually on each January 1 and July l, commencing July 1, 1986. Interest shall be calculated on a 360 day per year basis. Al1 principal and interest shall be paid in full on or before January 1, 1006. The principal payable on any outstanding Bond in accordance with the foregoing paragraph shall be an amount which bears the same ratio to the aggregate amount of principal payable on all outstanding Bonds as the outstanding principal amount of such Bond bears to the aggregate outstanding principal amount of all Bonds. -9-