80-139 Ordinance - Laserfiche WebLink

Home Browse Search

_. a..w ,„ ...W ._._ _ _, _ .,..~,~ . ~,.,..R ~~~ opportunities be provided at the earliest possible moment and that the economic improvement produced by the acquisition, construction, improvement, installation and equipment occur at the earliest possible time; W- I- T- N- E- S- S- E- T- H: 1. Fogg shall immediately commence those activities necessary to provide the Project and shall provide, or cause to be provided, at its awn expense, the necessary interim financing to permit the Project to commence immediately. Fogg further agrees that upon the issuance of the Industrial Development First Mortgage Revenue Bond of the Issuer hereinafter mentioned, Fogg will execute a Lease or Loan Agreement with the Issuer and Fogg will execute a Lease with Corporation, and Fogg and Tssuer shall execute such other agreements relating to the Project as may be required; Fogg will make or cause to be made, payments under such Agreements sufficient to pay the principal of and any premium and interest on such bond and such additional payments as may be required or provided by law and the bond ordinance to pay all taxes and special assessments, if any, and whatever sums may be required for operation, maintenance and depreciation. Fogg and Issuer agree that Fogg shall be reimbursed from the proceeds of such bonds for costs incurred directly or indirectly for or in connection with the acquisition, con- struction, improvement, installation and equipping of the Project whether such costs shall be incurred prior to, at or after delivery of such bond. 2. The Issuer will, subject to the requirements and provisions of law, enact the legislation necessary to authorize the issuance of said bond and the execution of such Lease or Loan Agreement required on behalf of the Issuer, pro- vided that such bonds shall not represent or constitute a debt or a pledge of the faith and credit of the Issuer and shall not obligate or pledge any moneys raised _2_