82-2665 - Laserfiche WebLink

Home Browse Search

" .' the Bar rower ~ the Lend~as the case may be, the Mayor, the City Manager and the Clerk-Treasurer shall execute th~ same on behalf of the Issuer and shall execute the Note, in substantially the form approved in paragraph 5.01 hereof, on behalf of the Issuer, and the Mayor, the Clerk-Treasurer, the Ci ty Manager and other officers of the Issuer shall execute such other certifications, documents or instruments as bond counsel and counsel for the Lender shall require, subject to the approval of the City Attorney, and all certi- fications, reci tals and representations therein shall con- sti tute the certif icates, reci tals and representations of the Issuer. Execution of any instrument or document by one or more appropr iate officers of the Issuer 'shall consti tute and shall be deemed the conclusive evidence of the approval and authorization by the Issuer and the City Council of the instrument or document so executed. 4.02. Pursuant to and in accordance with the provisions of Section 103 (b) (6) (D) of the Internal Revenue Code of 1954, as amended, and the regulations promulgated there- under, the Issuer shall file a Statement of Election Pursu- ant to Income Tax Regulations Promulgated Under the Internal Revenue Code of 1954, as Amended, to issue a Commercial Development Revenue Note in an amount exceeding $1,000,000 but not exceeding $10,000,000. Section 5. The Note. 5.01. Form and Authorized Amount. The Note shall be issued substantially in the form presented to the City Coun- cil and set forth as Exhibit A to this Resolution, with such appropriate variations, omissions and insertions as are permi tted or required by this Resolution, in the principal amount of $1,500,000. The offer of the Lender to purchase the Note at a price of par is found reasonable and is ac- cepted. The terms of the Note are set forth therein, and such terms, including, but not limited to, provisions as to interest rate, dates and amount of payment of principal and interest and prepayment privileges, are incorporated by reference herein. 5.02. Execution and Authentication. The Note shall be executed on behalf of the Issuer by the manual signatures of the Mayor, the City Manager and the Clerk-Treasurer and shall be sealed with its corporate seal and authenticated by the Lender. In case any officer whose signature shall appear on the Note shall cease to be such officer before the deli very thereof, such signature shall, nevertheless, be valid and sufficient for all purposes. ' 5.03. Note shall Mutilated, Lost and Destroyed Note. In case the become mutilated or be lost or destroyed, the - 9 -