2001-58 PROVIDING FOR THE ISSUANCE OF A TAXABLE SUBORDINANTE LIEN PROMISSORY NOTE

Home Browse Search

` � , , Area was made, the form of Redevelopment Agreement has been approved, the Redevelopment Agreement has been executed and the Note has been authorized, all in accordance with the provisions of the Act, and that it is necessary and in the best interests of the City that the City construct, acquire and install the Southeast Plaza Project and issue and deliver the Note to enable the City to pay or reimburse a portion of the Project Costs. The forms, terms and provisions of the Redevelopment Agreement as executed are hereby expressly ratified and approved. Section 3. Note Details. There shall be borrowed for and on behalf of the City the sum of not to exceed $4,882,000 for the purposes aforesaid; a drawdown redevelopment note of the City (the "Note" or the "2001 Note") shall be issued in said amount and shall be designated "Taxable Subordinate Lien Promissory Note (Southeast Plaza Project), Series 2001." The 2001 Note shall be dated the first date on which the Outstanding Principal Amount equals not less than the sum of$50,000. (the "Dated Date"). The "Outstanding Principal AmounY' is that amount, not to exceed $4,882,000, as provided above, shown as advanced in even multiples of$100 from time to time and received by the City for value, as is noted on the Note in the form of Advances for Value thereon, less payments of principal thereon. The 2001 Note shall also bear the date of authentication, shall be in fully registered form, and (subject to the hereinafter stated provisions for redemption prior to maturity) shall bear interest(computed on the basis of a 360-day year of twelve 30-day months) at a rate percent per annum which is equal to the Base Rate and shall be payable in annual installments of principal and interest per annum on January 1 of each year (such dates being "Regular Interest Payment Dates'� until paid, commencing on the first -8-