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R99-187 AUTHORIZING THE ISSUANCE AND SALE OF ECONOMIC DEVELOPMENT REVENUE BONDS
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R99-187 AUTHORIZING THE ISSUANCE AND SALE OF ECONOMIC DEVELOPMENT REVENUE BONDS
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4/7/2016 9:29:42 AM
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Resolution/Ordinance
Res Ord Num
R99-187
Res Ord Title
AUTHORIZING THE ISSUANCE AND SALE OF ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1999, AUTHORIZING EXECUTION OF A LOAN AGREEMENT, AN ASSIGNMENT AND AGREEMENT, AND A BOND PURCHASE AGREEMENT
Approved Date
11/1/1999
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(g) The Company intends to operate the Project or cause the Project to be operated as a <br /> facility for providing programs and services to individuals with disabilities within the Company's <br /> twelve (12) county service area, to help people with disabilities increase their independence and <br /> quality of life and to provide conference rooms, therapy rooms, administrative offices, activity <br /> rooms, child care rooms, kitchen, community room, toy learning center and case management <br /> offices, all necessary for the delivery of the Company's programs and services on a not-for-profit <br /> basis until the date on which all the Bonds have been fully paid and are no longer outstanding. <br /> (h) The Company has not taken or omitted to take or permitted to be taken on its behalf <br /> and will not so take, omit to take, or permit to be taken on its behalf, any action that, if taken or <br /> omitted, would adversely affect the tax-exempt status of the interest on the Bonds. <br /> (i) The Project is located wholly within the territorial boundaries of the Issuer. <br /> (j) The issuance of the Bonds by the Issuer and the lending of the proceeds thereof to the ' <br /> Company to enable the Company to acquire, construct, install and equip the Project have i <br /> contributed to the Company's decision to acquire, construct, install and equip the Project within <br /> the territorial boundaries of the Issuer. , <br /> (k) The Project will promote and enhance the public purposes set forth in the Act, create � <br /> or preserve jobs and employment opportunities and benefit the economy of the City of Decatur, I�I <br /> Illinois. , <br /> (1) At the Completion Date, the Project will be an "industrial project" as defined in the <br /> Act and the Company intends to so operate the Project during the term of this Loan Agreement, <br /> or, if the Company no longer operates the Project, to assure that any tenant, assignee, vendee or <br /> other successor in interest actively using the Project shall so operate the Project until the Bonds <br /> are fully paid or payment is provided for under the terms of this Loan Agreement and the <br /> Assignment. <br /> (m) The Company is lawfully seized (or upon acquisition will be) of a marketable fee <br /> simple title in and to the Land, has good right to grant and convey the same, and warrants that the <br /> lien and security interest of the Mortgage shall be a prior and superior lien on and security interest <br /> in the Mortgaged Property, subject only to Permitted Encumbrances. <br /> (n) The Project located on the Land will be wholly and completely located within the <br /> boundaries of the Land without encroachment on adjoining lands. <br /> (o) The acquisition, construction, installation and equipping of the Project as well as its <br /> intended use and operation are in complete conformance with the purposes and provisions of the <br /> Act and the Project will be utilized and maintained in such manner as to conform with all <br /> applicable zoning, planning, building, environmental and other regulations of all governmental <br /> authorities having jurisdiction over the Project. <br /> 16 <br />
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