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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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, � <br /> give notice pursuant to Section 9.4 of the Loan Agreement, and cause the Note to be <br /> prepaid on such Interest Rate Adjustment Date. <br /> In the event of prepayment, the Bonds may be redeemed by the Bond Registrar as <br /> directed by the Assignee at a prepayment price of par plus accrued interest to the <br /> prepayment date with premium upon written notice to the Registered Owners of the <br /> Bonds given by the Company on behalf of the Issuer, at least five (5) business days prior <br /> to the installment payment date which the Company shall have designated as the <br /> prepayment date. In the event the Bonds are redeemed in part, the Registered Owner of <br /> the Bonds shall deliver the Bonds to the Paying Agent for an endorsement which duly <br /> notes the redemption in part. Any failure to have duly noted or endorsed such prepayment <br /> shall not render such prepayment ineffective. In addition, the Bonds are subject to <br /> redemption as set forth in the Loan Agreement. <br /> All principal installments of the Bonds or portion thereof designated for <br /> prepayment will cease to bear interest on the specified prepayment date, provided funds <br /> for their prepayment are on deposit at the place of payment at that time. <br /> The principal installments of(except the final installment which will be paid upon <br /> presentment at the principal office of the Paying Agent) and interest on the Bonds shall be <br /> payable by check or draft of the Paying Agent mailed to the Registered Owner of the <br /> Bonds at the address as shown in the Bond Register. <br /> The Bonds shall be signed by the Mayor of the Issuer and attested by the City <br /> Clerk of the Issuer and the corporate seal of the Issuer shall be affixed thereto. <br /> The Bonds, together with interest thereon, shall be limited obligations of the Issuer <br /> secured by, among other things, the Mortgage, the Assignment and the Assignment of <br /> Rents and Leases and payable solely from the receipts derived from and as described in the <br /> Loan Agreement (except to the extent paid out of moneys attributable to the Bond <br /> proceeds or the income from the temporary investment thereo fl and shall be a valid claim <br /> of the Registered Owners hereof only against moneys required to be applied to the <br /> payment of the Bonds and other moneys held by the Assignee and Paying Agent and the <br /> receipts derived from the Loan Agreement, the Assignment of Rents and Leases and the <br /> Mortgage, which receipts shall be used for no other purpose than to pay the principal <br /> installments of, and interest on the Bonds, except as may be otherwise expressly <br /> authorized in this Bond Resolution. The Bonds and the obligation to pay interest thereon <br /> do not now and shall never constitute an indebtedness or a loan of credit of the Issuer, the <br /> State of Illinois or any political subdivision thereof, or a charge against their general taxing <br /> powers, within the meaning of any constitutional or statutory provisions of the State of <br /> Illinois, but shall be secured by the Mortgage, the Assignment of Rents and Leases and the <br /> Assignment, and payable solely from the receipts from the Loan Agreement. Without <br /> limiting the foregoing, the Issuer makes no representation that interest on the Bonds is or <br /> will continue to be tax-exempt under the Code, and expressly disclaims any liability for <br /> absence or loss of any such tax-exempt status for any reason whatsoever. <br /> s <br />
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