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A U G - 1 0 - 9 � T H U 1 � - 2 8 E V A N S i� F R O E H L z C H P . 0 7 <br /> ' . 1 <br /> 3. The Borrower intends during th� term of any auch <br /> financinq agreements to cause the Project to be constructed, <br /> acquired and installed as above described and in compliance <br /> with the Act and the Code. <br /> C. It is further recognized and intended between the <br /> Municipa�ity and the Borrower, as follows: <br /> 1. Such revenue bonds to be iesued by the Municipalxty <br /> sf�a11 never constitute an indebtedness of the Muaicipality <br /> or a loan of the credit thereo£ wxthin the meaaiz�g o� any <br /> constitutional or statutory provision, and such fact shall <br /> be piainly stated on the £ace of each of such revenue bonds. <br /> No holder or owner of any o£ such bonds shall ever have the <br /> riqht to compet any exercis� of the taxinq power of the <br /> Municipality to pay the bonds or the interest thereon. The <br /> pzincipal of, premium, if any, and interest on $uch r�venue <br /> bonda to be issued to finance costs of the Project may be <br /> accured, zncluding, fvr �xample, by a pledge to a trustee or <br /> assignee acting under an indenture of trust or assignmeat <br /> agreement for the benefit of the holders of the bonds, or by <br /> a pledge dizectly to such ho7.ders, of the revenues and <br /> receipts derived by the Munictpality from the Project <br /> pursuant to the above mentioned financing agreementa and may <br /> be further secured by a mortgaqe on and security interest in <br /> the Project. <br /> 2. A przmary �nducement to the Borrower in acquiring, I <br /> constructing ar_d instailinq the Project fs the intent of the <br /> Municipality to finance the Project through the issuance of <br /> its revenue bonds pursuant to the proviaiona of the Act. <br /> 3. It is desirable that the Borrower rather than the <br /> MunicipaZity arranqe for the acquisition construction and <br /> installation of the Project and to arranqe the financing <br /> therefor. <br /> 4. This Agreement shall inure to the benefit of the <br /> Municipality and the Borrower and their respective <br /> successors and assiqns. <br /> 5. In the event that tha revenue bonda are not issued, <br /> sold or delivered as contemplated herein, there shall be nv <br /> liability on the par� of the Municipailty or the Borroxer or <br /> any o£ their o�ficers, directora, agent� or employees, as <br /> appropriate, for euch non-issuance or non-delivery, except <br /> that the Borrvwer shall reimburse the Municipality for all <br /> expenses incurred by the Municipality in anticipation of <br /> guch issuance, sale and delivery, including the <br /> Municipality' s reasonable attorney' s fees, in any event on <br /> or be£ore December 31, 1996, unless extended, and the <br /> Borrower shali not be entitled to any reimbursement of any <br /> advance deposits made or other costs paid by the Borrower. <br /> -3- <br />