Laserfiche WebLink
powers, any provisions contained in the Illinois Municipal Code <br /> to the contrary notwithstanding. <br /> SECTION 2. Findings. The issuance of the Series 1988 <br /> Bonds for the purpose of lending the proceeds thereof to the <br /> Corporation to be used to finance, refinance or reimburse the <br /> Corporation for all or a portion of the costs of the Project, <br /> including as a part of such costs all or a portion of the costs <br /> of related fiscal, legal, engineering, construction and other <br /> incidental costs and charges, pursuant to a Note of the <br /> Corporation hereinafter referred to, will promote the general <br /> health and welfare of the residents of the City and surrounding <br /> areas. <br /> SECTION 3. Series 1988 Note and Mortgage. The City <br /> shall finance, refinance or reimburse the Corporation for all or <br /> a portion of the costs of the Project and pay all or a portion of <br /> the financing, legal and other incidental costs and charges for <br /> the purposes aforesaid by lending the proceeds of the Series 1988 <br /> Bonds to the Corporation pursuant to the First Mortgage Note, <br /> Series 1988 (the "Series 1988 Note" ) , of the Corporation in a <br /> principal amount not to exceed $7,000,000, the Series 1988 Note <br /> to be issued under and secured by a Loan Agreement, Mortgage and <br /> Security Agreement dated as of October 1, 1988 (the "Mortgage" ) <br /> between the Corporation and the City. The City Council does <br /> hereby authorize and approve the execution of the Mortgage by the <br /> Mayor of the City (the "Mayor" ) under the seal of the City, <br /> -4- <br />