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85-96 PROVIDING FOR THE FINANCING BY THE CITY OF DECATUR, ILLINOIS, OF AN INDUSTRIAL PROJECT IN ORDER THAT PERSHING DEVELOPMENT COMPANY MAY BE PROVIDED WITH FACILITIES TO ENCOURAGE DEVELOPMENT
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85-96 PROVIDING FOR THE FINANCING BY THE CITY OF DECATUR, ILLINOIS, OF AN INDUSTRIAL PROJECT IN ORDER THAT PERSHING DEVELOPMENT COMPANY MAY BE PROVIDED WITH FACILITIES TO ENCOURAGE DEVELOPMENT
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Last modified
8/29/2016 11:49:39 AM
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8/29/2016 11:49:36 AM
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Resolution/Ordinance
Res Ord Num
85-96
Res Ord Title
PROVIDING FOR THE FINANCING BY THE CITY OF DECATUR, ILLINOIS, OF AN INDUSTRIAL PROJECT IN ORDER THAT PERSHING DEVELOPMENT COMPANY, MAY BE PROVIDED WITH FACILITIES TO ENCOURAGE DEVELOPMENT OF THE CITY OF DECATUR...
Approved Date
12/23/1985
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� PAYMENT OF AMOUNTS UNDER THE LOAN AGREEtgENT <br /> Section 6. It is the declared intention of the Issuer <br /> to authorize the disbursement of the proceeds of the Bonds in <br /> order to finance the acquisition, construction and installation <br /> of the Project pursuant to the Loan Agreement in substantially <br /> the form which has been presented to and is hereby approved by <br /> the Mayor and City Council of the Issuer, including with such <br /> changes therein as the officers of the Issuer executing it shall <br /> approve, their approval thereof being conclusive of the Issuer' s <br /> approval of any such changes therein from the form thereof now <br /> before the City Council. The Mayor is hereby authorized to <br /> execute and acknowledge the Loan Agreement for and on behalf of <br /> the Issuer, and the City Clerk is hereby authorized to attest <br /> same and to affix thereto the corporate seal of the Issuer. �I <br /> The Loan Agreement and the Note and the receipts there- I <br /> from, including all moneys received under their terms and condi- <br /> tions , are intended to be sufficient to pay the principal in- <br /> stallments of and interest on the Bonds hereby authorized and are <br /> hereby pledged and ordered paid into the Bond Fund. The Loan <br /> Agreement provides that the Borrower shall remit (or cause to be <br /> remitted or paid) the required payments thereunder directly to <br /> the Assignee for the account of the Issuer for deposit in the <br /> Bond Fund and such provision is hereby expressly approved. <br /> RECEIPTS: BOND FUND <br /> Section 7. Notwithstanding any provision of this Bond <br /> Ordinance or the Loan Agreement to the contrary, the Bonds and <br /> all payments required of the Issuer hereunder are not general <br /> -23- <br />
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