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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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� Loan Agreement, the Mortgage, any Lease Assignment and the Note , <br /> or any guarantee in connection therewith, to the end of fully <br /> protecting the rights and security of such owner or owners of the <br /> Bonds. Nothing herein shall be construed as requiring the Issuer <br /> to use any funds or receipts from any source other than funds and <br /> receipts derived from or described in the Loan Agreement and the <br /> Note, or to undertake to perform the obligations of the Borrower <br /> under the Mortgage, any Lease Assignment, the Loan Agreement or <br /> the Note including without limitation the obligation to complete <br /> the Project. <br /> Any amounts remaining in the Bond Fund, after payment <br /> in full of the principal installments of and interest on the <br /> Bonds (or provision for payment thereof as provided in this Bond <br /> Ordinance) and the charges and expenses of the Issuer, the <br /> Assignee and the Purchaser, and all other amount required by or <br /> in respect of the Loan Agreement, including without limitation <br /> under Section 103 (c) i6) of the Code, shall be paid to the <br /> Borrower upon the expiration or earlier termination of the term <br /> of the Loan Agreement. <br /> AS S IGNMETIT <br /> Section 8. As security for the due and punctual pay- <br /> ment of the principal installments of and interest on the Bonds <br /> hereby authorized the Issuer hereby assigns and pledges to the <br /> Assignee all receipts derived by the Issuer pursuant to the Loan <br /> Agreement and the Note (except any payment made pursuant to <br /> Section 6. 5 of the Loan Agreement relating to certain payments to <br /> the Issuer by the Borrower) and all rights and remedies of the <br /> -25- <br />
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