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84-88 PROVIDING FOR THE FINANCING BY THE CITY OF DECATUR OF AN ECONOMIC DEVELOPMENT PROJECT (CONTINENTAL CARBONIC PRODUCTS, INC.)
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84-88 PROVIDING FOR THE FINANCING BY THE CITY OF DECATUR OF AN ECONOMIC DEVELOPMENT PROJECT (CONTINENTAL CARBONIC PRODUCTS, INC.)
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Last modified
8/30/2016 9:58:03 AM
Creation date
8/30/2016 9:58:01 AM
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Resolution/Ordinance
Res Ord Num
84-88
Res Ord Title
PROVIDING FOR THE FINANCING BY THE CITY OF DECATUR, ILLINOIS OF AN ECONOMIC DEVELOPMENT PROJECT IN ORDER THAT CONTINENTAL CARBONIC PRODUCTS, INC. MAY BE PROVIDED WITH FACILITIES TO ENCOURAGE DEVELOPMENT OF THE MUNICIPALITY...
Approved Date
12/17/1984
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WHEREAS, the Issuer has heretofore entered into a <br /> Memorandum of Intent dated November 5 , 1984 , with Continental <br /> Carbonic Products , Inc. (the "Borrower") pursuant to a <br /> resolution No. 84-156 adopted by the Issuer, as amended from <br /> time to time; and <br /> WHEREAS, the Project will provide for the economic <br /> development of the Issuer, so as to reduce the evils attendant <br /> upon economic decay, relieve conditions of unemployment and <br /> provide for an increased tax base and will provide for and <br /> promote the public health, safety, morals and welfare of the <br /> Issuer; and <br /> wHEREAS, it is proposed to finance the cost of the Project <br /> tr.rough the issuance of an Economic Development Revenue Bond <br /> (Continental Carbonic Products , Inc. Project) of the Issuer in <br /> the aggregate principal amount of $2 , 000 ,000 (the "Bond") ; and <br /> WHFREAS, a Loan Agreement, to be dated December 18 , 1984 <br /> (the "Loan Agreement") with respect to the Project will be <br /> executed by and between the Borrower and the Issuer, whereby the <br /> Issuer will lend the proceeds of the Bond to the Borrower to <br /> finance costs of the Project and the Borrower will covenant and <br /> aQree (i) to make loan repayments sufficient to provide for the <br /> pavment of principal of, premium, if any, ar_d interest on the <br /> Bond, as and when the same become due and payable and {ii) to <br /> make such other obl�qations as may be required by the Enabling <br /> Ordinance; and <br /> [•IHFREAS, the Bor.d will be issued under and pursuant to, and <br />, is to be secured by, a Trust Indenture , to be dated December 18 , <br /> 2 <br />
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