82-67 AUTHORIZING THE CITY TO ISSUE ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1982 (J.G.W. DEVELOPMENT CO.)

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i • V �� Indenture" ) , in favor of The First National Bank of Decatur, Decatur, Illinois (the "Trustee" ) , for the purpose of issuing and securing the Bonds as hereinafter provided, and be authorized, simultaneously with the execution and delivery of the Trust In- denture, to enter into a Loan Agreement, dated as of July 1, 1982 (the "Agreement" ) , with the Company under which the City will loan the proceeds of the sale of the Bonds to the Company in con- sideration of the execution of a series of promissory notes of the Company (collectively the "Note" ) , evidencing the Company' s obligation to repay the loan by making payments thereunder which will be sufficient to pay the principal of, redemption premium, if any, and interest on the Bonds. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF DECATUR, ILLINOIS, AS FOLLOWS: Section 1. Authorization of and Securitv for the Bonds. The City of Decatur is hereby authorized to issue and sell the Bonds for the purpose of providing funds to make a loan to the Company to finance the cost of the Project, in the aggregate principal amount of $2, 600, 000 with such interest, repayment, redemption and other terms and conditions, and subject to such provisions, covenants and agreements, as are set forth in the Trust Indenture. The principal of, redemption premium, if any, interest on and any other cost or expense of the Bonds shall be payable solely out of the payments to be made and other monies to be paid to the City by the Company pursuant to the provisions of the Note, the Agreement and the Trust Indenture. I Section 2. Form of Bonds. The City shall issue the Bonds 'I in substantially the form as submitted to and reviewed by the City on the date hereof and as set forth in E�ibit A to the Trust Indenture, with such changes therein as shall be approved by the representatives of the City executing the Bonds, such I representatives' signatures thereon, whether manual or facsimile, � being conclusive of their approval thereof. i Section 3 . Execution and Authentication of Bonds. The Mayor and the City Clerk of the City are hereby authorized and directed to execute the Bonds and to deliver the Bonds to the Trustee for authentication for and on behalf of the City in the manner provided in the Trust Indenture. Section 4. Authorization of Trust Indenture. The City is hereby authorized to enter into the Trust Indenture, in substan- tially the form attached to this Ordinance and marked Exhibit A, under which the City shall pledge and assign, certain of its rights under the Agreement, as provided therein, and to the Note and the payments to be made by the Company under the Note to the Trustee for the benefit of the holders from time to time of the -2-