2015 06-15 CC PACKET - Laserfiche WebLink

Home

SECTION Z. TRE-NOTE, 2.1 Authorized Amount and Form. -of Note. The Nate is. hereby approved' and shal I be issued pursuant to this Resolution in substaritiall.y the :form submitted to the Council With such. appropriate variations., omissions and insertions as are necessary and appropriate: and are permitted or required by this,: Resolution, and in a0ordanoe with the further provirsicins hereof; and the total aggregate principal amount of the Note that may be outstanding hereunder is expressl;• limited to $1.0.000,000.. unless a duplicate Note is issued pursuant to ,Section 20.. The .Note shall bear interest at -a variable -'rate as set forth. therein. 2.2- The Note. The Notp.-shall be dated as of the date of delivery t,a: the Lender, shall be payable at the times and in the nianner. shall bear interest at the .rate, and shall be subject to :such other terms and eonditions-as:are set Nall therein. 2.3 Execiition.. The Nbte'shall be executed on behalf of the City by the-sigrtatures of its Mayor and Adininistrator-Clerk and shall be sealed with. the: seal of the City;. provided that-tbe seal may be iptentionally omitted as provided by law. In case airy officer vthose signature shall apocar: on: the Note shall cease to lie such officer before the d4livcry of the: Note, such signature hail nevertheless be valid and ..sufficient .for all. purposes, the same as if :such officer had remained in office until delivery. In the event of the absence et disability of the .Mayor and Aclniinistrator=Cleric such officers p-tthe .City as. in the opiniort-of the City Attor0ey, may act in their behal f, shall without further Act .or authorization Of *the. Council exccute iA deliver the Note. 2.4 Delivery of liutial Note. Beforo delivery of the Note there shall be. filed with the l.ehder (except to the extent waived by the Lender) the lolloti+ping, items: (1) an cxecutp4 copy of each of the following documents: (e) the Loan Agreetrtent; (b) the Pledge Agrctement; (c) the Joint Powce-s Agreement;. ((l) the Attte:nd&iuld Resorted Mortgage; -(2) an opinion cif Ciounsel for the Borrower*as-pm-scribed by the bender and Band Counsel; (3) the opinion of Band Counsel as to the validity and tax exempt status of the Note; (4) a *501(c)(3) determination letter from the' Internal kevenue Service t from 1�1GI11C toxatioq Uq(i4t' SeCtlotl SOl ((>�(�� UJ' the Code; 461911YI 3Si3 MA355-7