1992-03-01 - Laserfiche WebLink

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Section 1 . The City hereby finds that the acquiring, renovating, constructing and equipping of the Project, and the issuance of the Bonds to finance the same, will provide substantial employment and payrolls and will thereby secure and develop industry at the City and surrounding area. Section 2 . That the issuance of the Bonds are hereby authorized. The Bonds shall be issued in the forms and de- nominations, shall be dated, shall be numbered, and shall be subject to redemption prior to maturity all upon the terms and conditions recommended by the Company and set forth in the Trust Indenture (hereinafter authorized) securing the Bonds . The Bonds shall bear interest at the rates per annum, and shall mature in each of the years, as set forth in the following schedule: Year Principal Amount Interest Rate 1993 $ 30 , 000 4 . 00% 1994 35 , 000 4 . 40 1995 35, 000 4 . 75 1996 35, 000 5 . 20 1997 40, 000 5 . 40 C1998 40, 000 5 . 60 1999 40, 000 5 . 80 2000 45 , 000 6 . 00 2001 50, 000 6 . 20 2002 50, 000 6 . 40 2003 55, 000 6 . 50 2004 55, 000 6 . 60 2005 60, 000 6 . 70 2006 65, 000 6 . 75 2007 70, 000 6 . 75 Section 3 . That the Bonds be sold to T.J. Raney & Sons, Division of Morgan Keegan & Company, Inc. (the "Purchaser") , for the purchase price of 98% of par, plus accrued interest, if any, from the date of the Bonds to the date of delivery, which price is recommended by the Company, and upon the terms and conditions set forth in a Bond Purchase Agreement to be entered into among the City, the Company and the Purchaser (the "Bond Purchase Agreement") . The Bond Purchase Agreement is hereby approved in substantially the form submitted to this meeting, and the Mayor is hereby authorized to confer with the Company, the Purchaser and others in order to complete the Bond Purchase Agreement and to execute and deliver the same on behalf of the City in substantially the form presented to this meeting with such changes as shall be approved by him, his execution to constitute conclusive evidence of 4L such approval .