1987-03-01-R - Laserfiche WebLink

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(e) The Municipality considers that the acquiring, constructing and equipping of the Industrial Facilities, and the making of loans to finance or the leasing or sale to the Company of all such facilities as are so financed, will secure and develop industry and thereby promote the general health and economic welfare of the inhabitants of the Municipality and adjacent areas. 2 . Undertakings on the Part of the Municipality. The Municipality agrees as follows: (a) That when requested by the Company, it will authorize and take, or cause to be taken, the necessary steps to issue revenue bonds under Act 9, in the aggregate principal amount necessary to furnish the permanent financing of all or any part of the costs of acquiring, constructing and equipping of the Industrial Facilities. In this regard, it is estimated at this time that the cost of accomplishing the Industrial Facilities will be in the amount of approximately $1, 000, 000 but bonds will be issued in such amount as shall be requested by the Company whether that amount is more or less than $1,000,000 (the "Bonds" ) . (b) That it will, at the proper time and subject in all respects to the recommendation and approval of the Company, have the Bonds underwritten and will adopt, or cause to be adopted, such proceedings and authorize the execution of such documents as may be necessary and advisable for the authorization, sale and issuance of the Bonds, the acquiring, constructing and equipping of the Industrial Facilities, the loan of the proceeds of the Bonds to the Company for that purpose or the leasing or sale of the Industrial Facilities to the Company (it being understood that the form of the transaction will be subsequently determined) , all in conformity with Act 9 and any other applicable federal state laws and upon terms and conditions mutually satisfactory to the Municipality and the Company. (c) That the aggregate basic rents or payments (i .e. , the rents or payments to be used to pay the principal of, premium, if any, and interest on the Bonds) payable under lease, loan agreement or sale agreement (whichever is applicable) between the Municipality and the Company, shall be sufficient to pay the principal of, premium, if any, and interest on the Bonds when due. (d) That it will take or cause to be taken such other action and adopt such further proceedings as may be required to implement the aforesaid undertakings or as it may deem appropriate in pursuance thereof.