1982-777-R - Laserfiche WebLink

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�w WHEREAS , in order to make the necessary provisions for the permanent financing of project costs and the expenses of authoriz- ing andissuing the bonds, Industrial Group Joint Venture has requested that the City consider the execution of an Agreement concerning the authorization and issuance of not to exceed $5,000,000.00 in principal amounts of bonds (the "Bonds") to be issued under the provisions of Act 9 of the 1960 Extended Session of the Arkansas General Assembly, as amended, and other relevant and applicable laws of the State of Arkansas (hereinafter referred to as "Act 9" .) WHEREAS, the City finds that the financing of the Project by �w the issuance of bonds under the aforementioned provisions of law is for a valid public purpose; and WHEREAS, this Resolution and Agreement pursuant thereto is intended to be the taking of official action within the meaning i of Section 103 (b) (2) of the Internal Revenue Code of 1954, as amended, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BATESVILLE, ARKANSAS: Section 1. It is the present intent of the City, pursuant to the authority granted to it in Arkansas Statutes Annotated 13-1602 to make a loan to Industrial Group Joint Venture, or to its �w assigns, in an amount yet to be determined, but not to exceed $5,000,000.00 and to finance said loan by issuing its revenue bonds in an amount not to exceed $5,000,000.00, subject to the general terms and conditions herein contained and Act 9 referred to above. The loan agreement between Industrial Group Joint Venture, or its assigns, and the City shall be upon such terms and shall contain such provisions as the City, in its sole discretion, shall deem desirable and proper in the circumstances. The loan agreement %W shall require such security as the City believes to be prudent.