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Section 2. The issuance of such revenue bonds will be by <br /> further resolution of the City to be adopted at such times and in <br /> such manner as required by applicable law after the necessary <br /> details of the revenue bonds are determined. <br /> Section 3. In general, if the City' s revenue bonds are <br /> issued, they will be issued upon the following terms and condi- <br /> tions: <br /> (a) The bonds shall be secured by a first mortgage <br /> lien on the Project and such further security as the <br /> City may require. <br /> (b) The bonds will be purchased, in whole, and not <br /> �W <br /> in part, at such price consistent with Act 9, as <br /> Industrial Group Joint Venture or its assigns, shall <br /> recommend, subject to the approval of the City, by <br /> such persons or firms as shall be acceptable to the <br /> City, with all expenses related thereto, to be paid <br /> from bond proceeds or other funds of Industrial Group <br /> Joint Venture, or its assigns. <br /> (c) The bonds will be issued under such terms that <br /> the interest thereon will be exempt from federal taxation <br /> in the opinion of bond counsel. <br /> (d) The bonds shall be special obligations of the City, <br /> and shall never be paid in whole, or in part out of any <br /> funds derived from the assessment of benefits within <br /> the City or any other revenues or funds of the District <br /> except those derived from or in connection with the <br /> Project. <br /> (e) The bonds are to be issued, sold and delivered <br /> under authority of Act 9 and all related actions and <br /> �W documents shall be in conformity therewith. <br />