Laserfiche WebLink
<br />. ' <br /> <br />Section 1. Approval of Loan Contract. Promissory Note and Security Agreement. The <br />forms of the loan contract, the promissory note and the security agreement required by the State as <br />security for repayment of borrowed funds (the "Loan Contract," the "Promissory Note" and the <br />"Security Agreement," respectively) and any changes thereto ,as may be necessary in the opinion of <br />the Attorney and the bond counsel for the Enterprise to effectuate the intentions of the parties or to <br />comply with the provisions of applicable law are hereby approved. <br /> <br />Section 2. Authority to Execute. The President and the Secretary of the Enterprise are <br />hereby authorized and directed to execute and deliver the Loan Contract, the Promissory Note and <br />the Security Agreement to the. State. <br /> <br />Section 3. Use of Proceeds. The proceeds of the loan shall be used for the payment of <br />costs of the Project and, if necessary or desirable, the payment of costs incident to the execution and <br />delivery of the Loan Contract, the Promissory Note and the Security Agreement. <br /> <br />Section 4. Irrevocable Contract. This Ordinance is, and shall constitute, a legislative <br />measure, and after the Loan Contract, the Promissory Note and the Security Agreement are executed <br />and delivered, this Ordinance shall const.itute an irre~o e ntra~:~een. the City, the Enterprise <br />and the State, and this Ordinance shall be and sha r lrr.le? until the loan shall be fully <br />paid, satisfied or discharged. .4. ~ V <br /> <br />Section 5. Inconsistent Provisions. ~cti~~consistent with the provisions of this <br />Ordinance heretofore taken by the City or the Ent 4" . ~lhhe officers thereof and directed toward <br />the execution and delivery of the Loan Contrac , romissory Note or the Security Agreement is <br />hereby ratified, approved and confirmed. <br /> <br />Section 6. Repealer. All ordinances, resolutions, orders and other instruments, or parts <br />thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer <br />shall not be construed to revive any ordinance, resolution, order or other instrument, or part thereof, <br />heretofore repealed. <br /> <br />CO_DOCS_A 54116v 1 <br /> <br />2 <br /> <br />4/21/00 <br />