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1982-114
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1982-114
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3/17/2023 3:04:38 PM
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Resolutions
Resolution Number
1982-114
Approved Date
11/03/1982
Subject
Providing for the finaning of the acquisition, construction & equipment of an
Industrial or Manufacturing Plant in IRC, providing for the issuance of not exceeding
$850,000 Industrial Development Revenue Bonds, Series 1982
Rampmaster Project
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of <br />tote a lien upon any property owned by the Issuer or situated <br />within its territorial limits, except the Project in the manner <br />provided in the Loan Agreement. <br />G. The payments to be made by the Proprietor under the <br />Loan Agreement will be sufficient to pay all principal of and <br />interest on and premium, if any, for the Bonds, as the same shall <br />become due, and to make all other payments required by the Loan <br />Agreement. <br />H. The costs to be paid from the proceeds of the Bonds <br />will be costs of the Project, within the meaning of the Act. <br />I. The interest on the Bonds ,gill be exempt from <br />federal income taxation under existing laws of the United States. <br />SECTION 4. FINANCING OF THE PROJECT AUTHORIZED. The <br />financing of the cost of the Project in the manner provided in <br />the Loan Agreement is hereby authorized. <br />SECTION 5. AUTHORIZATION OF BONDS. Obligations of the <br />Issuer to be known as "Industrial Development Revenue Bonds, <br />Series 1982 (Rampmaster Project)," are hereby authorized to be <br />issued in an aggregate principal amount not exceeding 5850,000, <br />in the form of a single, fully registered bond and in the manner <br />described in the Loan Agreement. The Bonds will be dated such <br />date and mature in such years and amounts, will contain such <br />redemption provisions, and will bear interest at such rates (not <br />exceeding the maximum interest rate permitted by the Act or by <br />other applicable provision of law) and payable at such times, as <br />provided in the Loan Agreement or as fixed by subsequent resolu- <br />tion of the Issuer adopted prior to the sale of the Bonds. If <br />the Bonds shall be dated other than as provided in the Loan <br />Agreement, then the date of the Loan Agreement will be changed to <br />correspond to the date of the Bonds, and all dates appearing in <br />the Loan Agreement will be adjusted accordingly and correspon- <br />dingly. <br />SECTION 6. AUTHORIZATION OF EXECUTION AND DELIVERY OF <br />LOAN AGREEMENT. The Loan Agreement, in substantially the form <br />thereof attached hereto as Exhibit A, with such changes, altera- <br />tions and corrections as may be approved by the Chairman of the <br />Board, such approval to be presumed by his execution thereof, is <br />hereby approved by the Issuer, and the Issuer hereby authorizes <br />and directs the Chairman to execute and the Clerk of the Board to <br />attest, under the seal of the Board, the Loan Agreement and to <br />deliver to the Proprietor the Loan Agreement, all of the provi- <br />sions of which, when executed and delivered by the Issuer as <br />authorized herein and by the Proprietor duly authorized, shall be <br />-3- <br />
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