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1983-101
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3/28/2023 2:52:23 PM
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3/28/2023 2:52:15 PM
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Resolutions
Resolution Number
1983-101
Approved Date
10/05/1983
Subject
Providing for issuance of variable rate demand Utility Bonds to GDU with the
understanding that GDU is proceeding on it's own
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0• <br />C. The location of the Project in the Issuer's area of operation shall make a <br />significant contribution to the economic growth of the area of operation of the Issuer, and <br />shall provide gainful employment. The Project will constitute an "industrial or manufac- <br />turing plant" within the meaning of the Act. <br />D. The appropriate governmental entities and utility providers are capable <br />of providing when needed all the necessary public facilities, utilities and services that will <br />be necessary for the construction, operation, repair and maintenance of the Project and <br />on account of any increase in population or other circumstances resulting from the <br />Project. <br />E. Adequate provision is made under the provisions of the Loan Agreement <br />for the operation, repair and maintenance of the Project at the expense of the Borrower, <br />and for the payment of the principal and premium, if any, and interest on the Bonds. <br />F. The principal of and premium, if any, and interest on the Bonds and all <br />payments required under the Loan Agreement and the Indenture shall be payable solely <br />from the Trust Estate as defined in the Indenture, including the Guarantee, and the Issuer <br />shall never be required to (i) levy ad valorem taxes on any property within its territorial <br />limits to pay the principal of and premium, if any, and interest on the Bonds or to make <br />any other payments provided for under the Loan Agreement and the Indenture; (ii) pay the <br />same from any funds of the Issuer other than the Trust Estate, including the Guarantee; or <br />(iii) require or enforce any payment or performance by the Borrower as provided by the <br />Indenture or the Loan Agreement unless the Issuer's expenses in respect thereof shall be <br />paid from moneys derived under the Loan Agreement or shall be advanced to the Issuer <br />for such purpose, and the Issuer shall receive indemnity to its satisfaction. Such Bonds <br />shall not constitute a lien upon any property owned by or situated within the territorial <br />limits of the Issuer except the Trust Estate in the manner provided in the Loan Agreement <br />and the Indenture. <br />G. Giving due regard to the ratio of the Guarantor's and Borrower's current <br />assets to their current liabilities, net worth, earning trends, coverage of all fixed charges, <br />the nature of their business and the industry in which they are involved, their inherent <br />stability, the guarantee of the Bonds by another financially responsible corporation, and <br />all other factors determinative of the Guarantor's and Borrower's capabilities, financial <br />and otherwise, of fulfilling its obligations consistently with the purposes of the Act, the <br />Borrower is financially responsible and fully capable and willing to fulfill its obligations <br />under the Loan Agreement, including the obligation to make payments thereunder in the <br />amounts and at the times required pursuant to the terms of the Loan Agreement and the <br />obligation to operate, repair and maintain the Project at its own expense, and the <br />Borrower is desirous of serving the purposes of the Act and is willing and capable of fully <br />performing all other obligations and responsibilities imposed upon it pursuant to the <br />provisions of the Loan Agreement. <br />H. The payments to be made by the Borrower to the Trustee under the Loan <br />Agreement will be sufficient to pay all principal of and interest on and premium, if any, <br />for the Bonds, as the same shall become due, and to make all other payments required by <br />the Loan Agreement and the Indenture. <br />LKL-9/15/83-# 218BA -2- <br />
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