1983-101 - Laserfiche WebLink

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I. The costs to be paid from the proceeds of the Bonds will be costs of a project within the meaning of the Act. J. The interest on the Bonds will be exempt from federal income taxation under existing laws of the United States. SECTION 4. FINANCING OF THE PRO'?CT AUTHORIZED. The financing of the cost of the Project in the manner provided in the Loan Agreement is hereby authorized. SECTION 5. AUTHORIZATION OF BONDS. Obligations of the Issuer to be known as "Variable Rate Demand Utility Revenue Bonds (General Development Utilities, Inc. Project)" (the 'Bonds"), are hereby authorized to be issued in an aggregate principal amount not exceeding Four Thousand Twenty Hundred Thousand Dollars ($4,020,000), in the form and manner described in the Indenture. The Bonds shall be dated such date and mature in such years and amounts, will contain such redemption provisions, will bear interest at such rates (not exceeding the maximum interest rate permitted by the Act or by other applicable provision of law), and will be payable on such dates, as provided in the Indenture or by subsequent resolution of the Issuer adopted prior to the sale of each installment of the Bonds. The Issuer hereby declares its intent to issue and sell the Bonds all at one time or in installments from time to time. SECTION 6. AUTHORIZATION OF EXECUTION AND DELIVERY OF LOAN AGREEMENT. The Loan Agreement, in substantially the form thereof attached hereto as Exhibit B, with such changes, alterations and corrections as may be recommended by counsel to the Issuer and as may be approved by the Chairman and the Clerk of the Board of County Commissioners (the 'Board") of the Issuer, such approval to be presumed by their execution thereof, is hereby approved by the Issuer, and the Issuer hereby authorizes and directs said Chairman to execute and said Clerk to attest under the seal of the Issuer the Loan Agreement and to deliver to the Borrower the Loan Agreement, all of the provisions of which, when executed and delivered by the Issuer as authorized herein and by the Borrower duly authorized, shall be deemed to be a part of this instrument as fully and to the same extent as if incorporated verbatim herein. SECTION 7. TRUSTEE, REGISTRAR AND PAYING AGENT. The Trustee, Registrar and Paying Agent with respect to the Bonds herein authorized to be issued shall be BankAmerica `frust Company of New York, New York, New York. SECTION 8. AUTHORIZATION OF EXECUTION AND DELIVERY OF IN- DENTURE. As security for the payment of the principal of and premium, if any, and interest on the Bonds, pro rats and without preference of any one of the Bonds over any other thereof, the Indenture, in substantially the form thereof attached hereto as Exhibit A, with such changes, alterations and corrections as may be recommended by counsel to the Issuer and as may be approved by the Chairman and Clerk of the Board of the Issuer, such approval to be presumed by their execution thereof, is hereby approved by the Issuer, and the Issuer hereby authorizes and directs said Chairman to execute and said Clerk to attest under the seal of the Issuer the Indenture and to deliver to the Trustee the Indenture, all of the provisions of which, when executed and delivered by the Issuer as hcrein and by the Trustee duly authorized, shall be deemed to be a part of this instrument as fully and to the same extent as if incorporated verbatim herein. LKL-9/16/83-#218BA -3-