Res 1980-055 - Laserfiche WebLink

Home Browse Search

- "'- ~,'" .... , I; (d) '1',-) aJupt .J bond rcsolutiun Ot:"" bond rt=solutioos when r~quesLeJ by till: COlllF...J.ny, autllul-Ldog tht= issuance of revenue bdnds (tb~ "!)unds I) in one or more series 1n an aggreg..J.Le pt-inc ipdl dlilounl n~cesSdry to finance and pay the cost oE i1L:qlli sltiuLl, CJllS[l-Ul:t iun ..Illd illlprovelllent of th~ Project (bUL in 110 eVent co t=xceed ~10,000,OOO) and the cost of isslJ-illce, subject tu (i) the requirements of the Act, (ii) the executiuLl uf the dppruprLlte agre~mL'nts or contracts as described ill S~clion l(b) below. and (iii) the sale of the Bonds unJer tenns and conditions sdlisfactory to the Corpora- t ion and the Company. (b) Prior to the issuance of the Bonds, when requested, by the CUIIlP,II1Y, to enter into such loan agreement, 1nstall- me II t s ale a g L- L' e![\ e nt, 1 e a s e. 0 ran y 0 the r con t r act s 0 rag r e e - ments between the Corporation dnd the Company as are mutually acceptable in all respects to the Corporation and the Company, provided th.1 t under any such agreement the Company shall be obI ibdted tu 1ll,lke L"'y'~_,=nts to the Corporation or to a corpo- rate trustee. on behalf of the Corporation (and its Bondholde in such sums as "Ire necessary to pay the principal of, inter- est on and rede1llption premiums. if any, together with paying agents' anJ tru~lee's fees on the Bonds. as and when the same shall becoLl1e due and payable, and such paymert:s also to be sufficient to defray the Corporation's administrative. over- head. dllJ lIther expens-.;s and costs with re~;~ct to the Bonds and th~ Projects. I (c) To tdke, or cause to bt= lak~n, such oth~r action, and to exec.utt= such additional contcdcts and agreements. when cequ ~s l~d I,y the Company, as lllay be required in accordance wlth the Act and this Resolution to cause the issuance of the Bonds; and it is und€rstoud that th~ Cumpany will fully indm- nify dnd hold the Corporation hannless from any and all damag losses and cxpens~s, including attorneys' f~es, arising at an~ time fcom or with re~pect to the Bonds and the Project. SECTION 2: That the President anJ Secretary of the Buard of Directors are her~by duthorized and directed to execute the Memo- randum of Agr~~lllen(, ..J.tClch~d ll~ceto as E:..hibit c\ dnd incorporat~d herein by reference for all purposes, which Memocdodum of Agreement1 upon execution by the COlllpany, shall, togt=ther with this Resolutlon~ constitute a commitment by the Corporatiun to finance the costs of acquiring. constcucting and improving the ~roject by the issuance 01 revenue bonds. St:CTION 3: That this l~i!solution, tugether with the Melllorandw of Agreel!'i-ent-hercin approved and authDrized to be executed shall con s tit ute the t a k l n g 0 f d f firm a t i v e 0 f f i c i d I act ion by the Co 11> 0 r a . tion toward the issuance of the Bunds, and that such action is. and is intended to bc. similar to the ddoption of a bond resolution, within the meaning of Section 1.103(8)(<1)(5) of the regulations of the lntecnul Revenue Service adopted pur~uant to Section l03(b) of I the lnternul Revenue Code of 195~. as am~nded. I