Agenda - Council - 12/17/1985 - Laserfiche WebLink

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I I I I I I ARTICbE TWO NOTE Authorized Amount 'and Form of Note. The Note issued pursuant to this Resolution shall be in substantially the form set forth on Exhibit A hereto, with such appropriate variations, omissions and insertions as are permitted or required by this Resolution, and in accordance~ with the further provisions hereof; and the total principal amount of the Note that may be outstanding hereunder is expressly limited to $350,000 unless a duplicate Note is issued pursuant to Section 2-7. 2-2. The Note. The Note shall De dated as of the date of delivery, shall be payable at the times and in the manner, shall bear interest at the rate, and shall be subject to such other terms and conditions as are set forth therein. 2-3. Execution. The Note shall be executed on behalf of the City by the sigaatures of its Mayor and City Administrator and shall be sealed with the seal of the City. In case any officer whose signature shall appear on the Note shall cease to be such officer before the delivery of the Note, such signature shall nevertheless be valid and sufficient for all purposes, the same as if had remained in office until delivery. In the event of the absence or disability of the Mayor or the City Administrator such officers of the City as, in the opinion of the City. Attorney, may act in their behalf, shall without further act or authorization of the City Council execute and deliver the Note. 2-4. Delivery of Note. Before delivery of the Note there shall be filed with the Lender (except to the extent waived by the Lender) the following items: (1) an executed copy of each of the following doc~aents: (A) the Loan Agreement; (B) tne Pledge Agreement; 6