Resolution - #80-51 - 06/01/1980

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general funds or property of the City; the Bond shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City; and the Bond does not constitute an indebtedness of the City within the meaning of any constitutional or statutory limitation. (i) Nothing has come to the attention of the City Council to indicate that any member of the City Council (i) has a direct or indirect interest in the Project, the Loan Agreement, the Pledge Agreement or the Bond, (ii) owns any interest in the Project, (iii) will be involved in supervising the completion of the Project, or (iv) will receive any commission, bonus or other remuneration for or in respect of the Project, the Loan Agreement, the Pledge Agreement or the Bond. 5. Approval and Execution of Documents.- The forms of Loan Agreement, Pledge Agreement, Mortgage and Assignment referred to in paragraph 3 hereof are approved. The Loan Agreement and Pledge Agreement shall be executed in the name and on behalf of the city by the Mayor and the City Clerk upon execution of the Loan Agreement by the Borrower and the Lender, or shall be executed by other appropriate officers of the city authorized to execute documents on behalf of such officers, in substantially the form on file, but with ail such changes therein, not inconsistent with the Act or other law, as may be approved by the officers executing the same, which approval shall be conclusively evidenced by the execution thereof. The Mortgage may contain such revisions as may be approved by the Lender and the Borrower. 6. ~p~proval of Terms and Sale of Bond. The City shall proceed forthwith to issue the Bond in the authorized principal amount of $225,000, substantially in the form, maturing, bearing interest, payable in the installments and otherwise containing the provisions set forth in the form of Bond attached hereto as Exhibit 1, which terms and provisions are hereby approved and incorporated in this Resolution and made-a part hereof. A single fully registered bond, substantially in the form of Exhibit 1 to this Resolution, shall be issued and deliv- ered to the Lender in the authorized principal amount of $225,000 as authorized by the Act. Principal of and interest on the Bond shall be payable at the office of the registered owner ~Zhereof as it appears on the registration records maintained by the City Clerk in lawful money of the United States. The proposal of the Lender to purchase the Bond at a price of $225,000 (100K of the par value thereof) is hereby found and determined to be reason- able and is hereby accepted. 7. Execution, Delivery and Endorsement of Bond. The Bond may be in typewritten or printed form and shall be executed by the manual signatures of the Mayor and shall be attested by the manual signature of the City Clerk, and the official seal of the city shall be affixed thereto. When so prepared and executed, the Bond shall be delivered to the Lender upon payment of the -4-