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<br />ARTICLE III <br /> <br />THE LOAN <br /> <br />SECTION 3.01. The Loan. The Council hereby agrees to loan to the Borrower and the <br />Borrower hereby agrees to borrow from the Council the sum of$ ($ <br />par amount of Bonds [plus $ reofIeringpremium][less $ reofIeringdiscountD. <br />This amount includes a discount equal to % which reflect the Borrower's share ofthe cost <br />of the initial issuance of the Bonds subject to the terms and conditions contained in this Loan <br />Agreement and in the Indenture. The amounts advanced net of the discount are to be used by the <br />Borrower for the purposes of financing or refinancing the cost of, or receiving reimbursement for the <br />equity in, the Projects in accordance with the provisions of this Loan Agreement. <br /> <br />SECTION 3.02. Evidence of Loan. The Borrower's obligation hereunder to repay amounts <br />advanced pursuant to Section 3.0 I, together with interest thereon, and other payments required under <br />this Loan Agreement, shall be evidenced by this Loan Agreement. <br /> <br />17 <br />