Laserfiche WebLink
<br />ARTICLE IV <br /> <br />CONDITIONS OF LENDING <br /> <br />Section 4.1. Conditions of Lendinf!. The obligations of the Bank to lend hereunder are <br />subject to the following conditions precedent: <br /> <br />(a) No Default. On the date hereof the City shall be in compliance with all the <br />terms and provisions set forth in the Loan Documents on its part to be observed or performed, <br />and no Event of Default nor any event that, upon notice or lapse of time or both, would constitute <br />such an Event of Default, shall have occurred and be continuing at such time. <br /> <br />(b) Supportinf! Documents. On or prior to the date hereof, the Bank shall <br />have received the following supporting documents, all of which shall be satisfactory in form and <br />substance to the Bank (such satisfaction to be evidenced by the purchase of the Bond by the <br />Bank): <br /> <br />(i) The opinion of the City Attorney or special counsel to the City <br />regarding the due authorization, execution, delivery, validity and enforceability of this <br />Agreement and the Bond, the City's power to incur the debt evidenced by the Bond and the due <br />adoption of the Ordinance; <br /> <br />(ii) The opinion of Bond Counsel to the effect that, (A) the interest on <br />the Bond is excluded from gross income for federal income tax purposes, (B) the interest on the <br />Bond is not an item of tax preference under Section 57 of the Code, (C) the Bond are qualified <br />tax-exempt obligations under Section 265(b)(3) of the Code and (D) the Bond and the income <br />thereon is exempt from the State excise tax on documents; and <br /> <br />(iii) Such additional supporting documents as the Bank or its counsel <br />may reasonably request. <br /> <br />ARTICLE V <br /> <br />THE LOAN; CITY'S OBLIGATION; DESCRIPTION AND PAYMENT TERMS <br /> <br />Section 5.1. The Loan. The Bank hereby agrees to loan to the City the amount of <br />$10,000,000 to be evidenced by the Bond, to provide funds to finance the Project, to refinance <br />the Prior Loan and to pay closing costs, upon the terms and conditions set forth in the Ordinance <br />and in this Agreement. The City agrees to repay the principal amount borrowed plus interest <br />thereon, upon the terms and conditions set forth in the Loan Documents. <br /> <br />Section 5.2. Description and Payment Terms of the Bond. To evidence the Loan, the <br />City shall issue and deliver to the Bank the Bond, substantially in the form attached hereto as <br />Exhibit "B". <br /> <br />11 <br /> <br />MIA 182, 189,515v6 11-2-11 <br />