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RESOLUTION NO. 82-159 <br /> <br /> (b) The financing that is to be provided to the <br />Developer by the City in connection with the Project <br />will further the purposes and goals of the Ordinance; <br /> <br /> (c) The Project costs proposed to be financed <br />hereby include only those costs paid or incurred by or <br />on behalf of the Developer with respect to the con- <br />struction of the Project after April 20, 1980, the date <br />the Agency declared its present intent to provide tax- <br />exempt financing for the Project, except that costs <br />paid or incurred by the Developer with respect to the <br />Project before such date may be included to the extent <br />that such inclusion will not result in less than sub- <br />stantially all of the proceeds of the financing being <br />used for the acquisition, construction, reconstruction <br />or improvement of land or property of a character <br />subject to the allowance for depreciation within the <br />meaning of Section 103(b)(6) of the Internal Revenue <br />Code of 1954, as amended; <br /> <br /> (d) The amount necessary to provide permanent <br />financing for the Project requires the issuance of the <br />City Note in the total principal amount of Two Million <br />Two Hundred Fifty Thousand Dollars ($2,250,000.00 <br /> <br />ARTICLE II <br /> <br />CITY NOTE <br /> <br /> 2.01 Authorized Amount and Form of City Note. The <br />issuance of the City Note pursuant to this Resolution of <br />Issuance and the execution of the Loan Agreement among the <br />City, the Developer and the Purchaser are hereby approved. <br />The City Note shall be in substantially the form set forth <br />in the Loan Agreement and incorporated herein by this <br />reference, with such appropriate variations, omissions and <br />insertions as are permitted or required by this Resolution <br />of Issuance, and in accordance with the further provisions <br />hereof; and the total principal amount of the City Note for <br />financing the Project pursuant to the Loan Agreement, that <br />may be outstanding hereunder is expressly limited to an <br />amount equal to $2,250,000. The City shall lend the pro- <br />ceeds of the financing to the Developer pursuant to the <br />requirements of the Loan Agreement. <br /> <br /> 2.02 Terms of the City Note. The City Note shall be <br />payable at the times and in the manner and shall bear <br />interest at the rates as set forth in the City Note, and <br /> <br />-3- <br /> <br /> <br />