82-173 - Laserfiche WebLink

Home Browse Search

The words "determined to be taxable" shall refer to and include the passage of a statute or the adoption cn~ a reoulation eli~natinQ the exemption from taxation, or a decision, ruling or determination by a .iudicial or administrative authority to the effect that such exemption is no loneer available or is contrary to law. If any installment due hereunder is not paid when due, the Citv promises tO pay interest on said unpaid installment at the rate of two percent {2~} above the rate in effect on this Note from time to time from the date when the same is due hereunder until the same shall be paid. This Note is a duly authorized issue of City of Santa Ana 1987 Industrial Revenue Note (SPS Technologies, Inc.) in the aoareqate principal amount of Four Hundred Fifty One Thousand Dollars ($451,000), issued pursuant to provisions of Ordinance No. NS1609, entitled "Ordinance of the City ef Santa Ana Adding Chapter 28 to the Santa Aha Municipal Code, Authorizinq the Issuance of the City of Santa Ana Industrial Development Bonds for the Purp~ of Financing Industrial and Ccr~mercial Development within said City in the Interests of the Public Health, Safety and Welfare," adopted by the City Council of the City of Santa Ana on November 16, 1981, and pursuant to Resolution No. (the "Resolution") adopted by the City on Decamber 1982, for the purpose of providing funds for the making of a loan to SPS Technologies, Inc. to finance wastewater treab~ent machinery and equipment installed at the Participating Party's facilities in Santa Ana, California (the "Project") as that term is further defined in the Resolution). This Note is secured in accordance with the terms and conditions of the Resolution, to which reference is hereby made for a specific description of the security therein provided, and of the nature, extent and manner of enforcement of such security, and a statenent of the rights of the registered owner of this Not~, to all of the provisions of which the registered owner of this Note, by acceptance thereof, consents and agrees. This Note, and the interest hereon (to the extent set forth in the Resolution), is payable from, and is secured by a charge and lien on, the Revenues derived by the City f~om the Promissory Note, the Loan and the Agreement {as those terms are defined in the Resolution). This Note is a special obligation of the City and is.not a lien or charqe aqainst the property or funds of the City, except to the extent of the pledqe of Revenues, as provided in the Resolution. This Note is not a debt of the City, the State of California, or any of its political subdivisions and neither said City, said State, nor any of its political subdivisions is liable hereon nor in any event shall this Note be payable out of any funds or properties other than the Revenues hereinbefore referred to. Neither the faith end credit nor the taxing power of the City is pledged to the payment of the orincinal o~ o~ interest on this Note. This Note does not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. This Note is subject to redemption or prepayment as a whole or in Dart, from any source of available funds~ on any Payment Date, at the principal amount thereof, together with accrued interest thereon to such date. addition, this Note is subject to redemption or prepayment as a whole or in part, on any Payment Date without pre~niam, from prepayments ~ursuamt to the Agreement, or from the proceeds of insurance or condemnation. If an event of default (as defined in the Resolution) shall occur, all or a portion of the principal amount of this Note may be declared due and payable upon the conditions, in the manner and with the effect orovided in the Resolution but such declaration and its consequences may be rescinded and annulled as further provided in the Resolution. EXHIBIT A