Laserfiche WebLink
<br />D. The Agency has proposed to repay the Loan from available tax <br />increment revenues derived from the Central City Redevelopment Project, <br />in semiannual installments which are equal to the City's lease payments <br />under the Lease Agreement, and the City will pledge and assign the Loan <br />repayments to the Bank so that the City will be obligated to make <br />payments to the Bank only if and to the extent the Agency's Loan <br />repayments are insufficient for that purpose. <br /> <br />E. The Agency wishes at this time to authorize and approve all <br />proceedings and documents relating to the financing of the Project. <br /> <br />Section ? The Agency hereby approves the financing of the Project as <br />outlined above. To that end, the Agency hereby authorizes the borrowing of funds from <br />the City to finance the Project in the maximum principal amount of $2,800,000. The <br />Agency hereby approves the Loan Agreement between the City and the Agency, in <br />substantially the form on file with the Secretary together with any changes therein or <br />additions thereto deemed advisable by the Executive Director or the Treasurer (each, <br />an "Authorized Officer") and approved in form by the Agency General Counsel, whose <br />execution thereof shall be conclusive evidence of such approval. An Authorized Officer <br />is authorized and directed for and in the name and on behalf of the Agency to execute, <br />and the Secretary is hereby authorized and directed to attest and affix the seal of the <br />Agency to, the final form of the Loan Agreement. <br /> <br />Section 3. The Executive Director, the Treasurer, the Secretary and all other <br />officers of the Agency are each authorized and directed in the name and on behalf of <br />the Agency to make any and all assignments, certificates, requisitions, agreements, <br />notices, consents, leases and other instruments of conveyance, warrants and other <br />documents, which they or any of them might deem necessary or appropriate in order to <br />consummate any of the transactions contemplated by the agreements and documents <br />approved pursuant to this Resolution. Whenever in this resolution any officer of the <br />Agency is authorized to execute or countersign any document or take any action, such <br />execution, countersigning or action may be taken on behalf of such officer by any <br />person designated by such officer to act on his or her behalf in the case such officer is <br />absent or unavailable. <br /> <br />Section 4. This Resolution shall take effect from and after the date of its <br />passage and adoption. <br /> <br />2 <br />