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<br />"" <br /> <br />I <br />I <br />L <br /> <br />\.. <br /> <br />l <br /> <br />"-' <br /> <br />Section 4. The issuance and sale of said Bonds <br />shall be upon such terms and conditions as may be mutually <br />agreed upon by the Authority, the Company and the purchaser <br />of said Bonds and shall be issued by resolution of the <br />Authority at a meeting duly held and conducted for such <br />purpose. The indebtedness will be payable solely from the <br />revenues to be received by this Authority pursuant to a <br />sale, lease, loan or other financing agreement mutually <br />acceptable to this Authority and the Company. <br /> <br />section 5. The proceeds of the Bonds shall include <br />such related and necessary issuance expenses, administrative <br />costs, debt service reserves and the interest payments as <br />may be required to accomplish successfully the financing. <br /> <br />section 6. The Secretary of this Authority is <br />hereby directed to indicate the willingness, on the part of <br />this Authority, to proceed with and effect such financing <br />and to advise the Company that, subject to due compliance <br />with all requirements of law and the obtaining of all necessary <br />consents and approvals and to the happening of all acts and <br />conditions, this Authority, in the place and stead of the <br />City, will take all necessary action to issue indebtedness <br />in an amount not exceeding $1,750,000 to pay the cost of the <br />Industrial portion of the project. <br /> <br />section 7. The Company is authorized to commence <br />the Industrial portion of the project and advance such funds <br />as may be necessary therefor, subject to reimbursement for <br />all expenditures out of the proceeds of the indebtedness <br />herein authorized. <br /> <br />section 8. It is intended that the City Council's <br />Resolution No. 81-223 constitutes "some other similar official <br />action" toward the issuance of indebtedness within the meaning <br />of the Internal Revenue Code of 1954, as amended, with respect <br />to the Industrial portion of the project, and that this <br />Resolution constitutes a transfer of such intent to the <br />Authority for the Industrial Portion of the project. <br /> <br />-.--.- -----_."_.._~.._._-~..._~--~ -. .-- -'--~ -"--------_. <br /> <br />._________~ ___.... _~_,__~ ____________.______..____n___ <br />