HomeMy WebLinkAbout33723 / 86-01Resolution No. �
Dated December 31, 1985
Resolution of The Common Council
of the City of Oshkosh
Authorizing the Issuance of
$325,000.00 City of Oshkosh, Wisconsin
Industrial Development Revenue Bonds, Series 1985
Iakeside Plastics, Inc. Project
WHEREAS, the City of Oshkosh, Wisconsin (the "Issuer") is a duly constituted
and validly existing municipality of the State of Wisconsin; and
WHEREAS, the Issuer is authorized by Section 66.521 of the Wisconsin
Statutes, as amended (the "Act"), to issue its industrial development revenue
bonds to finance the costs of "industrial projects," as defined in the Act, and
to enter into a revenue agreement with an eligible participant or participants
pursuant to which he, she, they or it agree to cause such projects to be
constructed and to pay to the Issuer an amount of funds sufficient to provide
for the prompt payment when due of the principal and premium, if any, of and
interest on such bonds; and
WHEREAS, the Issuer previously has been requested by Lakeside Plastics,
Inc., a Wisconsin corporation (the "Company"), to issue industrial development
revenue bonds to finance a project on behalf of the Company as an eligible
participant under the Act; and
WHEREAS, this body previously has found and determined that the said
project, consisting of acquiring and installing a full coat traffic cone
manufacturing machine, together with incidental electrical, structural, heating
and ventillation installations of equipment for the facility presently operated
by the Company in the City of Oshkosh (the "Project") is a qualified "project"
within the meaning of the Act and that [he Company is an "eligible participant"
within the meaning of the Act; and
WHEREAS, on October 3, 1985, this body adopted an initial resolution
pursuant to the Act wherein it was resolved that the Issuer would issue
industrial development revenue bonds to finance the Project, subject, however,
to the satisfaction of certain conditions, including the approval by this body
of the terms of the bonds; and
WHEREAS, notice of the adoption of the initial resolution was published in
accordance with Section (10) of the Act and no sufficient petition has been
filed with the Issuer requesting a referendum on the question of the issuance of
said industrial development revenue bonds; and
WHEREAS, the Company now has requested the Issuer to provide for the
issuance of industrial development revenue bonds in the amount and upon the
terms and conditions set forth in this Resolution (the "Bond"); and
WHEREAS, in connection with issuance of the Bond the Issuer will be required
to execute and deliver certain documentation (to be in such form as Bond Counsel
for this bond issue and Counsel to the Issuer shall approve) as follows:
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,
1. A Bond Purchase Agreement, to be dated as of the date of adoption
of this Bond Resolution (the "Bond Purchase Agreement"), and to be
entered into by and among the Issuer, the Company and the First
Wisconsin National Bank of Oshkosh (the "Bank"), setting forth the
terms and conditions upon which the Issuer will sell and the Bank
will purchase the Bond; and
2. A Loan Agreement, to be dated as of December 31, 1985, (the"Loan
Agreement"), to be entered into by and between the Issuer and the
Company and providing for a loan of the Bond proceeds to the
Company on repayment terms scheduled to provide the Issuer with
revenues sufficient to retire the Bond in accordance with its
terms; and
3. A Promissory Note (the "Note") and Security Agreement (the
"Mortgage"), to be dated as of December 31, 1985, to be issued,
executed and delivered by the Company to the order of the Issuer
in the principal amount of the Sond as evidence of the borrowings
provided for in the Loan Agreement; and
4. M Assignment and Agreement (the "Assignment") dated as of
December 31, 1985, to be entered into by and between the Issuer
and the Bank and to provide an assignment of the Loan Agreement,
the Note, the Mortgage and other rights of the Issuer to the Bank
as security for the repayment of the Bond;
and
WHEREAS, in accordance with the Act, this Resolution and the aforesaid
documentation shall never constitute an indebtedness of the Issuer within the
meaning of any State constitutional provision or statutory limitation, and shall
not constitute or give rise to a pecuniary liability of the Issuer or its
officers, or a charge against its general credit or taxing powers; and
WHEREAS, it is in the public interest of the Issuer to encourage and promote
the development of projects such as the Project in order to realize public
benefits such as, but not limited to, the provision and retention of gainful
employment opportunities for the citizens of the Issuer, the stimulation of the
flow of investment capital into the Issuer with resultant beneficial effects on
the economy in the Issuer, and the preservation and enhancement of the tax base
of the Issuer; and
WHEREAS, the development of the Project and the issuance of the Bond to
finance it, in the judgment of this body, will serve the intended public
purposes and in all respects will conform to the provisions and requirements of
the Act; and
WHEREAS, pursuant to the provisions of Section 103 (k) of the Internal
Revenue Code of 1954, as amended (the "Code"), a public hearing on the proposed
plan of financing of the Project was held by this body prior to adoption of this
Resolution, pursuant to notice, published by the Clerk of the Issuer in the
Oshkosh Northwestern, a newspaper of general circulation in the Issuer on
December 16, 1985;
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NOW, THEREFORE, BE IT RESOLVEll by the Common Council of the City of Oshkosh,
Winnebago County, Wisconsin, AS FOLLOWS:
SECTION 1. Findings and Determinations. It has been found and
determined and hereby is declared that:
(a) the Project is a qualified "project" for the purposes of the Act;
(b) the Company is a qualified "eligible participant for the purposes
of the Act;
(c) the Loan Agreement will meet the requirements of a"revenue
agreement" for the purposes of the Act;
(d) the estimated cost of providing the Project in all respects,
including costs incidental to financing, is not less than the
principal amount of the Bond;
(e) the payments required to be made by the Issuer under the Loan
Agreement will be sufficient in amount to pay when due the
principal of, premium, if any, and interest on the Bond;
(f) the amounts necessary in each year to pay the principal install-
ments of and interest on the Bond are set forth in Fachibit A,
attached and incorporated by this reference into this Resolution;
and
(g) under the circumstances of the transactions contemplated by this
Resolution the Common Council has not deemed it advisable to
establish any reserve funds, including a depreciation fund, in
connection with the retirement of the Bond or the maintenance of
the Project.
SECTION 2. Authorization to Borrow and Lend. The Issuer shall borrow,
but only as provided by this Resolution, the principal amount of the Bond for the
purposes of: financing the costs of providing the Project; funding the required
reserves and paying the costs of issuing and selling the Bond; and paying such
other costs as are permitted to be paid with bond proceeds under the Act. This
borrowing shall be accomplished through the sale of the Bond issued pursuant to
the Act. The Issuer shall lend the principal sum of the Bond to the Company
pursuant to the terms of the Loan Agreement. The borrowing shall be evidenced by
the Promissory Note of the Company in the principal amount of $325,000.00.
SECTION 3. Authorization and Payment of Bond. For the purpose of
financing all, or a portion, of the cost of the Project there hereby is
authorized to be issued by the Issuer its Bond, to be designated "Industrial
Development Bond, Series 1985 (Lakeside Plastics, Inc. Project)." The Bond shall
be in the principal amount of $325,000.00, dated the date of its delivery,
lettered R and numbered 1., issued in fully registered form, registered in the
name of First Wisconsin National Bank of Oshkosh, or its registered assigns,
maturing as to principal in 84 monthly principal installments of $3,870.00 each,
except the final installment shall be the unpaid principal balance, payable on
January 1, 1993, except as the provisions hereinafter set forth with respect to
redemption prior to maturity may become applicable thereto, and bearing interest
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on the unpaid principal amount of the Bond from the date of the Bond at the
Applicable Rate (as defined in the form of Bond hereinafter set forth) in effect
from time to time, payable on February 1, 1986, and on the first day of each
month thereafter until the said principal amount is paid. Interest on the Bond
shall be computed on the basis of a calendar year consisting of 360 days, and
charged on the basis of the actual number of days elapsed.
The Bond shall bear interest (payable solely and only from the source therein
identified) on any overdue installment of principal of, premium, if any, and
interest on the Bond (to the extent legally enforceable) at a rate equal to said
Applicable Rate in effect from time to time plus Two Percent (2Y) per annum
other than the portion of any installment of interest which exceeds the amount of
interest estimated to be due in accordance with the next following paragraph.
The Bank shall provide the Issuer and the Company with written notice at
least five (5) Business Days (as defined in the form of Bond) in advance of each
date on which interest shall be payable on the Bond of said Applicable Rate in
effect from time to time during the applicable interest payment period, the Prime
Rate (as defined in the form of Bond) in effect from time to time during the
applicable interest payment period to the extent that said Applicable Rate is
calculated on the basis of the Prime Rate, and the amount of interest estimated
to be so due and payable on the Bond on such interesi payment date. Notwith-
standing any other provision of the Bond or this Resolution to the contrary,
payment of such amount of interest as so estimated shall satisfy the obligation
of payment of interest due on such interest payment date and shall not constitute
an event of default hereunder if such amount of interest as so estimated is less
than the actual amount of interest due on such interest payment date. Any
deficiency between the amount of interest so estimated and paid and the amount of
interest actually due on such interest payment date shall be paid on the next
succeeding interest payment date, and any overpayment shall be credited against
the amount of interest due and payable on the next succeeding interest payment
date.
The principal installments of, premium, if any, and interest on the Bond
shall be payable to the Bank in lawful money of the United States of America in
Federal or other immediately available funds at the principal office of the Bank
in the City of Oshkosh, Wisconsin. The Bank or any other owner of the Bond shall
note on the Payment Record attached as Schedule A to the Bond the date and amount
of payment of any principal installment paid (whether at maturity or upon
acceleration or call for prior redemption) and interest paid, and, upon request
of the Company or the Issuer, the Bond shall be available for inspection by the
Company or the Issuer during regular banking hours at the principal office of the
Bank.
The Bond, together with interest thereon, shall be a special, limited
obligation of the Issuer secured by the Agreement, the Note made payable to the
Issuer and endorsed to the Bank and payments thereon being made directly to the
Bank on behalf of the Issuer, the Mortgage and an assignment and pledge of the
right, title and interest of the Issuer in and to the Agreement and the Note
(except certain expense and 3ndemnification payments), and the Mortgage pursuant
to the Assignment, and shall be payable solely from the revenues and income
derived from the Agreement and the Note (except to the extent paid out of moneys
attributable to the Bond proceeds and the income from the temporary investment
[hereof), and shall be a valid claim of the owner thereof only against the
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revenues a�d income derived from the Agreement and the Note (except as otherwise
provided aforesaid), which revenues and income shall be used for no other purpose
than to pay the principal installments of, premium, if any, and interest on the
Bond, except as may be otherwise expressly authorized in this Resolution or in
the Agreement. The Bond and the obligation to pay interest thereon shall not
constitute an indebtedness of the Issuer, the State of Wisconsin or any political
subdivision thereof, within the meaning of any state constitutional provision or
statutory limitation, and shall not constitute nor give rise to a charge against
the general credit or taxing powers or a pecuniary liability of the Issuer, the
State of Wisconsin or any political subdivision thereof, but shall be secured as
aforesaid, and are payable solely from the revenues and income derived from the
Agreement and the Note (except as otherwise provided aforesaid). No owner of the
Bond shall have the right to compel the taxing powers, if any, of the Issuer, the
State of Wisconsin or any political subdivision thereof to pay any principal
installment of, premium, if any, or interest on the Bond.
The principal installments of the Bond shall be subject to redemption prior
to maturity by the Issuer in the event that the Company shall exercise its option
to prepay the principal installments of the Note upon a Determination of
Taxability, as a whole, and not in part, on any date within sixty (60) days of a
Detexmination of Taxability, at a redemption price of 100% of the outstanding
principal amount thereof being redeemed and accrued interest to the date fixed
for redemption, all as provided in Section 3.081 of the Agreement, together with
any amounts due and owing under Sections 3.068 and 3.084 of the Agreement.
The principal installments of the Bond shall also be subject to redemption
prior to maturity at the option of the Issuer from any available funds, including
funds derived from the ptepayment of the principal installments of the Note (or a
portion thereof) at the option of the Company pursuant to Section 3.082 of the
agreement or borrowed funds, as a whole, or in part in the inverse order of
maturity of the principal installments of the Bond, on any date on which the Bond
bears interest at a rate calculated on the basis of the Prime Rate (as defined in
the form of Bond in this Resolution), at a redemption ptice of 100% of the
principal amount thereof being redeemed plus accrued interest to the date fixed
for redemption,
The principal installments of the Bond shall be further subject to redemption
prior to maturity by the Issuer in the event that any moneys remain in the
Construction Fund upon receipt by the Bank of a completion certificate pursuant
to Section 3.05 of the Agreement (other than moneys withheld and used to pay
costs of the Project, as set forth in Section 3.05 of the t�greement). In such
event, the principal ins[allments of the Bond shall be subject to redemption
prior to maturity on any date within ten (10) days of the recefpt by the Bank of
such completion certificate, in part in the inverse order of maturity of the
principal installments hereof, at a redemption price of 100% of the principal
installments thereof being redeemed and accrued interest to the date fixed for
redemption, together with any amounts due and owing under Section 3.084 of the
Agreement.
Upon receipt by the Issuer and the Bank of at least five (5) days' prior
written notice from the Company specifying a date for the prior redemption of the
principal installments of the Bond (or a portion thereof), the Bank shall, to the
extent that amounts are or become available therefor, apply such amounts on
behalf of the Issuer to the redemption of the principal installments of the Bond
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(or a portion thereof) in accordance with the preceding paragraphs. The
principal installments of the Bond (or a portion thereof) if designated for prior
redemption, will cease to bear interest on the specified redemption date,
provided sufficient funds for their redemption are paid to the Bank on behalf of
the Issuer at the principal office of the Bank on such date.
The Bond shall be prepared in typewritten form.
The City Manager of the Issuer is hereby authorized, empowered and directed
to execute the Bond by his manual or facsimile signature, the City Clerk of the
Issuer is hereby authorized, empowered and directed to and attest the Bond by her
manual signature, and the official seal of the Issuer shall be affixed thereto,
and the City Manager and the City Clerk shall cause the Bond, as so executed and
attested, to be delivered to the Bank. In case any official whose signature
shall appear on the Bond shall cease to be such official before the delivery of
the Bond, such signature shall nevertheless be valid and sufficient for all
purposes, the same as if she had remained in office until delivery.
The Bond shall be transferable only as a whole as provided herein. Upon
surrender for transfer of the Bond at the principal office of the Bank, duly
endorsed for transfer or accompanied by an assignment duly executed by the
registered owner or his attorney duly authorized in writing, the Issuer shall
execute and deliver in the name of the transferee a substitute fully registered
Bond of the same series, in the denomination of the unpaid principal amount
thereof, with the same maturities and interest rate, dated the first day of
month (to which interest has been paid) next preceding the date of its issuance,
or if issued, on the first day of month (to which interest has been paid), as of
such date. The Issuer shall cause books for the registration and for the
transfer of the Bond as provided in this Resolution to be kept by the Bank which
is hereby constituted and appointed the Bond Registrar of the Issuer. The Bank,
as Bond Registrar, shall keep and maintain, on behalf of the Issuer, registration
books indicating the name and address of the owner from time to time of the Bond.
The Bond shall never be registered in the name of bearer. The Bank, as Bond
Registrar, shall not be required to transfer the Bond during the period of ten
(10) days next preceding any interest payment date of the Bond nor to transfer
the Bond after the mailing of notice calling the Bond (or a portion thereof) for
prior redemption has been given as herein provided. The person in whose name the
Bond shall be registered shall be deemed and regarded as the absolute owner
thereof for all purposes, and payment of or on account of the principal
installments of, premium, if any, or interest on the Bond shall be made only to
or upon the written order of the registered owner thereof or his legal
representative, but such registration may be changed as hereinabove provided.
All such payments shall be valid and effectual to satisfy and discharge the
liability upon the Bond to the extent of the sum or sums so paid. In each case
the Issuer shall require the payment by the owner of the Bond requesting transfer
of any tax or other government charge required to be paid with respect to such
transfer.
In the event the Bond is mutilated, lost, stolen or destroyed, the Issuer may
execute a substitute Bond of like date, tenor and maturities as the Bond
mutilated, lost, stolen or destroyed; provided, that, in the case the Bond is
mutilated, the mutilated Bond shall first be surrendered to the Issuer, and in
case the Bond is lost, stolen or destroyed, there shall be first furnished to the
Issuer evidence of such loss, theft or destruction satisfactory to the Issuer,
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together with indemnity satisfactory to the Issuer. The Issuer shall duplicate
on the Payment Record of the substitute Bond replacing the mutilated, lost,
stolen or destroyed Bond all payments of principal installments (whether at
maturity or upon acceleration or call for prior redemption) and interest which
the records of the Issuer indicate as having appeared on the mutilated, lost,
stolen or destroyed Bond. In the event all of the principal installments of the
Bond shall have matured, instead of issuing a duplicate Bond the Issuer may pay
the same without surrender thereof. The Issuer may charge the owner of the Bond
with reasonable fees and expenses in this connection.
SECTION 4. Bond Form. The Bond, and the Payment Record - Schedule "A",
shall be in substantially the following form:
No. R-1
UNITED STATES OF AMERICA
STATE OF WISCONSIN
COUNTY OF WINNEBAGO
CITY OF OSHKOSH
Industrial Development Revenue Bond, Series 1985
(Lakeside Plastics, Inc. Project)
PAYABLE BY THE ISSUER SOLELY AND ONLY FROM REVENUES AND
INCOME DERIVED FROM THE LOAN AGREEMENT AND THE PROMISSORY
NOTE REFERRED TO HEREIN
$325,000.00
KNOW ALL MEN BY THESE PRESENTS, That the City of Oshkosh, Winnebago County,
Wisconsin, a municipality of the State of Wisconsin created and existing under
the Constitution and the laws of the State of Wisconsin (the "Issuer"), for value
received, promises to pay solely and only from the source and as hereinafter
provided, to
First Wisconsin National Bank of Oshkosh
or its registered assigns (the "Bank"), the principal sum of $325,000.00 maturing
as to principal in 84 consecutive monthly principal installments of $3,870.00
each, except the final installment shall be the unpaid principal balance, payable
on January 1, 1993, except as the provisions hereinafter set forth with respect
to redemption prior to maturity may become applicable thereto, together with
interest on the unpaid principal amount hereof at the Applicable Rate (as
hereinafter defined) in effect from time to time, payable on February 1, 1986,
and on the first day of each month thereafter until the said principal amount is
paid. Interest on the Bond shall be computed on the basis of a calendar year
consisting of 360 days, and charged on the basis of the actual number of days
elapsed. The principal installments hereof and premium, if any, and interest
herein are payable in lawful money of the United States of America in Federal or
other i�ediately available funds at the principal office of the Bank in the City
of Oshkosh, Wisconsin.
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"Applicable Rate" means seventy-five percent (75%) of the prime rate
announced by First Wisconsin National Bank of Oshkosh and in effect
from time to time, with changes to be effective as and when such prime
rate changes; in addition, for the first 12 monthly payments, the
Company shall pay an additional monthly sum equal to .55% of the
principal sum; provided, that except as the said prime rate shall
effect changes in the interest rate to be paid, the said rate shall not
change unless:
a) the bond becomes taxable for Federal income tax
purposes, in which event the rate shall be adjusted,
retroactively as of the effective date of such
taxability, to a rate of two percent (2Y) per annum in
excess of the prime rate announced by First Wisconsin
National Bank of Oshkosh and in effect from time to
time, with changes to be effective as and when such
prime rate changes; or
b) the maximum Federal corporate income tax rate in effect
on the date of original issuance of the bond is
increased or decreased by legislation, in which event
the rate shall be decreased, if the said tax rate is
increased, or shall be increased, if the said tax rate
is decreased, to the adjusted tax exempt rate necessary
to result in the same yield to the Bank relative to
taxable loans as the bond provided on the date of
original issuance of the bond, effective retroactively
as of the effective date of such increase or decrease;
or
c) the Federal Internal Revenue Code of 1954, as amended to
the date of original issuance of the bonds, is otherwise
amended so as to affect adversely the tax exempt yield
on the bond, in which event the rate shall be increased
to the adjusted tax exempt rate necessary to result in
the same yield to the Bank relative to taxable loans as
the bond provided on the date of original issuance of
the bonds, effective retroactively as of the effective
date of such increase or decrease.
This Bond shall bear interest (payable solely and only from the source
hereinafter identified) on any overdue installment of principal hereof, premium,
if any, and interest hereon (to the extent legally enforceable) at a rate equal
to the Applicable Rate in effect from time to time plus two percent (2Y,) per
ann� (other than the portion of any installment of interest which exceeds the
amonnt of interest estimated to be so due and payable in accordance with the
following paragraph).
The Bank shall provide the Issuer and the Company (as hereinafter defined)
with written notice at least five (5) Business Days in advance of each date on
which interest shall be payable on this Bond of the Applicable Rate in effect
from time to time during the applicable interest payment period, the Prime Rate
in effect from time to time during the applicable interest payment period to the
extent that the Applicable Rate is calculated on the basis of the Prime Rate,
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and the amount of interest estimated to be so due and payable on this Bond on
such interest payment date. Notwithstanding any other provision of this Bond to
the contrary, payment of such amount of interest as so estimated shall satisfy
the obligation of payment of interest due on such interest payment date and
shall not constitute an event of default hereunder or under the Bond Resolution
hereinafter referred to if such amount of interest as so estimated is less than
the actual amount of interest due on such interest payment date. Any deficiency
between the amount of interest so estimated and paid and the amount of interest
actually due on such interest payment date shall be paid on the next succeeding
interest payment date, and any overpayment shall be credited against the amount
of interest due and payable on the next succeeding interest payment date.
The date and amount of payments of principal installments (whether at
maturity or upon acceleration or call for prior redemption) and payments of
interest shall be noted by the Bank or any other owner of this Bond on the
Payment Record — Schedule "A", made a part of this Bond, as provided in the Bond
Resolution hereinafter identified pursuant to which this Bond is issued. The
Bank or any other owner of this Bond shall make this Bond available for
inspection during regular banking hours at the principal office of the Bank in
the City of Oshkosh, Wisconsin, at the request of the Issuer or the Company (as
hereinafter defined).
This Bond is issued in the principal amount of $325,000.00, and designated
"Industrial Development Revenue Bond, Series 1985 (Iakeside Plastics, Inc.
Project)", pursuant to the hereinafter described Act and to a Bond Resolution
duly adopted by the Common Council of the Issuer on December 31, 1985 (the "Bond
Resolution"), for the purpose of providing funds to finance a portion of the
cost of traffic cone manufacturing (the "Project") to be used as traffic cone
manufacturing facilities and to be located in the City of Oshkosh, Wisconsin,
and paying expenses incidental thereto and to the issuance of this Bond, to the
end that the Issuer may be able to promote the right to gainful employment,
business opportunities and the general welfare of the inhabitants of the City of
Oshkosh, Wisconsin, and to preserve and enhance the tax base of the City of
Oshkosh, Wisconsin. The proceeds of this Bond will be used by the Issuer to pay
or reimburse Lakeside Plastics, Inc., a Wisconsin corporation formed and
existing under the laws of the State of Wisconsin (the "Company"), for a portion
of the costs of the acquisition and construction of the Project, under the terms
of a Loan L�greement dated as of December 31, 1985, by and between the Issuer and
the Company (which agreement, as from time to time supplemented and amended, is
hereinafter referred to as the "e�,creement").
This Bond is secured by an assignment and pledge of the revenues and income
derived from the Issuer from the repayment of the loan by the Company and other
revenues and income derived pursuant to [he Agreement and the Promissory Note
issued by the Company thereunder (the "Note"), and the Mortgage, and is further
secured by an assignment and pledge of the right, title and interest of the
Issuer in and to the Agreement, and the Note (except certain expense and
indemnification payments) and the Mortgage, as more fully described in the Bond
Resolution. Reference is made to the Bond Resolution for a description of the
provisions, among others, with respect to the nature and extent of the security,
the rights, duties and obligations of the Issuer, the rights, duties and
obligations of the owner of this Bond, and the terms on which this Bond is or
may be issued and to all of the provisions of which the owner hereof by the
acceptance of this Bond assents.
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This Bond is issued pursuant to and in full compliance with the Constitution
and the laws of the State of Wisconsin, and particularly Section 66.521,
Wisconsin Statutes, as supplemented and amended (the "Act"). This Bond and the
obligation to pay interest hereon are special, limited obligations of the
Issuer, secured as aforesaid and payable solely out of the revenues and income
derived from the Agreement and the Note and as otherwise provided in the Bond
Resolution and the Agreement. This Bond and the obligation to pay interest
hereon shall not constitute an indebtedness of the Issuer, the State of
Wisconsin or any political subdivision thereof, within the meaning of any state
constitutional provision or statutory limitation, and shall not constitute nor
give rise to a charge against the general credit or taxing powers or a pecuniary
liability of the Issuer, the State of Wisconsin or any political subdivision
thereof. No owner of this Bond shall have the right to compel the taxing
powers, if any, of the Issuer, the State of Wisconsin or any political
subdivision thereof to pay any principal installments of, premium, if any, or
interest on this Bond. Pursuant to the provisions of the Agreement, payments
sufficient for the prompt payment when due of the principal installments of,
premium, if any, and interest on this Bond are to be paid by the Company at the
principal office of the Bank, and all revenues and income accruing from the
repayment of the loan by the Company under the Agreement and the Note have been
duly assigned and pledged to the Bank for that purpose, under the Bond
Resolution, to secure payment of the principal installments of, premium, if any,
and interest on this Bond.
The principal installments of this Bond are subject to redemption prior to
maturity by the Issuer in the event that the Company shall exercise its option
to prepay the principal installments of the Note upon a Determination of
Taxability (as defined in the Bond Resolution), as a whole, and not in part, on
any date within sixty (60) days of such a Determination of Taxability, at a
redemption price of 100% of the outstanding principal amount hereof being
redeemed and accrued interest to the date fixed for redemption, all as provided
in Section 3.081 of the Agreement, together with any amounts due and owing under
Section 3.068 and 3.084 of the Agreement.
The principal installments of this Bond are also subject to redemption prior
to maturity at the option of the Issuer from any available funds, including
funds derived from the prepayment of the principal installments of the Note (or
a portion thereof) at the option of the Company pursuant to Section 3.082 of the
Agreement or borrowed funds, as a whole, or in part in the inverse order of the
maturity of the principal installments hereof, on any date on which this Bond
bears interest at a rate calculated on the basis of the Prime Rate, at a
redemption price of 100� of the principal amount hereof being redeemed plus
accrued interest to the date fixed for redemption.
The principal installments of this Bond are further subject to redemption
prior to maturity by the Issuer in the event that any moneys remain in the
Construction Fund referred to in the Bond Resolution upon receipt by the Bank of
a completion certificate pursuant to Section 3.05 of the Agreement (other than
moneys withheld and used to pay costs of the Project, as set forth in Section
3.05 of the Agreement). In such event, the principal installments of this Bond
shall be subject to redemption prior to maturity on any date within ten (10)
days of the receipt by the Bank of such completion certificate, in part in the
inverse order of maturity of the principal installments thereof, at a redemption
price of 100% of the principal installments hereof being redeemed and accrued
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interest to the date fixed for redemption, together with any amounts due and
owing under Section 3.084 of the Agreement.
Upon receipt by the Issuer and the Bank of at least five (5) days' prior
written notice from the Company specifying a date for a prior redemption of the
principal installments of this Bond (or a portion hereof), the Bank shall, to
the extent that amounts are or become available therefor, apply such amounts on
behalf of the Issuer to the redemption of the principal installments of this
Bond (or a portion hereof) in accordance with the preceding paragraphs. The
principal installments of this Bond (or a portion hereof), if designated for
prior redemption, shall cease to bear interest on the specified redemption date,
provided sufficient funds for their redemption have been paid to the Bank on
such date.
This Bond is transferable only as a whole by the registered owner hereof in
person or by his attorney duly authorized in writing at the principal office of
the Bank, but only in the manner, subject to the limitations and upon payment of
the charges provided in the Bond Resolution, and upon surrender and cancellation
of this Bond. Upon such transfer a substitute fully registered Bond of the same
series, the same outstanding maturities and interest rate, in the denomination
of the unpaid principal amount hereof, date as provided in the Bond Resolution,
will be issued to the transferee in exchange herefor. The Issuer and the
Company may deem and treat the registered owner hereof as the absolute owner
hereof for the purpose of receiving payment of or on account of principal
installments hereof and premium, if any, hereon and interest due hereon and for
all other purposes and neither the Issuer nor the Company shall be affected by
any notice to the contrary.
In certain events, on the conditions, in the manner and with the effect set
forth in the Bond Resolution, the principal installments of this Bond may become
or may be declared due and payable before the stated maturity thereof, together
with interest accrued thereon.
Modifications, alterations or amendments of the provisions of the Bond
Resolution may be made only to the extent and in the circumstances permitted by
the Bond Resolution.
This Bond is issued with intent that the laws of the State of Wisconsin will
govern its construction.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and
things required by the Act and the Constitution and the laws of the State of
Wisconsin to happen, exist and be performed precedent to and in the issuance of
this Bond have happened, exist and have been performed in due time, form and
manner as required by law.
IN WITNESS WHEREOF, the City of Oshkosh, Winnebago County, Wisconsin, by its
Common Council, has caused this Bond to be signed on its behalf by its City
Manager by his manual or facsimile signature, and attested manually by its City
��a
Clerk and the official seal of the Issuer to be affixed hereto, all as of
December 31, 1985.
City of Oshkosh, Winnebago County, Wisconsin
By:
( SEAL)
Attest:
ay:
City Clerk
City Manager
SCHEDULE A
PAYMENT RECORD
Principal Balance Interest Authorized
Date Payment Due Payment Official and Title
-12-
Principal
Date
Balance Interest
Due Payment
-13-
Authorized
Official and Title
Principal Balance Interest Authorized
Date Payment Due Payment Official and Title
SECTION 5. Custody And Application of Proceeds of Bond; Construction
Fund. There is hereby created and established with the Bank, which is hereby
constituted and appointed as depositary for the Issuer, a special fund in the
name of the Issuer to be designated "City of Oshkosh, Winnebago County,
Wisconsin, Industrial Development Revenue Bond Construction Fund (Lakeside
Plastics, Inc. Project)". The proceeds received by the Issuer upon the sale of
the Bond shall be deposited in the Construction Fund which shall be held in a
separate account by the Bank, as depositary. Moneys in the Construction Fund
shall be expended in accordance with the provisions of the Agreement, and
particularly Section 3.043 thereof.
-14-
The Bank, as depositary, shall keep and maintain adequate records pertaining
to the Construction Fund and all disbursements therefrom, and after the Project
has been completed and a certificate of payment of all costs filed as provided in
this Section 5., the Bank, as depositary, shall deliver copies of such records to
the Issuer and the Company.
The completion of the Project and payment of all costs and expenses incident
thereto shall be evidenced by the filing with the Issuer and the Bank of a
certificate of the Authorized Company Representative required by Section 3.044 of
the Agreement. Any moneys thereafter remaining in the Construction Fund shall be
applied in accordance with Section 3.044 of the Agreement.
SECTION 6. Acquisition and Construction of the Project and Payments of
Amounts Under the Agreement. It is the declared intention of the Issuer to
authorize the disbursement of the proceeds of the Bond in order to finance all or
a portion of the cost of the acquisition and construction of the Project by the
Company, pursuant to the l�greement in substantially the form which has been
presented to and is hereby approved by the Common Council of the Issuer.
The e�,areement and the revenues and income thereof, including all moneys
received under its terms and conditions and the Note therein authorized, are
provided to be sufficient to pay the principal installments of, premium, if any,
and interest on the Bond hereby authorized when due, and are hereby pledged and
ordered paid to the Bank on behalf of the Issuer as specified in Section 7.
hereof. The e�greement provides that the Company shall remit the required
payments in repayment of the loan under the terms and conditions of the Agreement
directly to the Bank on behalf of the Issuer for application by the Bank to the
payment of the principal installments of (whether at maturity, by acceleration,
upon redemption prior to maturity or otherwise), premium, if any, and interest on
the Bond, and such provision is hereby expressly approved.
SECTION 7. Revenues. The Bond and all payments required of the Issuer
hereunder are not general obligations of the Issuer, but are special, limited
obligations secured by an assignment and pledge of the right, title and interest
of the Issuer in and to the �greement and the Note (except certain expense and
indemnification payments), pursuant to the Assignment, and shall be payable by
the Issuer solely and only out of the revenues and income derived from the
Agreement and the Note and as otherwise provided herein.
The Bank is authorized and directed to apply all amounts available for
payment of the principal installments of, premium, if any, and interest on the
Bond to the direct payment when due of the principal installments of (whether at
maturity, by acceleration, upon redemption prior to maturity or otherwise),
premium, if any, and interest on the Bond, including without limitation payments
as follows: (a) any amount remaining in the Construction Fund to the extent
provided in Section 3.05 of the Agreement; (b) all payments made on the Note; (c)
all prepayments of principal installments of the Note (or a portion thereof) as
specified in Article VII of the Agreement; and (d) all other moneys received by
the Bank under and pursuant to any of the provisions of the Agreement, the Note
or the Assignment which are required or are accompanied by directions that such
moneys are to be applied to the payment of the principal installments of,
premium, if any, and interest on the Bond.
-15-
The Issuer covenants and agrees that should theze be a default under the
Agreement, the Issuer shall fully cooperate with the Bank, as the owner of the
Bond, or any other owner of the Bond to the end of fully protecting [he rights
and security of the Bank or such other owner of the Bond. Nothing herein shall
be construed as requiring the Issuer to operate the Project or to use any funds
or revenues from any source other than funds and revenues derived from the
Agreement and the Note (except as otherwise provided herein).
Any amounts remaining in any fund or paid to the Bank under the Agreement,
the Note or the Assignment, after payment in full of the principal installments
of, premium, if any, and interest on the Bond and the charges and expenses of the
Bank shall be paid to the Company, as provided herein and in Section 3.105 of the
Agreement.
SECTION 8. Assignment. As security for the due and punctual payment of the
principal installments of, premium, if any, and interest on the Bond hereby
authorized, the Issuer hereby assigns and pledges to the Bank all of its right,
title and interest in and to, including without limitation its rights to all
revenues and income derived by the Issuer pursuant to, the Agreement and the Note
(except any payment made pursuant to Section 3.0522 of the Agreement, relating to
the obligation of the Company to pay reasonable and necessary expenses of the
Issuer, Section 3.063 of the Agreement, relating to indemnification of the Issuer
by the Company, and Section 3.073 of the Agreement, relating to the obligation of
the Company to pay attorneys' fees and expenses incurred by the Issuer upon a
default thereunder) and all rights and remedies of the Issuer under the Agreement
and the Note to enforce payment thereof, and as evidence of such assignment,
pledge and security interest, the City Manager of the Issuer is hereby
authorized, empowered and directed to execute the Assignment for and on behalf of
the Issuer and the City Clerk of the Issuer is hereby authorized, empowered and
directed to attest the same and to affix thereto the official seal of the Issuer,
and the City Manager and the City Clerk are hereby authorized, empowered and
directed to cause the Assignment to be executed by the Bank, the Assignment to be
in substantially the form which has been presented to and is hereby approved by
the City of Oshkosh of the Issuer.
SECTION 9. Investments; Arbitrage. Any moneys held as a part of the
Construction Fund created pursuant to Section 5 hereof may be invested or
reinvested on the direction of the Authorized Company Representative, in
accordance with the provisions of Section 3.045 of the Agreement. Any such
investment shall be held by or under control of the Bank, as depositary, and
shall be deemed at all times a part of the Construction Fund for which the
investment was made, and the interest accruing thereon and any profit realized
from such investments shall be credited to the Construction Fund, and any loss
resulting from such investments shall be charged to such Construction Fund, which
loss shall be an obligation of the Company as provided in the Agreement.
As and when any amount invested pursuant to this Section 9 may be needed for
disbursement, the Authorized Company Representative may direct the Bank to cause
a sufficient amount of the investments to be sold and reduced to cash to the
credit of such funds regardless of the loss on such liquidation.
With respect to Section 103 of the Code, the Company has made certain
covenants with the Issuer in Section 3.046 of the Agreement, and the Company will
make certain certifications and representations with respect to Section 103 of
-16-
the Code on the date of delivery of the Bond, which the Issuer shall accept and
adopt, and the Issuer, acting in reliance on such covenants, certifications and
representations, hereby covenants with the Bank and any other owner of the Bond
that so long as any principal installment of, premium, if any, or interest on the
Bond remains unpaid, the Common Council of the Zssuer will not take or authorize
the taking of any action which will cause the Bond to be classified as an
"arbitrage bond" within the meaning of Section 103 of the Code and any
regulations promulgated or proposed thereunder, including without limitation
Section 1.103-13, Section 1.103-14 and Section 1.103-15 of the Income Tax
Regulations (26 C.F.R., Part 1) as the same presently exist or may from time to
time hereafter be amended, supplemented or revised, or within the meaning of any
Federal legislation and any regulations promulgated or proposed pursuant thereto.
SECTION 10. General Covenants. The Issuer covenants that it will promptly
cause to be paid solely and only from the source mentioned in the Bond, the
principal installments of, premium, if any, and interest on the Bond hereby
authorized at the place, on the dates and in the manner provided herein and in
the Bond acccording to the true intent and meaning hereof and thereof. The Bond
and the obligation to pay interest thereon are special, limited obligations of
the Issuer, secured by the Note of the Company and the Assignment and payable as
set out in Section 3 hereof.
The Issuer covenants that it will faithfully perform at all times any and all
covenants, undertakings, stipulations and provisions contained in this
Resolution, the Bond, the Agreement, the Assignment and the Bond Purchase
Agreement, and in all proceedings of the Common Council of the Issuer pertaining
thereto. The Issuer covenants that it is duly authorized under the Constitution
and the laws of the State of Wisconsin, including particularly and without
limitation the Act, to issue the Bond authorized hereby and to assign and pledge
the revenues and income hereby assigned and pledged in the manner and [o the
extent herein set forth; that all action on its part for the issuance of the Bond
has been or will, before delivery of the Bond, have been duly and effectively
taken, and that the Bond, when issued and delivered to the Bank, will be a valid
and enforceable special, limited obligation of the Issuer according to the true
intent and meaning thereof.
The Issuer covenants that it will execute, acknowledge and deliver such
instruments, financing statements and other doc�ents as the Bank or any other
owner of the Bond may reasonably require for the better assuring, granting,
pledging and assigning until the Bank (or such other owner) the right, title and
interest of the Issuer in and to the [�greement and the Note, as well as the
rights of the Issuer in and to the required payments of revenues and income
pursuant to Section 3.0521 of the Agreement and the Note hereby assigned and
pledged to the payment of the principal installments of, premium, if any, and
interest on the Sond. The Issuer covenants and agrees that, except as herein and
in the Agreement provided, it will not sell, convey, mortgage, encumber or
otherwise dispose of any part of the revenues and income derived from the
Agreement and the Note, or of its right, title and interest in and to the
Agreement and the Note.
The Issuer covenants and agrees that all books and documents in its
possession relating to the Project and the payments on the Note and under the
Agreement shall at all reasonable times be open to inspection by the Bank or any
-17-
other owner of the Bond or such accountants or other agencies as the Bank or such
owner may from time to time designate.
The Issuer covenants and agrees that all books and documents in its
possession relating to the Project and the payments on the Note and under the
Agreement shall at all reasonable times be open to inspection by the Bank or any
other owner of the Bond or such accountants or other agencies as the Bank or such
owner may from time to time designate.
The Issuer covenants and agrees that it shall, through the Bank or any other
owner of the Bond, enforce all of its rights and all of the obligations of the
Company under the Agreement for the benefit of the Bank or any other owner of the
Bond. The Issuer shall protect the rights of the Bank or any other owner of the
Bond hereunder with respect to the assignment and pledge of the revenues and
income coming due under the e�greemeent and the Note.
SECTION 11. Events of Default; Remedies. If any of the following events
occurs it is hereby defined as and declared to be and to constitute an "Event of
Default" hereunder:
(a) Default in the due and punctual payment of any interest on the Bond;
provided, however, that the payment of less than the full amount of
interest due on the Bond on any interest payment date shall not
constitute an event of default hereunder if the amount of interest paid
shall be the amount of interest which the Bank has advised the Issuer
and the Company is the amount of interest estimated to be due on such
interest payment date.
(b) Default in the due and punctual payment of any principal installment of
or premium, if any, on the Bond, whether at the stated maturity thereof
or upon redemption prior to maturity or proceedings for the acceleration
thereof.
(c) M"Event of Default" shall have occurred and be continuing under the
Agreement.
Upon the occurrence of an event of default hereunder and so long as such
event of default is continuing, the Bank or any other owner of the Bond, by
notice in writing delivered to the Company and the Issuer, may declare the
principal installments of the Bond and the interest accrued thereon immediately
due and payable, and such principal installments and interest shall thereupon
become and be immediately due and payable. Upon any such declaration all
payments under the Agreement and the Note from the Company shall become
immediately due and payable as provided in Section 3.072 of the l�greement.
While any principal installment of, premium, if any, or interest on the Bond
remains unpaid, the Issuer shall not exercise any of the remedies available upon
an "Event of Default" specified in Section 3.072 of the A,greement without first
obtaining the prior written consent of the Bank or any other owner of the Bond.
Upon the occurrence of an event of default hereunder, the Bank or any other
owner of the Bond may exercise such rights as exist under the Agreement, the
Note, the Assignment or this Resolution, and may pursue any available remedy at
law or in equity by suit, action, mandamus or other proceeding to enforce the
�
payment of the principal installments of, premium, if any, and interest on the
Bond and to enforce and compel the performance of the duties and obligations of
the Company as herein and in the Agreement and the Note set forth.
No remedy by the terms of this Resolution conferred upon or reserved to the
Bank (or any other owner of the Bond) is intended to be exclusive of any other
remedy, but each and every such remedy shall be cumulative and shall be in
addition to any other remedy given to the Bank or any other owner of the Bond
hereunder or now or hereafter existing at law or in equity or by statute.
No delay or omission to exercise any right, power or remedy accruing upon any
event of default hereunder shall impair any such right, power or remedy or shall
be construed to be a waiver of any such event of default hereunder or
acquiescence therein; and every such right, power or remedy may be exercised from
time to time as often as may be deemed expedient.
All moneys received pursuant to any right given or action taken under the
provisions of Section 11 or under the provisions of Section 3.07 of the Agreement
(after payment of the costs and expenses of the proceedings resulting in the
collecting of such moneys and of the expenses, liabilities and advances incurred
or made by the Issuer or the Bank or any other owner of the Bond) or under the
Assignment, and all moneys in the Construction Fund at the time of the occurrence
of an event of default hereunder, shall be paid to the Bank on behalf of the
Issuer, and shall be applied to the payment of the principal, premium, if any,
and interest due and unpaid upon the Bond to the person or persons entitled
thereto.
Whenever moneys are to be applied pursuant to the provisions of this Section
11, such moneys shall be applied to the payment of the principal installments of,
premium, if any, or interest on the Bond upon payment of such moneys to the Bank.
Whenever all principal installments of, premium, if any, and interest on the
Bond have been paid under the provisions of this Section 11 and all expenses of
the Bank and the Issuer have been paid, any amounts paid to the Bank and not so
applied shall be pa3d to the Company pursuant to Section 3.105 of the Agreement.
The Bank (or any other owner of the Bond) may in its discretion waive any
event of default hereunder and its consequences and rescind any declaration of
acceleration of principal, and in cases of any such waiver or rescission, or in
case any proceeding taken by the Bank on account of any such event of default
shall have been discountinued or abandoned or determined adversely, then and in
every such case the Issuer, the Company, the Bank and any other owner of the Bond
shall be restored to their former positions and rights hereunder, respectively,
-19-
but no such waiver or rescission shall extend to any subsequent or other event of
defaul[ hereunder, or impair any right consequent thereon.
With regard to any default concerning which notice is given to the Company
under the provisions of this Section 11, the Issuer hereby grants the Company
full authority for account of the Issuer to perform or observe any covenant or
obligation alleged in said notice not to have been performed or observed, in the
name and stead of the Issuer with full power to do any and all things and acts to
the same extent that the Issure could do in order to remedy such default.
SECTION 12. Sale of the Bond; F�cecution of ibcuments.
(a) The sale of the Bond hereby authorized to the Bank at a price of
$325,000.00 and payment pursuant to the Bond Purchase Agreement in
substantially the form which has been presented to the Common
Council of the Issuer, is hereby approved by said Common Council,
and the Bond Purchase Agreement in substantially the form which
has been presented to the Common Council of the Issuer is hereby
in all respects authorized, approved and confirmed.
The City Manager of the Issuer is hereby authorized, empowered and
directed to execute the Bond Purchase Agreement for and on behalf
of the Issuer, the City Clerk of the Issuer is hereby authorized,
empowered and directed to attest the same and to affix the
official seal of the Issuer thereto, and the City Manager and the
City Clerk are hereby authorized, empowered and directed to
deliver the Bond Purchase Agreement, such Bond Purchase Agreement
to be in substantially the same form as presented to and approved
by the Common Council of the Issuer, or with such changes therein
as shall be approved by the officers of the Issuer executing the
same, their execution thereof to constitute conclusive evidence of
their approval of any and all changes or revisions therein from
the form of Bond Purchase Agreement presented to and approved by
the Common Council of the Issuer.
(b) The Agreement and the Assignment in substantially the form in
which the same have been presented to the Common Council of the
Issuer are hereby approved by such Common Council, and are in all
respects authorized, approved and confirmed.
The City Manager of the Issuer is hereby authorized, empowered and
directed to execute the f�greement and the Assignment for and on
behalf of the Issuer, and the City Clerk of the Issuer is hereby
authorized, empowered and directed to attest the same and to affix
the official seal of the Issuer thereto, and the City Manager and
the City Clerk are hereby authorized, empowered and direc[ed to
deliver the Agreement and the Assignment, such Agreement and
Assignment to be in substantially the same form as presented to
and approved by the Common Council of the Issuer, or with such
changes therein as shall be approved by the officers of the Issure
executing the same, their execution thereof to constitute
conclusive evidence of their approval of any and all changes or
revisions therein from the form of Agreement and Assignment
presented to and approved by the Common Council of the Issuer.
d��D
(c) all principal
the Bond have
installments of, premium, if any, and Sn[ereat on
been paid.
SECTION 17. Severability. If any aection, paragraph, clause or provision of
this Resolutlon sha12 be ruled by any court of competent jurisdiction [o be
invalid, the invalidity of auch sec[ion, paragraph, clause or provision ahall not
affect any of the remaining sections, paragraphs, clauses oc provislons hereof.
SECTIOti 18e Captions. The captions or headings af this Resolution are for
co¢venlence only and in no way define, 1Smit or describe the acope or in[ent of
any provision of this Resolution.
SECTION 19. Effec[ive Date. This Resolution ehall be effec[ive immediately
upon its passage and approval. To the extent that a¢y prior resolutiona of this
body are inconsistent with the provisions hereof, thia Resolution ahall control
and such prior resolutions shall be deemed amended to such ex[ent as may be
necessary to bring them into conformity vith this Resolution.
SECTION 20. Public Approval. This Resolu[ion will constitu[e public
aQproval of the isauance of the Bond to finance the Project within Che meaning of
Section 103 (k) of the Internal R,evenue Code of 1954, ae amended.
**r********t****�********
The foregoing Resolution of the Common Council of the City of Osh'�cosh,
Winnebago County, Wisconsin, was introduced, approved and adopted on December 31,
1985.
����� � �
e,yv Y�. � 1��a�� ?
Mayor 'Z'
� ��� �
� �
, �l`-]4.�a, �' (+= ,l�i�rl�,`�j� i
City Clerk
-22-
Date
February 1, 1986
March 1, 1986
April 1, 1986
May 1, 1986
June 1, 1986
July 1, 1986
August 1, 1986
September 1, 1986
October 1, 1986
November 1, 1986
December 1, 1986
January 1, 1987
February 1, 1987
March 1, 1987
April 1, 1987
May 1, 1987
June 1, 1987
July 1, 1987
Augus[ 1, 1987
September 2, 1987
October 1, 1987
November 1, 1987
December 1, 1987
January 1, 1988
February 1, 2988
March 1, 1988
April 1, 1988
May 1, 1988
June 1, 1988
July 1, 1988
AngusL 1, 1988
September 1, 1988
October 1, 1988
November 1, 1988
December 1, 1988
January 1, 1989
February 1, 1989
March 1, 1989
April 1, 1989
May 1, 1989
June 1, 1989
July 1, 1989
EXHIBIT A
Maturity of Principal Installments:
Amount
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
Date
August 1, 2989
September 1, 1989
October 1, 1989
November 1, 1989
December 1, 1989
January 1, 1990
February 1, 1990
March 1, 1990
April 1, 1990
May 1, 1990
June 1, 1990
July l, 1990
August 1, 1490
September 1, 1990
October 1, 1990
November 1, 1990
December 1, 1990
January 1, 1991
February 1, 1991
March 1, 1991
April 1, 1991
May 1, 1991
June 1, 1991
July 1, 1991
August 1, 7.991
September 1, 1991
October 1, 1991
November 1, 1991
December 1, 1991
January 1, 1992
February 1, 1992
March 1, 1992
April 1, 1992
May 1, 1992
June 1, 1992
July 1, 1992
August 1, 1992
September 1, 1992
October 1, 1992
November 1, 1992
December 1, 1992
January 1, 1993
Interest Rate
Amount
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
$3,870.00
53,870.00
$3,870.00
$3,870.00
The Bond shall bear interest at the Applicable Rate (as defined in the form of
Bond) from time to time in effect
Bond Interest Payable
Payable monthly on the lst day of each month beginning February l, 1986.
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