HomeMy WebLinkAbout0233_232;.3 Z
"State" shall mean the State of Texas.
"User" means the Old Lodge Building Partnership, a Texas general partnership
and its successors and assigns.
Section 2: That the Corporation's revenue bonds in the aggregate principal
amount of $495,000, to be designated and known as.the "Georgetown Industrail
Development Corporation Industrial Development Revenue Bonds, Series 1984 (The
Old Lodge Building Partnership.Project)", shall be and are hereby authorized to
be issued for the purpose of financing the costs of the Project to promote and
develop new and expanded industrial and manufacturing enterprises and to promote
and encourage employment and the public welfare within the State and the City
of Georgetown, Texas, under and pursuant to authority conferred by and in accord-
ance with the provisions of the Act.
Section 3: That said revenue bond shall be dated as of March 21, 1984, shall
be in the denomination of $495,000; shall be numbered from one(1) upward; shall be
fully registered as to payment of principal and interest, and shall be payable to
the reqistered owner, on the dates and in the principal amounts set forth in the
attached schedule I, but subject to the prepayment provisions of Section 6 hereof.
Section 4: That said Bonds shall bear interest .(calculated on the basis of
365 day calendar year) from the date of their delivery to the initial purchasers
until paid on the unpaid principal amount at any time outstanding at the rate of
seventy five percent (757) of the prime lending rate as defined by the First
National Bank of Georgetown, Texas. Said rate shall conform to such changes as
may occur from time to time.
Section 5: That the Bonds shall be fully registered and the payment of
principal of, premium, if any, and interest on the Bonds shall be payable only to
the registered owner thereof as the same appears on the books of the egistrar; the
principal installment thereof and the interest thereon being payable at the most
recent address of the registered owner shown on the books of the Registrar by
check drawn oby the Paying Agent. Both principal and interest on the Bonds shall
be payable in lawful money of th United States of America and without exchange or
collection charges to the registered owner. The Bank is hereby designeated and
appointed the Paying Agent and Registrar for the Bonds.
That the transfer of title to a Bond shall be accomplished only upon sur-
render of the Bond at the Registrar, together with an assignment duly executed by
the registered owner in such form and with such guaranteed signatures as shall be
satisfactory to the Registrar. Upon any such transfer of title, the Registrar shall
(i) note in the Registration Books for the Bonds, the date of transfer and the name
of the new registered owner; and (ii) endorse the Registration Ledger on the Bond
by inserting the dateof its registration (the date of transfer), the name of the new
registered owner and signing the same. The person whose name appears on the Regista-
tion Books of the Registrar shall be deemed and regarded and absolute owner thereof
for all purposes and payment of or on account of the principal of and interest on the
Bond shall be made only to or upon the order of theregistered owner therof or his
legal representative, and no party in interest shall be affected by any notice to the
con trary. When delivered, the Bond shall be registered in the name of the initial
purchasers in the manner provided in this Section.
Section 6. The principal of the Bonds may be prepaid at the option of the
Corporation in whole or in part at nay time at par plus accrued interest to the
pprepayment date, and without penalty.
The Bonds shall be subject to mandatory preparyment in full of the first
interest payment date occuring not less than forty-five (45) days after the date
of a Determination of Taxability at par plus the amount of interest due thereon
to the prepayment date.
Written notice pf a prepayment, specifying the amount to be prepaid and
the date of prepayment, shall be given to the Bank at least five (5) business
days prior to the date of prepayment. The Bond shall cease to bear interest on
the specified prepayment date; provided sufficient funds to pay the applicable
prepayment price and accrued interest thereon are deposited with the Paying Agent
on or before the prepayment date specified in the written notice.
Section 7. The Bonds shall be signed by the President of the Board and attested
by the Secretary of the Board and the corporate seal of the Corporation shall be
affixed or impressed thereon.