Bond Authorization. City hereby agrees to enter into the Intergovernmental Agreement and authorizes the City Manager of City (“City Manager”) to negotiate and execute the final terms of the Intergovernmental Agreement on behalf of City. The Bonds will be secured under the provisions of the Intergovernmental Agreement, which shall provide for payment by City of the amounts sufficient to pay the principal of and interest to become due on the Bonds, subject to the following terms and conditions: (i) the Bonds will constitute a limited or special obligation of SEDA and will be payable solely from the revenues pledged to the payment thereof under the Intergovernmental Agreement; (ii) the Bonds will be issued in the aggregate principal amount not to exceed Thirty-One Million Three Hundred Fifty Thousand and No Dollars ($31,350,000.00); (iii) the Bonds will bear an effective interest rate not to exceed six percent (6.00%) per annum; (iv) the Bonds will amortize over a period of thirty (30) years after the issuance of the Bonds with a maturity date of thirty (30) years after the issuance of the Bonds (the “Bond Maturity Date”); (v) the debt service schedule for the Bonds will provide for the payment of interest only for the first two (2) years of the Bonds; and (vi) the proceeds of the Bonds will be used exclusively for the design and construction of the Parking Garage, including but not limited to improvements of adjacent public rights-of-way, and for the payment of capitalized interest and bond financing and closing costs.
Bond Authorization. City and DSA have agreed to fund the construction of the Phase 1 Garage as set forth in the Parking Garage Budget. City and DSA intend to enter into an Intergovernmental Agreement, pursuant to which DSA shall issue its Taxable Revenue Bonds (City of Savannah SRL Parking Garage Project), Series 2018 (the "Parking Garage Bonds") on behalf of the City in the aggregate principal amount not to exceed THIRTY-THREE MILLION and NO/100 DOLLARS ($33,000,000.00) for the construction of the Phase 1 Garage.
Bond Authorization. The Bonds shall be issued under and pursuant to provisions of the laws of the United States of America and the District, including particularly, an act of the Council of the District entitled the “Water and Sewer Authority Establishment and Department of Public Works Reorganization Act of 1996,” as amended, codified at District of Columbia Official Code Xxx. Sections 34-2201.01 et seq., and the acts amendatory thereof and supplemental thereto (the “Act”), and an act of the United States Congress entitled the “District of Columbia Water and Sewer Authority Act of 1996” (Public Law 104-184), as amended (the “Federal Act”), and all proceedings necessary to authorize and provide for the issuance of the Bonds, including a resolution adopted by the Board of Directors of the Authority, dated September 1, 2016 (the “Resolution”), and the Master Indenture of Trust, dated as of April 1, 1998 (the “Master Indenture”), between the Authority and Xxxxx Fargo Bank, N.A., as trustee (the “Trustee”), as amended and supplemented, including by the Twenty-First Supplemental Indenture of Trust, dated as of the Closing Date (as defined below) (the “Twenty-First Supplemental Indenture,” and together with the Master Indenture as previously amended and supplemented, the “Indenture”), between the Authority and the Trustee, substantially in the forms previously delivered to us.
Bond Authorization. The City hereby agrees to enter into the Intergovernmental Agreement with SEDA to cause the issuance of the Bonds, on the following terms and conditions, and SEDA, the City and Rockingham Farms will cooperate and diligently proceed with the actions that are required by each to facilitate the issuance and prompt closing of the Bonds:
i. The Bonds shall be in aggregate principal amount not to exceed Thirty- Eight Million and No/100 Dollars ($38,000,000.00);
ii. Final maturity of the Bonds shall be twenty (20) years;
iii. The debt service schedule for the Bond shall provide for the payment of interest only at a rate to be determined for the first three (3) years after issuance of the Bonds; and
iv. The proceeds of the Bonds shall be used exclusively for the design and construction of the Interchange and the design and installation of the Infrastructure, capitalized interest and bond financing and closing costs.
