Examples of Series 2010 Notes in a sentence
The Company requested that the City issue a series of Subordinate Multifamily Housing Refunding Revenue Notes (Gateway Real Estate, L.L.C. Project), Series 2010 (the “Series 2010 Notes”), in an original aggregate principal amount not to exceed $1,500,000, and loan the proceeds derived from the sale of the Series 2010 Notes to the Company pursuant to the terms of a Note Agreement, dated as of October 1, 2010 (the “Note Agreement”), between the City and the Company.
In connection with the issuance of the Series 2010 Notes, a First Amendment to Regulatory Agreement, dated as of October 1, 2010 (the “First Amendment to Regulatory Agreement”), was executed by the Company and the Trustee.
Any transfers of legally available funds necessary to pay debt service on the Series 2010 Notes are hereby authorized and such funds are hereby appropriated and may be spent for such purpose.
The Series 2010 Notes are subordinate to the Series 2002 Bonds and are secured by the obligations of the Company under the Note Agreement and a Repayment Guaranty, dated as of October 1, 2010 (the “Guaranty”), executed and delivered by each member of the Company.
The Company applied equity funds to the prepayment of Series 2002 Bonds not covered by the new Letter of Credit or redeemed with the proceeds of the Series 2010 Notes.
It is necessary to issue and this Board hereby determines that notes in the aggregate principal amount of $216,940 (the “Notes”) shall be issued in anticipation of the issuance of the Bonds and to retire a portion of the principal of the Series 2010 Notes.
Once the Series 2002 Bonds and the Series 2010 Notes are redeemed and prepaid, the Successor Trustee will no longer have any interest in the outstanding financing with respect to the Project and, therefore, will have no interest or obligation to enforce the obligations of the Company under the terms of the Amended Regulatory Agreement.
In making the agreements, provisions, covenants, and representations set forth in such documents, the City has not obligated itself to pay or remit any funds or revenues, other than funds and revenues derived from the Loan Agreement or the Note Agreement which are to be applied to the payment of the Series 2002 Bonds or the Series 2010 Notes, as provided therein.
Subsequent to the issuance of the Series 2010 Notes, the Initial Trustee was replaced by Wells Fargo Bank, National Association, a national banking association, as successor trustee (the “Successor Trustee”).
No provision, covenant, or agreement contained in the aforementioned documents, the Series 2002 Bonds, the Series 2010 Notes, or in any other document relating to the Series 2002 Bonds or the Series 2010 Notes, and no obligation therein or herein imposed upon the City or the breach thereof, shall constitute or give rise to a general or moral obligation of the City or any pecuniary liability of the City or any charge upon its general credit or taxing powers.