Ordinance 1949-93 - Laserfiche WebLink

• the City Council, that the community theater project and the lease financing thereof are in all respects proper and in the best interest of the City and its residents . Section 3 . Authorization of Amendment to Lease. The Mayor is hereby authorized on behalf of the City to execute an Amendment to Lease in substantially the form attached hereto as Exhibit A, subject to such changes as may be deemed necessary and advisable by the City Attorney and City Finance Director. Said Amendment to Lease shall provide for a total principal component of Lease Payments of $10, 152, 728, to be paid in the years and in the amounts, on such dates, and subject to prepayment at such times, as are set forth in Exhibit A. By this reference, Exhibit A is incorporated in this Ordinance, as if fully set forth herein. A. The Payment Obligation Commencement Date, as defined in the Lease, from which the principal components of Lease Payments shall bear interest, shall be the date of delivery of the Certificates, which is expected to be July 21, 1993, and in any event no later than August 9, 1993 . B. The City Council shall approve by subsequent resolution the interest rate components of Lease Payments . Said interest rates shall be determined by means of a competitive bid process, authorized by Section 4 of this Ordinance. Section 4 . Authorization of Competitive Bid for Contractor' s Interests in Property and Lease. The City Council hereby authorizes its employees, officers and agents to conduct a -4- DOT041.DOC 93/06/16