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principal amount not exceeding $1,500,000 for the pur- <br /> pose of paying all or a portion of the costs of the <br /> Project. <br /> <br /> (b) It wilt, at the proper time, and subject in <br /> all respects to the prior advice, consent and approval <br /> of the Company, submit applications, adopt such pro- <br /> ceedings and authorize the execution of such documents <br /> as may be necessary and advisable for the authoriza- <br /> tion, sale and issuance of the bonds and the Acquisi- <br /> tion of the Project~ all as shall be authorized by the <br /> Act and mutually satisfactory to the Authority and the <br /> Company. The bonds shall not be deemed to constitute a <br /> debt or a pledge of the faith and credit of the State <br /> of North Carolina or any pol:itical subdivision or <br /> agency thereof, but such bonds shall be payable solely <br /> from the payments to be provided (directly or indirect- <br /> ly) by the Company. The bonds issued shall be in such <br /> aggregate principal amount, shall bear interest at such <br /> rate or rates, shall be payable at such times and <br /> places, shall be in such forms al%d denominations, shall <br /> be sold in such manner and at such time or times, shall <br /> have such provisions for redemption, shall be executed, <br /> and shall be secured as hereafter may be reqUested by <br /> the Company and fixed by the Authority, all on terms <br /> mutually satisfactory to the Authority and the Company~ <br /> <br />3. Undertakings On the Part Of the Company. Subject to the con- <br />ditions hereinabove and hereinafter stated, the Company agrees as <br />follows: <br /> <br /> (a) It will arrange for, manage and carry out the <br /> Acquisition of the Project for and on behalf of the <br /> Authority. <br /> <br /> (b) It will make arrangements for the s~le of the <br /> bonds and cooperate with the Authority in making ar- <br /> rangements for the issuance of the bonds in an aggre- <br /> gate principal amount not exceeding $1,500,000 and that <br /> to the extent that the proceeds derived from the sale <br /> of the bonds are not sufficient to complete the Pro- <br /> ject, the Company will supply all additional funds <br /> which are necessary for the completion of the Project. <br /> <br /> (c) Contemporaneously with the delivery of the <br /> bonds the Company will enter into a financing agreement <br /> and such related agreements as shall be necessary or <br /> appropriate so that the Company will be obligated to <br /> pay for the account of the Authority sums sufficient in <br /> the aggregate to pay the principal of and interest and <br /> redemption premium, if any, on the bonds when and as <br /> the same shall become due and payable. <br /> <br /> 3 <br /> <br /> <br />