WHEREAS, it is now the desire of this Board of Trustees to approve the issuance of the Bonds and to authorize the publication of a Notice of Intention to Sell Bonds with respect to the Bonds;
SECTION 1. Pursuant to the authority of the Act, the Project described and defined in the preliminary agreement attached hereto as Exhibit A (the "Preliminary Agreement") is approved, as is the financing thereof by the Authority through the issuance of the Bonds, such Bonds to be issued in one or more series in an aggregate principal amount of not exceeding $60,000,000.
SECTION 2. The Bonds will be issued in one or more series on a taxable or tax-exempt basis, as fixed rate or variable rate bonds bearing interest at rates not to exceed 10% per annum (except that any variable rate bonds may bear interest at rates not to exceed 12% and shall be subject to recapture), may be issued as current interest bonds, and shall mature not later than 30 years from the date thereof. The Bonds are not general obligations of the Authority (which has no taxing power and receives no funds from any governmental body), but they are limited and special revenue obligations of the Authority payable from the income, revenues and receipts derived or to be derived from payments made pursuant to the Loan Agreement and a mortgage on the Project, and any other security designated in a subsequent resolution of the Authority.
