- 12 - would become due and payable at exactly the same time and in exactly the same amounts as the aggregate principal obligations of the FR notes issued by Finance. The 1979 promissory note also required City to pay interest each year on any amount of indebtedness outstanding. The interest was to be equal to the sum of: (1) The total interest payable by Finance on the FR notes; (2) an amount equal to one-fourth of 1 percent per annum of the aggregate principal amount of the FR notes outstanding; and (3) an additional amount equal to the excess, if any, of Finance’s annual costs of operation over its annual gross receipts from all sources. The 1979 promissory note further provided that the portion of the interest payable to City equal to that payable by Finance on the FR notes was due at the same time and in the same amount as the interest payments became due and payable by Finance on the FR notes. The balance of interest payable by City to Finance was due only upon Finance’s written notice to City. 5. Consolidation of HGI Notes The 1977 HGI note and the 1979 HGI note had been consolidated into a third document captioned as a promissory note issued by HGI to Finance in an amount equal to the $35,200,000 combined face values of the first two notes (the consolidated HGI note), with a stated interest rate of 5.2 percent,Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
Last modified: May 25, 2011