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1C <br />11 <br />li <br />13 <br />id <br />15 <br />16 <br />17 <br />18 <br />H <br />2a <br />21 <br />Z <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />obligations of the City to be incurred pursuant to Section 11 of <br />the JPA Agreement establishing the SBIAA and consents to all <br />terms, conditions and provisions thereof. <br />SECTION 3. The City by the adoption of this <br />Resolution does hereby incur the general fund obligation to repay <br />a portion of the principal amount of the Financing in an amount <br />not to exceed $500,000, plus accrued and unpaid interest with <br />respect to the principal amount of the Financing, on or before <br />June 16, 1997, or such lesser principal amount representing one- <br />sixth (1/6th) of the principal amount of the Financing as may be <br />authorized by the Board of the SBIAA and as shall be incurred by <br />the SBIAA. Such principal amount, plus accrued and unpaid <br />interest with respect to the principal amount of the Financing, <br />if not paid in full on or before said date shall thereafter bear <br />interest at the rate of interest equal to ten percent (10%) per <br />annum from and after June 17, 1997, until the full principal <br />amount outstanding pursuant to this Resolution and accrued <br />interest thereon has been paid unless on or before June 16, 1997, <br />the Financing has been paid in whole as of said date or other <br />satisfactory provision <br />has been <br />made <br />by the SBIAA for such <br />payment in whole on or <br />before June <br />30, <br />1997. <br />The City agrees that in the event the City should fail <br />to either remit the required payments on or before June 16, <br />1997, this Resolution shall constitute an amendment to the JPA <br />M,S <br />