1996 AGN NOV 05 I28 - Laserfiche WebLink

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Section 2.03. Highland Loan. Highland hereby agrees to loan the Authority a sum not to exceed Five Hundred Thousand Dollars ($500,000), which loan (the "Highland Loan") will be made on the terms set forth in Section 2.07 hereof. Section 2.04. Colton Loan. Colton hereby agrees to loan the Authority a sum not to exceed Five Hundred Thousand Dollars ($500,000), which loan (the "Colton Loan") will be made on the terms set forth in Section 2.07 hereof. Section 2.05. Loma Linda roan. Loma Linda hereby agrees to loan the Authority a sum not to exceed Five Hundred Thousand Dollars ($500,000), which loan (the "Loma Linda Loan") will be made on the terms set forth in Section 2.07 hereof. Section 2.06. Terms ADDli.ahlP to CQuntv and San Bernardino Loans. The terms on which the County Loan and the San Bernardino Loan will be made are as follows: a. The Authority may draw upon the County Loan and the San Bernardino Loan from time to time in such principal amounts as requested in a Request of the Authority, so long as the total principal drawn under the County Loan does not exceed $1,000,000, and the totalprincipal drawn under the San Bernardino Loan does not exceed $2,000,000, providing that, at each time the Authority seeks to draw upon said loans, the Authority has available to it cash on hand (exclusive of the Highland, Colton. and Loma Linda Loans) in an amount equal to or less than One Hundred Thousand Dollars ($100,000). b. Any draws under this Section 2.06 will be made by way of a Request of the Authority specifying the amount of the draw requested, and shall be accompanied by a Certificate of the Authority certifying that the Authority, as of the date of the Certificate, has available to it funds in an amount equal to or less than $100,000. The Authority shall not make more than two (2) draws under this Section 2.06 in any calendar month. Each Request of the Authority under this Section 2.06 shall be made concurrently to the County and San Bernardino, and shall request one-third of the sums specified in said Request of the Authority from the County and two-thirds from San Bernardino. The County and San Bernardino will each have three (3) business days after the receipt by it of a Request of the Authority seeking each draw, together with the required Certificate of the Authority, within which to pay to the Authority the amount of the draw requested from it. C. The principal amount of said loans will bear simple annual interest at the rate of two (2) points over the LAIF rate in effect at the time each principal amount is received by the - 4 -