1996 AGN NOV 05 I28 - Laserfiche WebLink

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Authority, with said rate being adjusted from time to time as the LAIF rate changes so as to always be two (2) points over the LAIF rate, with interest accruing on all unpaid principal from the date said principal is received by the Authority until all of said principal is paid in full. d. All of the principal of the loans made under this Section 2.06, together with all accrued interest thereon, shall be paid in full in a single payment due on or before June 30, 1997. Section 2.07. Term_ s Annlirable to HiohlandColton and Loma Linda Loans. The terms on which the Highland Loan, Colton Loan and Loma Linda Loan will be made are as follows: a. Said loans will be made only upon service on Highland, Colton and Loma Linda of a Request of the Authority, specifying the total amount of the loan requested by the Authority (the "Total Loan Request"). The Authority may serve more than one Request of the Authority but the total principal amount sought from Highland, Colton and Loma Linda, from all of the Requests of the Authority may not exceed the sum of One Million Five Hundred Thousand Dollars ($1,500,000). Any Request of the Authority under this Section 2.07 must be made to Highland, Colton and Loma Linda concurrently, and must request from each city one-third of the total principal amount indicated in said Request of the Authority. No Reauest of the Authority under this Section 2.07 may be served prior to June 30, 1997. b. Anv principal advanced by Highland, Colton and Loma Linda under the provisions of this Section 2.07 will bear simple annual interest at the rate of two (2) points over the LAIF rate in effect on the date which said principal is received by the Authority, with said rate being adjusted from time to time as the LAIF rate changes so as to always be two (2) points over the LAIF rate, with interest accruing on all unpaid principal from the date on which any portion of the principal under this Section 2.07 is received by the Authority until all of said principal has been paid in full. C. The Authority shall repay the principal and interest of the loans made under this Section 2.07 when and to the extent financially possible from the available revenues and other funding sources of the Authority. Section 2.08. Subordination of IVDA roans. The Authority represents that it will consider the Loans made by the Lenders under the provisions of this Loan Agreement to be superior to the various loans previously extended to it by the Inland Valley - 5 -