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<br />I <br /> <br />~ <br /> <br />The bond shall never constitute a general obligation of, an <br /> <br />indebtedness of, or a charge against the general credit of the <br /> <br />Town of Mooresville, nor is the bond payable in any manner from <br /> <br />revenues raised by taxation, <br /> <br />Section 4, <br /> <br />The President of the Board of Trustees and <br /> <br />Clerk-Treasurer are authorized and directed to sell such bond <br /> <br />to the purchaser thereof at a rate of interest on the bond not <br /> <br />to exceed 75% of the prime rate established by American <br />Fletcher National Bank and Trust Company from time to time, <br />which rate shall change effective with each change in such <br />prime rate (except in the event interest on the bonds becomes <br /> <br />taxable in which event the interest rate on the bonds shall be <br /> <br />1% plus the prime rate established by American Fletcher <br />National Bank and Trust Company in effect from time to time) <br /> <br />and at a price not less than 100% of the principal amount <br /> <br />thereof, <br /> <br />Section 5, <br /> <br />The President of the Board of Trustees and <br /> <br />~. <br /> <br />Clerk-Treasurer are authorized and directed to execute, attest, <br /> <br />affix or imprint by any means the Town seal to the documents <br /> <br />constituting the Financing Agreement approved herein on behalf <br /> <br />of the Town and any other document which may be necessary or <br /> <br />desirable to consummate the transaction, including the bond <br />authorized herein, The President of the Board of Trustees and <br /> <br />Clerk-Treasurer are hereby expressly authorized to approve any <br /> <br /> <br />modifications or additions to the documents constituting the <br /> <br /> <br />Financing Agreement which take pla~e after the date of this <br /> <br />- 4 - <br />