9972-09 Amending ordinance 9672-06 entitled Authorizing the acquistions and installation of certain improvements

Home Browse Search

the City and the Authority (the "Financial Assistance Agreement"). The principal of each series of the Bonds shall mature serially and annually on December 1 of each year, over a period ending no later than twenty-two (22) years from the date of issuance of each series of the Bonds, and in the years and amounts to be determined by the Controller with the advice of the City's financial advisor prior to the publication of the notice to intent to sell bonds referred to herein and set forth in the Issuer's Certificate with respect to each series of Bonds; except as otherwise provided in the Financial Assistance Agreement if the Bonds are sold to the Authority, and in the years and amounts to be determined by negotiation with the Bond Bank or the Authority. The Bonds shall bear an original issue date which shall be the date of issuance of the Bonds or the first day of the month in which the Bonds are delivered, as determined by the Controller and set forth in the Issuer's Certificate for each series of Bonds (unless otherwise provided in the Purchase Agreement in the event the Bonds are sold to the Bond Bank or unless otherwise provided in the Financial Assistance Agreement in the event such series of the Bonds is sold to the Authority), and each Bond shall also bear the date of its authentication. Any Bond authenticated on or before the fifteenth (15th) day of the calendar month immediately preceding the first Interest Payment Date, shall pay interest from its original issue date. Any Bond authenticated thereafter shall pay interest from the Interest Payment Date next preceding the date of authentication of such Bond to which interest thereon has been paid or duly provided for, unless such Bond is authenticated after the day which is fifteen (15) days prior to the Interest Payment Date and on or before such Interest Payment Date, in which case interest thereon shall be paid from such Interest Payment Date. In the event that the Bonds are sold to the Authority or any other purchaser who so agrees pursuant to Section VIII of this Ordinance, it is understood that principal shall not be payable and interest shall not accrue on the Bonds until such principal amount has been advanced pursuant to requests made by the City to the Authority or to any such other purchaser, with advances to be allocable to the Bonds in order of maturity. If the Bonds are sold to the Authority, to the extent that (a) the total principal amount of the Bonds is not paid by the purchaser or drawn down by the City or (b) proceeds remain in the Construction Account established under Section X of this Ordinance and are not applied to the Project (or any modifications or additions thereto approved by the Department and the Authority for that portion or portions of the Project funded in whole or in part by Bonds sold to the Authority), the City shall reduce the principal amount of the Bonds' maturities to effect such reduction in a manner that will still achieve as level an annual debt service as practicable as described in this Section III subject to and upon the terms forth in the Financial Assistance Agreement. The Controller is hereby authorized to appoint a registrar and a paying agent for each series of the Bonds (the "Registrar" and the "Paying Agent" and, in both such capacities, the "Registrar and Paying Agent"). The Registrar and Paying BDDBOI 5863495v1 -3-