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02-18 Authorizing The Issuance of General Obligation Bonds
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02-18 Authorizing The Issuance of General Obligation Bonds
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1/3/2018 11:08:29 AM
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1/16/2018 8:25:14 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
1/8/2018
Bill Number
02-18
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(f) To grant to or confer upon the owners of the Bonds any additional <br /> rights, remedies, powers, authority or security that may lawfully be granted to or <br /> conferred upon the owners of the Bonds; or <br /> (g) To procure a rating on the Bonds from a nationally recognized <br /> securities rating agency designated in such supplemental ordinance, if such <br /> supplemental ordinance will not adversely affect the owners of the Bonds; or <br /> (h) To obtain or maintain bond insurance with respect to the Bonds; or <br /> (i) To provide for the refunding or advance refunding of the Bonds; or <br /> 0) To make any other change which, in the determination of the <br /> Council in its sole discretion,is not to the prejudice of the owners of the Bonds. <br /> SECTION XI. Continuing Disclosure. The Mayor and the Clerk are hereby authorized <br /> to execute and deliver on behalf of the City a Continuing Disclosure Contract upon delivery of <br /> the Bonds, with such terms therein as approved by such officers,the execution of such document <br /> by such officers to be evidence of such approval. Notwithstanding any other provision of this <br /> Ordinance, failure of the City to comply with the Continuing Disclosure Contract shall not be <br /> considered an event of default under the Bonds or this Ordinance. <br /> SECTION XII. Approval of Official Statement. If legally required as part of a public <br /> offering of the Bonds,the Controller is hereby authorized to deem final an official statement with <br /> respect to the Bonds, as of its date, in accordance with the provisions the SEC Rule, subject to <br /> completion as permitted by the SEC Rule, and this Common Council further authorizes the <br /> distribution of the deemed final official statement, and the execution, delivery and distribution of <br /> such document as further modified and amended with the approval of the Controller in the form <br /> of a final official statement. <br /> SECTION XIII. Other Action. The appropriate Officers of the City are hereby <br /> authorized to take all actions to obtain a rating, bond insurance or any other form of credit <br /> enhancement for the Bonds if economically feasible and desirable and with the favorable <br /> recommendation of the municipal advisor to the City. In addition, the appropriate Officers of the <br /> City are hereby authorized and directed to take any other action deemed necessary or advisable <br /> in order to effectuate the acquisition, construction and equipping of the Projects, the issuance of <br /> the Bonds, or any other purposes of this Ordinance. <br /> SECTION XIV. No Conflict. All Ordinances, Resolutions, and Orders or parts thereof <br /> in conflict with the provisions of this Ordinance are to the extent of such conflict hereby <br /> repealed. After the issuance of the Bonds and so long as any of the Bonds or interest thereon <br /> remains unpaid, except as expressly provided herein, this Ordinance shall not be repealed or <br /> amended in any respect that will adversely affect the rights of the holders of the Bonds, nor shall <br /> the City adopt any Law, Ordinance or Resolution that in any way adversely affects the rights of <br /> such holders. <br /> SECTION XV. Severability; Interpretation. If any section, paragraph or provision of <br /> this Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or <br /> 14 <br />
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