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11-22-10 Council Agenda & Packet
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11-22-10 Council Agenda & Packet
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City Council - City Clerk
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"State ") within the meaning of any provisions of the Constitution or statutes of the State or a <br />pledge of the faith and credit of the City or of the State or grant to the owners thereof any right to <br />have the City or the General Assembly levy any taxes or appropriate any funds for the payment <br />of the principal thereof or interest thereon. <br />Section 6. The Mayor and the City Clerk are authorized and directed to approve the <br />sale of the Bonds to the purchaser thereof ( "Purchaser ") at the price of not less than $31,273,750 <br />equal to the principal amount of $31,750,000 less the discount of not to exceed $476,250. The <br />Bonds shall mature on the dates and bear interest at rates set forth in the Bond Purchase <br />Agreement, the substantially final form of which has been submitted to the Council and is hereby <br />approved. The Mayor is hereby authorized and directed to execute the completed Bond Purchase <br />Agreement following the sale of the Bonds. <br />Section 7. The Mayor and the City Clerk are authorized and directed to execute, <br />attest, affix or imprint by any means the City seal to the Financing Agreement approved herein <br />on behalf of the City and any other document or certificate which may be necessary or desirable <br />prior to, on or after the date hereof to consummate or facilitate the transaction, including the <br />Bonds authorized herein. The Mayor and the City Clerk are hereby expressly authorized to <br />approve any modifications or additions to the Financing Agreement which take place after the <br />date of this Ordinance with the review and advice of counsel to the City; it being the express <br />understanding of the Council that said Financing Agreement is in substantially final form as of <br />the date of this Ordinance. The approval of said modifications or additions shall be conclusively <br />evidenced by the execution and attestation thereof and the affixing of the seal thereto or the <br />imprinting of the seal thereon; provided, however, that no such modification or addition shall <br />change the maximum principal amount or term of the Bonds as approved by the Council. The <br />signatures of the Mayor and City Clerk on the Bonds may be either manual or facsimile <br />signatures. The City Clerk is authorized to arrange for delivery of such Bonds to the Purchaser, <br />and the Purchaser will make such payment for the Bonds available to the Borrower as provided <br />in the Financing Agreement. The Bonds shall be originally dated the date of delivery. <br />Section & The provisions of this Ordinance and the Financing Agreement securing <br />the Bonds shall constitute a contract between the City, the Purchaser and the Borrower, and after <br />the issuance of said Bonds, this Ordinance shall not be repealed or amended in any respect which <br />would adversely affect the rights of such holders so long as said Bonds or said interest thereon <br />remains unpaid. <br />
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