11-22-10 Council Agenda & Packet

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