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10052-10 Sewage Works Revenue Bonds
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10052-10 Sewage Works Revenue Bonds
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Last modified
1/25/2011 11:43:40 AM
Creation date
11/22/2010 4:15:13 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/8/2010
Ord-Res Number
10052-10
Bill Number
66-10
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(e) The City will not make any investment or do any other act or thing during <br />the period that any 2010 Bond is outstanding hereunder which would cause any 2010 <br />Bond to be an "arbitrage bond" within the meaning of Section 148 of the Code and the <br />regulations applicable thereto as in effect on the date of delivery of the 2010 Bonds. <br />The City will not take any action or fail to take any action with respect to the 2010 Bonds that <br />would result in the loss of the exclusion from gross income for federal income tax purposes of <br />interest on the 2010 Bonds pursuant to Section 103(a) of the Code, and the City will not act in <br />any manner which would adversely affect such exclusion. <br />Notwithstanding any other provisions of this Ordinance, the foregoing covenants and <br />authorizations (the "Tax Covenants") which are designed to preserve the exclusion of interest on <br />the 2010 Bonds from gross income under federal income tax law (the "Tax Exemption") need <br />not be complied with if the City receives an opinion of nationally recognized bond counsel that <br />any Tax Covenant is unnecessary to preserve the Tax Exemption. <br />SECTION 21. Amendments. Subject to the terms and provisions contained in this <br />section, and not otherwise, the owners of not less than sixty-six and two-thirds per cent (66- <br />2/3%) in aggregate principal amount of the 2010 Bonds then outstanding shall have the right, <br />from time to time, anything contained in this Ordinance to the contrary notwithstanding, to <br />consent to and approve the adoption by the City of such ordinance or ordinances supplemental <br />hereto as shall be deemed necessary or desirable by the City for the purpose of modifying, <br />altering, amending, adding to or rescinding in any particular any of the terms or provisions <br />contained in this Ordinance, or in any supplemental ordinance; provided, however, that nothing <br />herein contained shall permit or be construed as permitting: <br />(a) An extension of the maturity of the principal of or interest or premium, if <br />any, on any 2010 Bond or an advancement of the earliest redemption date on any 2010 <br />Bond; or <br />(b) A reduction in the principal amount of any 2010 Bond or the redemption <br />premium or the rate of interest thereon, or a change in the monetary medium in which <br />such amounts are payable; or <br />(c) The creation of a lien upon or a pledge of the revenues of the Sewage <br />Works ranking prior to the pledge thereof created by this Ordinance; or <br />(d) A preference or priority of any 2010 Bond or 2010 Bonds over any other <br />2010 Bond or 2010 Bonds; or <br />(e) A reduction in the aggregate principal amount of the 2010 Bonds required <br />for consent to such supplemental ordinance. <br />If the City shall desire to obtain any such consent, it shall cause the Registrar to mail a <br />notice, postage prepaid, to the addresses appearing on the registration books held by the <br />Registrar. Such notice shall briefly set forth the nature of the proposed supplemental ordinance <br />and shall state that a copy thereof is on file at the office of the Registrar for inspection by all <br />owners of the 2010 Bonds. The Registrar shall not, however, be subject to any liability to any <br />-19- <br />
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