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Authorize- Issuance of Revenue Bonds $11,960,000
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Authorize- Issuance of Revenue Bonds $11,960,000
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Last modified
3/21/2011 3:56:49 PM
Creation date
3/21/2011 3:56:47 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/28/1997
Ord-Res Number
8778-97
Bill Number
34-97
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� � <br /> this Ordinance. If Bonds are to be redeemed by optional redemption and mandatory sinking fund <br /> redemption on the same date, the Registrar shall select by lot the Bonds for optional redemption <br /> before selecting the Bonds by lot for the mandatory sinking fund redemption. <br /> In the event any of the Bonds are issued as Term Bonds, the form of the Bond set <br /> forth in Section 3 of this Ordinance shall be modified accordingly. <br /> Any reference to payment of principal on the Bonds shall include payment of <br /> scheduled mandatory sinking fund redemption payments described in this Section 10. <br /> SECTION 11. The provisions of this Ordinance shall be construed to create a trust <br /> in the proceeds of the sale of the Bonds for the uses and purposes heiein set forth, and the <br /> registered owners of the Bonds shall retain a lien on such proceeds until the same are applied in <br /> accordance with the provisions of this Ordinance. The provisions of this Ordinance shall also <br /> be construed to create a trust in the county economic development income tax revenues of the <br /> City herein directed to be set apart and paid into the Sinking Fund for purposes of such Sinking <br /> Fund as set forth in this Ordinance. <br /> SECTION 12. To the extent necessary to preserve the exclusion from gross <br /> income under federal law of interest on those Bonds issued as tax-exempt obligations (the "Tax- <br /> Exempt Bonds"), and as an inducement to the purchasers of the Bonds, the City represents, <br /> covenants and agrees that: <br /> (a) No person or entity or any combination thereof, other than the City, <br /> will use proceeds of the Tax-Exempt Bonds or property financed by said proceeds <br /> other than as a member of the general public. No person or entity or any <br /> combination thereof, other than the City, will own property financed by the Tax- <br /> Exempt Bond proceeds or will have actual or beneficial use of such property <br /> pursuant to a lease, a management or incentive payment contract, an arrangement <br /> such as a take-or-pay or other type of output contract or any other type of <br /> arrangement that differentiates that person's or entity's use of such property from <br /> the use by the public at large of such property; <br /> (b) No T�-Exempt Bond proceeds will be loaned to any entity or <br /> person. No Tax-Exempt Bond proceeds will be transferred directly, or indirectly <br /> transferred or deemed transferred to a person other than a governmental unit in a <br /> fashion that would in substance constitute a loan of said Tax-Exempt Bond <br /> proceeds; <br /> (c) The City will not take any action or fail to take any action with <br /> respect to the Tax-Exempt Bonds that would result in the loss of the exclusion <br /> from gross income for federal tax purposes of interest on the Tax-Exempt Bonds <br /> pursuant to Section 103(a) of the Code, in effect on the date of delivery of the <br /> Tax-Exempt Bonds, nor will the City act in any manner that would adversely <br /> -17- <br />
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