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10118-11 Authorizing Sewage Works Revenue Bonds
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10118-11 Authorizing Sewage Works Revenue Bonds
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10/7/2011 5:58:42 PM
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10/7/2011 5:58:38 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/12/2011
Ord-Res Number
10118-11
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(d) The City will file an information report Form 8038-G with the Internal <br /> Revenue Service as required by Section 149 of the Code. <br /> (e) The City will not make any investment or do any other act or thing during <br /> the period that any 2011 Bond is outstanding hereunder vvhich would cause any 2011 <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 2011 Bonds. <br /> The City will not take any action or fail to take any action with respect to the 2011 Bonds that <br /> would result in the loss of the exclusion from gross income for federal income tax purposes of <br /> interest on the 2011 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 2011 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 "I'ax 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 2011 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 2011 Bond or an advancement of the earliest redemption date on any 2011 <br /> Bond; or <br /> (b) A reduction in the principal amount of any 2011 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 priarity of any 2011 Bond or 2011 Bonds over any other <br /> 2011 Bond or 2011 Bonds; or <br /> (e) A reduction in the aggregate principal amount of the 2011 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 /> - 19 - <br />
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