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No. 2956 a supplemental bond resolution supplementing/amending Resolution No. 1965, adopted March 21, 2003
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No. 2956 a supplemental bond resolution supplementing/amending Resolution No. 1965, adopted March 21, 2003
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IL respective obligations thereunder, have been duly authorized, executed and delivered by the <br />Qualified Entity and, assuming the due authorization, execution and delivery thereof by the other <br />parties. thereto, each constitutes the legal, valid and binding agreement of the Qualified Entity, <br />enforceable in accordance with its respective terns; and (iii) the interest on the Amended AEDA <br />Qualified Obligations. is excludable from gross income for federal income tax purposes under <br />Section 103 of the Code (under existing law); subject to such enforcement limitations <br />customarily contained in such opinions. The Qualified Entity shall arrange for and bear the cost <br />of such opinions from the Qualified Entity's bond counsel. <br />Section 6.. The Qualified Entity, the City and the Bond Bank agree that the Amended <br />Qualified Obligations and the payments to be made thereon may be pledged or assigned by the <br />Bond Bank to the Trustee under and pursuant to the Bond Bank Indenture. <br />Section 7. Each of the Qualified Entity and the City agrees to furnish to the Bond <br />Bank, as long as any of the Amended Qualified Obligations remain outstanding, annual financial <br />reports, audit reports and such other financial information as is reasonably requested by the Bond <br />Bank, including information which evidences their compliance with certain covenants which <br />they have made regarding vari ous actions and conditions necessary to preserve the tax- exempt <br />status of interest paid on the Amended Qualified Obligations. <br />Section 8. If the Bond Bank determines to sell all or part of the Amended Qualified <br />Obligations, it agrees to pay or reimburse the Qualified Entity and the City for all costs <br />associated therewith including the printing of bonds, obtaining ratings therefor and providing <br />ILservices of a registrar and paying agent therefor. <br />Section 9. If any provision of this Purchase Agreement shall for any reason be held <br />to be invalid or unenforceable, the invalidity or unenforceability of such provision shall not <br />affect any of the remaining provisions of this Purchase Agreement, and this Purchase Agreement <br />shall be construed and be in force as if such invalid or unenforceable provision had not been <br />contained herein. <br />Section 10. The parties to this Agreement acknowledge that the Qualified Entity's <br />obligation to modify the Call Rights and execute and deliver the Amended Qualified Obligations, <br />and the Bond Bank's obligation to pay the Call Rights Modification Fee and to cancel and return <br />all of the Original Qualified Obligations outstanding as of the date hereof, is expressly <br />contingent upon the authorization and undertaking of the Refunding Program. In the event the <br />Bond Bank determines not to authorize or undertake its Refunding Program. , the provisions of . <br />this Agreement shall terminate upon notice by the Bond Bank to the Qualified Entity and the <br />City of such determination. . <br />Section 11. In the event the Qualified Entity fails to modify the Call, Rights and to <br />execute and deliver all of the Amended Qualified Obligations to the Bond Bank in accordance <br />with Section '1 hereof for any reason within the control of the Qualified Entity or the City, the <br />Qualified Entity or the City shall, on demand, pay to the Bond Bank an amount equal to all costs, <br />expenses (including attorney's fees) and consequential damages occasioned by the failure of the <br />Qualified Entity to modify the Call Rights and to execute and deliver the Amended Qualified <br />Obligations, all in accordance with Section 1 hereof. <br />5 <br />INDS01 BJB 1301170v2 <br />
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