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60-18 Bond Financing for the Community Center Project
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60-18 Bond Financing for the Community Center Project
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11/7/2018 2:09:11 PM
Creation date
11/7/2018 2:08:28 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/12/2018
Bill Number
60-18
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ARTICLE III <br /> PARTICULAR COVENANTS OF THE ISSUER AND PUBLIC LIBRARY <br /> Section 3.1. Payment of Principal and Interest; Payment of Pledged Revenues. <br /> (a) In accordance with the Indenture, the Series 20_Bonds, if and when issued, shall <br /> be payable solely and only from Pledged Revenues as pledged by the Redevelopment <br /> Commission pursuant to the TIF Pledge Resolution. Under no circumstances shall the Public <br /> Library be liable for making any payments due under the Indenture or the Series 20 Bonds, <br /> including any payment of the principal of, premium, if any, or interest on any of the Series 20_ <br /> Bonds. <br /> (b) In accordance with the terms of the Indenture, the Redevelopment Commission, <br /> on behalf of the Issuer, shall transfer to the Trustee for deposit into the Bond Fund (as defined in <br /> the Indenture), on or before each February 1 and August 1 (or on such other dates and in such <br /> manner required by the TIF Pledge Resolution), the Pledged Revenues in an amount sufficient to <br /> pay the principal of and interest due on the Series 20_Bonds on the next February 1 or August <br /> 1 together with any Annual Fees as described and defined in the Indenture. <br /> (c) Under no circumstances shall the Public Library be liable for payment of any <br /> other costs or expenses under or in connection with this Financing Agreement or the transactions <br /> contemplated by this Financing Agreement, the Indenture or the Series 20_Bonds. <br /> Section 3.2. Public Library Not Responsible for Bond Payments. Notwithstanding <br /> anything in this Financing Agreement to the contrary, the Issuer acknowledges and agrees that <br /> the Public Library is in no way (i) guaranteeing or providing credit enhancement for or <br /> supporting financially or otherwise the issuance, sale or resale, offering or reoffering, or payment <br /> of the Bonds, or (ii) guaranteeing or providing credit enhancement for or supporting financially <br /> or otherwise the payment of the principal of or premium or interest on the Bonds (or any portion <br /> thereof). The Issuer further acknowledges and agrees that the Public Library will not indemnify, • <br /> defend or hold harmless the Issuer or any City Parties against any losses, liabilities, expenses <br /> (including attorneys' and other professionals' fees and expenses), claims and damages asserted <br /> against, resulting to, imposed upon or suffered by the Issuer or the City Parties or any of them to <br /> the extent arising from or attributable to the issuance, sale or resale, offering or reoffering, or <br /> payment of the Bonds. <br /> Section 3.3. Payment of Costs of Issuance of Bonds, Other Fees and Expenses. The <br /> Issuer shall pay from the proceeds of the sale of the Bonds, as necessary, the costs of issuance of <br /> the Bonds. The Public Library is not obligated to pay (except from the proceeds of the Bonds) <br /> any costs of issuance of the Bonds or any related costs, fees or expenses in connection with the <br /> issuance, sale or offering of the Bonds; nor is the Public Library obligated to pay any fees, <br /> charges or expenses in connection with or related to the Bonds after the Bonds have been issued, <br /> which fees, charges and expenses include financial advisory and/or accounting fees, charges and <br /> expenses, Trustee and other fiduciary fees and expenses and Issuer fees and expenses (including <br /> in each instance legal fees and expenses), all of which are obligations of the Issuer. <br /> 6 <br />
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