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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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Last modified
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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Section 3.4. Completion and Use of the Project. <br /> (a) The Public Library agrees that it will make, execute, acknowledge and deliver (or <br /> cause to be made, executed, acknowledged and delivered) any contracts, orders, receipts, <br /> writings and instructions with any other persons, firms or Public Libraries and in general do all <br /> things reasonably within its power which may be requisite or proper for the substantial <br /> completion (as certified by the Public Library) of the construction, equipping, furnishing, and <br /> improvement of the Project, and, upon subsequent completion of the Project, the Public Library <br /> will operate and maintain the Project in such manner as reasonably within Public Library's <br /> power so as to conform with all applicable and material zoning, planning, building, <br /> environmental and other applicable governmental regulations and so as to be consistent with the <br /> Act. <br /> (b) The Issuer shall deposit all proceeds from the sale of the Bonds in the manner <br /> specified in Article III of the Indenture, and the Issuer shall maintain such proceeds and funds in <br /> the manner specified in Article IV of the Indenture. Under the Indenture, the Trustee, on behalf <br /> of the Issuer, is authorized and directed to make payments from the Construction Fund to pay for <br /> costs of the Project approved by the Issuer, or to reimburse the Public Library for any costs of <br /> the Project approved by the Issuer, with any such disbursements to be made in accordance with <br /> the terms and conditions of the Indenture and this Financing Agreement. The Public Library <br /> agrees to direct such requisitions to the Trustee as may be necessary to effect payments out of the <br /> Construction Fund for costs of the Project approved by the Issuer, all in accordance with Section <br /> 4.5 of the Indenture and this Financing Agreement. <br /> (c) Any moneys remaining in the Construction Fund after completion of the Project <br /> shall be transferred and applied in the manner provided in the Indenture. <br /> (d) The Public Library hereby acknowledges receipt of a copy of the Indenture. <br /> Section 3.5. Fees and Expenses of Public Library. The Public Library hereby covenants <br /> and agrees to pay any and all fees, charges and expenses, including legal counsel, of the Public <br /> Library incurred in connection with this Financing Agreement to the extent that any such fees, <br /> charges and expenses of the Public Library are not paid or provided for out of the proceeds of the <br /> Bonds in accordance with the terms of the Indenture and in the amounts set forth in Exhibit C <br /> thereto, which are deemed to be approved by the Public Library without further action or <br /> authorization. <br /> Section 3.6. Tax Covenants. [The Public Library hereby represents that it has taken and <br /> caused to be taken, and covenants that it will take and cause to be taken, all actions that may be <br /> required of it, alone or in conjunction with the Issuer, for the interest on the Series 20_Bonds to <br /> be and remain excluded from gross income for federal income tax purposes, and represents that it <br /> has not taken or permitted to be taken on its behalf, and covenants that it will not take or permit <br /> to be taken on its behalf, any actions that would adversely affect such exclusion under the <br /> provisions of the Code. <br /> The Public Library and the Issuer each covenant to the owners of the Series 20_Bonds <br /> that, notwithstanding any other provision of this Financing Agreement or any other instruments, <br /> it shall take no action, nor shall the Public Library direct the Trustee to take or approve any <br /> action or make any investment or use of proceeds of the Series 20_Bonds or any other moneys <br /> 7 <br />
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