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9589-05 Authorizing Controller and Mayor to make temporary loans to meet current running expenses of various funds of current taxes levied in 2004, collectable in 2005
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9589-05 Authorizing Controller and Mayor to make temporary loans to meet current running expenses of various funds of current taxes levied in 2004, collectable in 2005
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Last modified
12/13/2010 10:30:34 AM
Creation date
2/19/2008 3:36:16 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
5/9/2005
Ord-Res Number
9589-05
Bill Number
24-05
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Warrants is not advanced to the City, the principal amount of such Warrant shall be reduced to effect <br />such reduction. The maximum principal amount of the Warrants as set forth herein shall be reduced <br />as necessary to comply with the Internal Revenue Code of 1986, as amended (the "Code"). <br />Section II. With respect to each Fund and each maturity date, the officers of the City are <br />authorized to deliver a principal amount of Warrants up to or less than the maximum amount <br />established for any such Fund or maturity date in Section I hereof in order to comply with all <br />applicable laws. The Warrants shall be subject to redemption as provided in an Issuer's Certificate <br />to be executed by the Mayor of the City (the "Mayor") and the City Controller. All Warrants will <br />be delivered at the time of payment with respect to any Fund or otherwise as appropriate and in <br />accordance with the terms of the Warrant Purchase Agreement. <br />Section III. The principal of and interest on the Warrants, together with all necessary costs <br />incurred in connection with the issuance and sale of the Warrants, shall be payable from tax revenues <br />to be received in the respective Fund upon which such Warrant is issued. There is hereby <br />appropriated and pledged to the payment of all Warrants issued with respect to each Fund, including <br />interest and all necessary costs incurred in connection with the issuance and sale of the Warrants, <br />a sufficient amount of the tax revenues, levied in 2004, and payable in 2005, for such Fund and in <br />anticipation of which the Warrants have been issued, for the punctual payment of the principal of <br />and interest on the new Warrants evidencing such temporary loans, together with such issuance <br />costs, if any. <br />Section IV. The City Controller, on behalf of the City, is authorized to sell the Warrants via <br />negotiated sale at a price not less than the par value thereof to a purchaser or purchasers (the <br />"Purchaser") in the denomination of One Hundred Thousand Dollars ($100,000), and any integral <br />multiple of One Dollar ($1.00) in excess of One Hundred Thousand dollars ($100,000) of single <br />maturities. The Warrants shall be sold to the Purchaser pursuant to the purchase agreement (the <br />"Warrant Purchase Agreement")between the City and the Purchaser, hereby authorized to be entered <br />into and executed by the City Controller, on behalf of the City, subsequent to the date of the adoption <br />of this Ordinance in accordance with the terms and conditions of this Ordinance, and with such <br />Warrant Purchase Agreement to set forth the definitive terms and conditions of such sale, including <br />the interest rate or rates on the Warrants, which shall not exceed the maximum authorized rate of <br />interest for the Warrants issued pursuant to this Ordinance. The Warrants sold to the Purchaser shall <br />be accompanied by all documentation required pursuant to the provisions of Indiana law and the <br />Warrant Purchase Agreement, including without limitation an approving opinion of nationally <br />recognized bond counsel, certification and guarantee of signatures and certification as to no litigation <br />pending, as of the date of delivery of the Warrants to the Purchaser, challenging the validity or <br />issuance of the Warrants and certification from the Purchaser that it is a "sophisticated investor". <br />The entry by the City into the Warrant Purchase Agreement and the execution of the Warrant <br />Purchase Agreement on behalf of the City by the City Controller, in accordance with the Ordinance, <br />are hereby authorized, approved and ratified. <br />Section V. The Warrants issued hereunder with respect to the Funds shall be executed in the <br />name of the City by the manual or facsimile signature of the Mayor of the City, countersigned by <br />the manual or facsimile signature of the City Controller, and the corporate seal of the City affixed <br />
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