14-20 Cedar Glen Bond Ordinance - Laserfiche WebLink

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SECTION 3. The City is authorized to issue the Bonds in one or more series, any series of which may be taxable or tax-exempt for federal income tax purposes, in the maximum aggregate principal amount not to exceed Seven Million Three Hundred Thousand Dollars ($7,300,000), with a maximum term not to exceed forty (40) years and with a maximum interest rate not to exceed ten percent (10.0%) per annum, for the purpose of procuring funds to pay all or a portion of the costs of the Project by making all or a portion of the proceeds of the Bonds available as set forth in the Financing Agreements and paying incidental expenses incurred on account of the issuance of the Bonds. The Bonds shall be payable as to principal and interest upon such terms and conditions as otherwise provided in the Financing Documents and this Ordinance, but solely from the Borrower's payments or other monies available therefor under the Financing Agreements as further described in the Financing Agreements. The Bonds may be subject to mandatory tender or optional redemption at one or more times prior to maturity. The Bonds shall never constitute a general obligation of, moral obligation of, an indebtedness of, or charge against the general credit of the City or a pledge of the full faith or credit of the City within the purview of any constitutional or statutory limitation or provision, nor are they payable in any manner from revenues raised from taxation. SECTION 4. The Mayor and the Controller are authorized and directed to sell the Bonds to the purchaser or purchasers thereof at a price not less than 97% of the aggregate principal amount thereof plus accrued interest, if any, at a rate of interest not to exceed ten (10.0%) per annum, and with a final maturity date no later than forty (40) years from the date of the issuance of any series of the Bonds. One or more bond purchase agreements, each in form and substance acceptable to the Mayor and the Clerk (collectively, the "Purchase Agreements"), are hereby authorized and approved, and the Mayor and the Clerk are hereby authorized and directed to execute and deliver the Purchase Agreements in form and substance acceptable to them and consistent with the terms and conditions set forth in this Ordinance, with such to be conclusively evidenced by their execution thereof SECTION 5. The Mayor and the Clerk are authorized and directed to execute the Financing Agreements, and the Mayor, the Controller, the Clerk and any other officer of the City are authorized and directed to execute such other documents approved or authorized herein and any other document which may be necessary, appropriate or desirable to consummate the transaction contemplated by the Financing Agreements and this Ordinance, and their execution is hereby confirmed on behalf of the City. The signatures of the Mayor and the Clerk on the Bonds which may be necessary or desirable to consummate the transaction, and their execution is hereby confirmed on behalf of the City. The signatures of the Mayor and the Clerk on the Bonds may be facsimile signatures. The Mayor, the Clerk, the Controller and any other officer of the City are authorized to arrange for the delivery of the Bonds to the purchaser, payment for which will be made in the manner set forth in the Financing Agreements. The Mayor and the Clerk may, by their execution of the Financing Agreements requiring their signatures and imprinting of their facsimile signatures thereon, approve any and all such changes therein and also in those Financing Agreements which do not require the signature of the Mayor or the Clerk without further approval of this Council or the Commission if such changes do not affect terms set forth in Sections 27(a)(1) through and including(a)(10) of the Act. US.126992461 02