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Municipal Waterworks Revenue Bonds
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1992
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Municipal Waterworks Revenue Bonds
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Last modified
5/13/2013 1:13:21 PM
Creation date
10/11/2012 11:36:33 AM
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Template:
City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/23/1992
Ord-Res Number
8318-92
Bill Number
93-92
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(f) The Controller is hereby authorized to employ <br /> consultants and attorneys from time to time to advise the <br /> City with respect to the requirements under federal law <br /> for the continuing preservation of the excludability of <br /> interest on the Bonds from gross income for purposes of <br /> federal income taxation, as described in this Section 22. <br /> Section 23. Waiver of Tax Covenants. Notwithstanding <br /> any other provision of this Ordinance, any of the covenants and <br /> authorizations contained in Section 22 of this Ordinance (the "Tax <br /> Covenants") which are designed to preserve the excludability of <br /> interest on the Bonds from gross income for purposes of federal <br /> income taxation need not be complied with if the City receives an <br /> opinion of nationally recognized bond counsel to the effect that <br /> compliance with such Tax Covenant is unnecessary to preserve such <br /> excludability of interest. <br /> Section 24. Supplemental Ordinances. Without notice to <br /> or consent of the owners of the bonds herein authorized, the City <br /> may, from time to time and at any time, adopt an ordinance or <br /> ordinances supplemental hereto (which supplemental ordinance or <br /> ordinances shall thereafter form a part hereof) for any of the <br /> following purposes: <br /> (a) To cure any ambiguity or formal defect or <br /> omission in this Ordinance or in any supplemental <br /> ordinance or to make any other change authorized herein; <br /> (b) To grant to or confer upon the owners of the <br /> bonds herein authorized and any other bonds ranking on <br /> a parity with such bonds any additional benefits, rights, <br /> remedies, powers, authority or security that may lawfully <br /> be granted to or conferred upon the owners of the bonds <br /> herein authorized or to make any change which, in the <br /> judgment of the City, is not to the prejudice of the <br /> owners of the bonds herein authorized; <br /> (c) To modify, amend or supplement this Ordinance <br /> to permit the qualification of the bonds herein <br /> authorized for sale under the securities laws of the <br /> United States of America or of any of the states of the <br /> United States of America or to obtain or maintain bond <br /> insurance or other credit enhancement with respect to <br /> payments of principal of and interest on bonds herein <br /> authorized; <br /> (d) To provide for the refunding or advance <br /> refunding of the bonds herein authorized; <br /> (e) To procure a rating on the bonds herein <br /> authorized from a nationally recognized securities rating <br /> agency or agencies designated in such supplemental <br /> 23 <br />
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