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10189-12 Authorizing Issuance & sale of additional revenue bonds to provide funds 2012 Sewage Works Construction Fund
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10189-12 Authorizing Issuance & sale of additional revenue bonds to provide funds 2012 Sewage Works Construction Fund
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10/12/2012 12:30:38 PM
Creation date
10/12/2012 12:30:34 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/8/2012
Ord-Res Number
10189-12
Bill Number
52-12
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consent of the Authority if such undertaking would involve, commit, or use the revenues <br /> of the Sewage Works. <br /> (g) Except as provided in Section 18 hereof, so long as any of the 2012 Bonds <br /> are outstanding, no additional bonds or other obligations pledging any portion of the <br /> revenues of the Sewage Works shall be authorized, executed, or issued by the City except <br /> such as shall be made subordinate and junior in all respects to the 2012 Bonds, unless all <br /> of the 2012 Bonds are redeemed, retired, or defeased coincidentally with the delivery of <br /> such additional bonds or other obligations. <br /> (h) The City shall take all action or proceedings necessary and proper to <br /> require connection of all property where liquid and solid waste, sewage, night soil, or <br /> industrial waste is produced with available sanitary sewers. The City shall, insofar as <br /> possible, cause all such sanitary sewers to be connected with the Sewage Works. <br /> (i) This Ordinance shall not be repealed or amended in any respect which will <br /> adversely affect the rights of the owners of any 2012 Bonds, nor shall the Common <br /> Council adopt any law, ordinance or resolution which in any way adversely affects the <br /> rights of such owners so long as any of said bonds or the interest thereon remains unpaid. <br /> (j) The provisions of this Ordinance shall be construed to create a trust in the <br /> proceeds of the sale of the 2012 Bonds for the uses and purposes herein set forth. The <br /> provisions of this Ordinance shall also be construed to create a trust in the portion of the <br /> Net Revenues herein directed to be set apart and paid into the Sinking Fund and for the <br /> uses and purposes of said Fund as set forth in this Ordinance. The owners of the 2012 <br /> Bonds shall have all of the rights, remedies and privileges set forth under the Act in the <br /> event of default in the payment of the principal of or interest on any of the 2012 Bonds or <br /> in the event of default with respect to any of the provisions of this Ordinance or the Act. <br /> SECTION 20. Tax Covenants. In order to preserve the exclusion of interest on the <br /> 2012 Bonds from gross income for federal income tax purposes and as an inducement to <br /> purchasers of the 2012 Bonds,the City represents, covenants and agrees that: <br /> (a) No person or entity, other than the City or another state or local <br /> governmental unit, will use proceeds of the 2012 Bonds or property financed by the 2012 <br /> Bond proceeds other than as a member of the general public. No person or entity other <br /> than the City or another state or local governmental unit will own property financed by <br /> 2012 Bond proceeds or will have actual or beneficial use of such property pursuant to a <br /> lease, a management or incentive payment contract, an arrangement such as take-or-pay <br /> or output contract, or any other type of arrangement that differentiates that person's or <br /> entity's use of such property from the use by the public at large. <br /> (b) No 2012 Bond proceeds will be loaned to any entity or person other than a <br /> state or local governmental unit. No 2012 Bond proceeds will be transferred, directly or <br /> indirectly, or deemed transferred to a non-governmental person in any manner that would <br /> in substance constitute a loan of the 2012 Bond proceeds. <br /> - 18 - <br />
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