10189-12 Authorizing Issuance & sale of additional revenue bonds to provide funds 2012 Sewage Works Construction Fund

Home Browse Search

(b) to grant to or confer upon the owners of the 2012 Bonds any additional rights, remedies, powers, authority or security that may lawfully be granted to or conferred upon the owners of the 2012 Bonds; or (c) to procure a rating on the 2012 Bonds from a nationally recognized securities rating agency designated in such supplemental ordinance, if such supplemental ordinance will not adversely affect the owners of the 2012 Bonds; or (d) to make any other change which is not to the prejudice of the owners of the 2012 Bonds; or (e) to provide for the refunding or advance refunding of the 2012 Bonds. SECTION 22. Defaults. In the event available moneys hereunder, subject to the restrictions on use of money held under this Ordinance as set forth herein, are insufficient to pay debt service on all bonds payable from the revenues of the Sewage Works when due, available moneys shall be applied, after payment of all costs and expenses associated therewith, to the 2012 Bonds and any bonds issued on parity with the 2012 Bonds as follows: First - To the payment to the persons entitled thereto of all installments of interest then due, including interest on any past due principal at the rate borne by such bond, in the order of the maturity of the installments of such interest and, if the amount available shall not be sufficient to pay in full any particular installment, then to such payment ratably, according to the amounts due on such installments, to the persons entitled thereto, without any discrimination or privilege; and Second - To the payment to the persons entitled thereto of the unpaid principal of and premium on any of such bonds which shall have become due either at maturity or pursuant to a call for redemption (other than bonds called for redemption for the payment of which other moneys are held), in the order of their due dates, and, if the amount available shall not be sufficient to pay in the amounts due on any particular date, then to such payment ratably, according to the amount due on such date, to the persons entitled thereto without any discrimination or privilege. During the continuance of any default in the payment of either principal of or interest or premium on any 2012 Bond or bonds issue on parity with the 2012 Bonds, no payment shall be made with respect to any subordinate and junior bonds ("Junior Bonds"). Moneys available for payment to holders of Junior Bonds shall, in the event of an insufficient amount being available to pay all debt service with respect to the Junior Bonds when due, be applied to the Junior Bonds in accordance with the sequence and other terms set forth above with respect to payments regarding bonds issued on parity with the 2012 Bonds unless otherwise provided in the ordinance authorizing the Junior Bonds. SECTION 23. No Conflict. Except as described below, all ordinances and parts of ordinances in conflict herewith are hereby repealed. - 21 -