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Registrar or Paying Agent is located are typically closed, such payment may be made or act <br /> performed or right exercised on the next succeeding day not a legal holiday or a day on which <br /> such banking institutions are typically closed, with the same force and effect as if done on the <br /> nominal date provided in this Ordinance, and no interest shall accrue for the period after such <br /> nominal date. <br /> SECTION 28. No Conflict. The Council hereby finds and determines that the adoption <br /> of this Ordinance and the issuance of the 2012B Bonds are in compliance with the Prior <br /> Ordinances. The Prior Ordinances shall remain in full force and effect. All ordinances and <br /> resolutions and parts thereof in conflict herewith, except the Prior Ordinances, are to the extent <br /> of such conflict hereby repealed. None of the provisions of this Ordinance shall be construed to <br /> adversely affect the rights of the owners of the Parity Bonds. <br /> SECTION 29. Severability. If any section, paragraph or provision of this Ordinance <br /> shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of <br /> such section, paragraph or provision shall not affect any of the remaining provisions of this <br /> Ordinance. <br /> SECTION 30. Interpretation. Unless the context or laws clearly require otherwise, <br /> references herein to statutes or other laws include the same as modified, supplemented or <br /> superseded from time to time. <br /> SECTION 31. Effectiveness. This Ordinance shall be in full force and effect from and <br /> after its passage and compliance with the procedures required by law. <br /> SECTION 32. Credit Facility. The Executive and the Fiscal Officer, on behalf of the <br /> City, are hereby authorized to obtain a Credit Facility or Additional Credit Facility as set forth in <br /> Section 14 herein. The Executive and the Fiscal Officer, on behalf of the City, are also <br /> authorized to enter into an agreement with the Credit Facility Issuer for either the Credit Facility <br /> or Additional Credit Facility (the "Credit Facility Agreement") and negotiate the terms of the <br /> Credit Facility Agreement, with the advice of the City's financial advisor and nationally <br /> recognized bond counsel. The Executive and the Fiscal Officer, on behalf of the City, are also <br /> authorized to execute any and all other documents required to obtain the Credit Facility. The <br /> City hereby agrees that: <br /> (a) If the waterworks fails to pay any Credit Facility Costs in accordance with <br /> the requirements set forth above, the Credit Facility Issuer shall be entitled to exercise any and <br /> all remedies available at law or under the authorized documents other than (i) acceleration of the <br /> maturity of the 2012B Bonds or (ii) remedies which would adversely affect the owners of the <br /> 2012B Bonds. <br /> (b) This Ordinance shall not be discharged and the 2012B Bonds defeased <br /> until all Credit Facility Costs owing to the Credit Facility Issuer shall have been paid in full. <br /> (c) The Credit Facility Issuer is granted a security interest (subordinate to that <br /> of the owners of the 2012B Bonds) in all revenues and collateral pledged as security for the <br /> 2012B Bonds, for the repayment of the Credit Facility Costs. <br /> - 30 - <br />