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10190-12 Refinance Waterworks revenue of 2002
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10190-12 Refinance Waterworks revenue of 2002
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Last modified
10/12/2012 12:35:11 PM
Creation date
10/12/2012 12:35:02 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/8/2012
Ord-Res Number
10190-12
Bill Number
53-12
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Ordinance, such mandatory sinking fund redemption payments shall be deemed to be required <br /> payments of principal which mature on the date of such sinking fund payments. Appropriate <br /> changes shall be made in the definitive form of 2012B Bonds, relative to the form of 2012B <br /> Bonds contained in this Ordinance,to reflect any mandatory sinking fund redemption terms. <br /> • <br /> (b) The City shall issue, if necessary, BANs for the purpose of procuring <br /> interim financing for the Refunding. Any such issuance shall be in accord with the provisions of <br /> Section 25 of this Ordinance. <br /> SECTION 3. Pledge of Net Revenues; Payment of Principal and Interest. The <br /> 2012B Bonds, and any bonds ranking on a parity therewith, including the Prior Bonds, as to <br /> principal, premium, if any, and interest, shall be payable solely from and are secured by an <br /> irrevocable pledge of and shall constitute a charge upon all the Net Revenues (as defined in the <br /> following sentence) of the works. The term "Net Revenues," as used herein, shall be defined as <br /> the gross revenues of the works after deduction only for the payment of the reasonable expenses <br /> of operation, repair and maintenance of the works, and which reasonable expenses of operation, <br /> repair and maintenance specifically do not include any rates or charges in lieu of taxes made and <br /> collected by the works and transferred to the City in accordance with the Act (the "PILOT <br /> Payment"). The City specifically subordinates its right to receive any PILOT Payment to the <br /> rights of the holders of the 2012B Bonds, and any Parity Bonds, including the Prior Bonds, to <br /> receive payment of the principal, premium, if any, and interest,payable on such bonds. PILOT <br /> Payments shall be made not more frequently than semiannually on January 2 and July 2 and may <br /> be made only if all monthly deposits required by this Ordinance are current and held as of such <br /> dates in the Operation and Maintenance Fund and the Sinking Fund (each as defined herein). <br /> Other than PILOT Payments and normal and regular pro rata payments to the City for shared <br /> expenses charged by the City to its various departments, no moneys derived from the revenues of <br /> the works shall be transferred to the General Fund of the City or be used for any purpose not <br /> connected with the works. <br /> All payments of interest on the 2012B Bonds shall be paid by check mailed one business <br /> day prior to the interest payment date to the registered owners thereof as of the fifteenth (15th) <br /> day of the month preceding the interest payment date (the "Record Date") at the addresses as <br /> they appear on the registration and transfer books of the City kept for that purpose by the <br /> Registrar (the "Registration Record") or at such other address as is provided to the Paying Agent <br /> in writing by such registered owner. Each registered owner of$1,000,000 or more in principal <br /> amount of 2012B Bonds shall be entitled to receive interest payments by wire transfer by <br /> providing written wire instructions to the Paying Agent before the Record Date for any payment. <br /> All principal payments and premium payments, if any, on the 2012B Bonds shall be made upon <br /> surrender thereof at the principal office of the Paying Agent, in any U.S. coin or currency which <br /> on the date of such payment shall be legal tender for the payment of public and private debts, or <br /> in the case of a registered owner of$1,000,000 or more in principal amount of 2012B Bonds, by <br /> wire transfer on the due date upon written direction of such owner provided at least fifteen (15) <br /> days prior to the maturity date or redemption date. <br /> Interest on 2012B Bonds shall be payable from the interest payment date to which <br /> interest has been paid next preceding the authentication date thereof unless such 2012B Bonds <br /> are authenticated after the Record Date for an interest payment date and on or before such <br /> - 5 - <br />
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