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Amend the Amended Agreement of Operations between St Joseph County Hotel Motel Tax Board of Managers
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Amend the Amended Agreement of Operations between St Joseph County Hotel Motel Tax Board of Managers
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Last modified
10/15/2012 2:49:38 PM
Creation date
10/15/2012 2:49:37 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
7/13/1992
Ord-Res Number
8278-92
Bill Number
58-92
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the purpose of making payment on the Special Tax Bonds <br /> secured by the Debt Service Reserve Account in the event <br /> that no other money is lawfully available therefor, or to <br /> make the final payments on Special Tax Bonds when money <br /> in the Debt Service Reserve Account is sufficient to make <br /> all remaining payments to final maturity. So long as <br /> there is no default under the Bond Ordinance, any amount <br /> in the Debt Service Reserve Account in excess of the <br /> required debt service reserve shall be withdrawn and <br /> deposited in the Fund. <br /> (c) The remaining amounts in the Fund shall <br /> accumulate therein (outside of the Bond Principal and <br /> Interest Account and the Debt Service Reserve Account) <br /> and be available for (i) the purposes authorized by IC 6- <br /> 9-1 as of the date of original issuance of the County <br /> Bonds or by any amendments thereof or successor <br /> provisions thereto, and (ii) the payments required under <br /> the Agreement, all of which uses of remaining amounts in <br /> the Fund shall be subordinate and junior to the <br /> obligations set forth in (a) and (b) above. <br /> Section 4 . Money in the Fund shall be deposited to the <br /> reserve account for the County Bonds to the extent the required <br /> reserve is not provided from proceeds of the sale of the County <br /> Bonds. <br /> Section 5. The provisions of this Ordinance shall constitute <br /> a binding contract between the City and the holders of the County <br /> Bonds, and after issuance of the County Bonds this Ordinance shall <br /> not be repealed or amended in any respect, nor shall the Agreement <br /> be amended in any respect, which would adversely affect the rights <br /> or interests of the holders of the County Bonds as long as the <br /> County Bonds or interest thereon remains unpaid. <br /> Section 6. All ordinances or parts of ordinances in conflict <br /> herewith are hereby repealed. <br /> Section 7 . This Ordinance shall be in full force and effect <br /> when all of the following have occurred: <br /> 1. Adoption by this Common Council and approval <br /> by the Mayor; <br /> 2 . Approval of identical amendments to the <br /> Agreement, as set forth in Sections 1 and 2 of <br /> this Ordinance, by the Hotel-Motel Tax Board <br /> of Managers; <br /> 3 . Approval of identical amendments to the <br /> Agreement, as set forth in Sections 1 and 2 of <br /> this Ordinance, by the Century Center Board of <br /> Managers; and <br />
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