Issurance and Sale $20,000,000.00 Economic Development Revenue Bonds Purpose of Making a Loan to Mill Race

Home Browse Search

Bond Ordinance shall be exercised or performed by the City or by such officers, board or body as may be required by law to exercise such powers and to perform such duties. All covenants, stipulations, promises, agreements and obli- gations of the City contained herein and in each of the agreements and other documents authorized by this Bond Ordinance shall be deemed to be covenants, stipulations, promises, agreements and obligations of the City and not of any member, officer or employee of the City in his individual capacity. Section 10. Repeal, Amendment and Modification of this Bond Ordinance. This Bond Ordinance shall be part of the contract with the owners from time to time of the Bond and from and after the delivery of the Bond shall not be repealed, amended or modified except to the extent and in the manner permitted for supplemental agreements to the Indenture. Section 11. Effective Date and Repeal of Conflicting Ordinances or Resolutions. This Bond Ordinance shall take effect and be in full force and effect immediately upon adoption and compliance with IC 36-3-4-14. All ordinances or resolutions inconsistent with this Bond Ordinance are hereby repealed to the extent of such inconsistency. Section 12 . Severability. If any provision of this Bond Ordinance shall be held or deemed to be or shall, in fact, be illegal, inoperative or unenforceable, the same shall not affect any other provision or provisions herein contained or render the same invalid, inoperative or unenforceable to any extent whatever; provided however, that if the limitation on the source of revenues to pay principal, interest and premium, if any, on the Bond is held invalid, the Issuer shall have no obligation to pay the Bond from other sources;, Member of Col 'o Council= 1st REA?NG ► `3 c3 PUBLIC HEARING 1 Z-3 o., S 2nd READING NOT APPROVED REFERRED PASSED 3 0 ,_ Ca(--,-42-- U 8 MRAMORD i I