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Improvements to Municipal Sewage Works Issurance of Revenue Bonds $15,075,000
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Improvements to Municipal Sewage Works Issurance of Revenue Bonds $15,075,000
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Last modified
4/24/2013 2:54:09 PM
Creation date
4/16/2013 11:41:00 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/8/2013
Ord-Res Number
10226-13
Bill Number
12-13
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then the City and the Registrar and Paying Agent each shall do or perform or cause to be done or <br />performed all acts or things, not adverse to the rights of the holders of the 2013A Bonds, as are <br />necessary or appropriate to discontinue use of such Clearing Agency as a Clearing Agency for <br />the 2013A Bonds and to transfer the ownership of each of the 2013A Bonds to such person or <br />persons, including any other Clearing Agency, as the holder of the 2013A Bonds may direct in <br />accordance with this Ordinance. Any expenses of such discontinuance and transfer, including <br />expenses of printing new certificates to evidence the 2013A Bonds, shall be paid by the City. <br />During any time that the 2013A Bonds are held in book -entry form on the books of a <br />Clearing Agency, the Registrar shall be entitled to request and rely upon a certificate or other <br />written representation from the Clearing Agency or any participant or indirect participant with <br />respect to the identity of any beneficial owner of the 2013A Bonds as of a record date selected by <br />the Registrar. For purposes of determining whether the consent, advice, direction or demand of a <br />registered owner of a 2013A Bond has been obtained, the Registrar shall be entitled to treat the <br />beneficial owners of the 2013A Bonds as the bondholders and any consent, request, direction, <br />approval, objection or other instrument of such beneficial owner may be obtained in the fashion <br />described in this Ordinance. <br />During any time that the 2013A Bonds are held in book -entry form on the books of a <br />Clearing Agency, the Executive, the Fiscal Officer and /or the Registrar are authorized to execute <br />and deliver a Letter of Representations agreement with the Clearing Agency, or a Blanket Issuer <br />Letter of Representations, and the provisions of any such Letter of Representations or any <br />successor agreement shall control on the matters set forth therein. The Registrar, by accepting <br />the duties of Registrar under this Ordinance, agrees that it will (i) undertake the duties of agent <br />required thereby and that those duties to be undertaken by either the agent or the issuer shall be <br />the responsibility of the Registrar, and (ii) comply with all requirements of the Clearing Agency, <br />including without limitation same day funds settlement payment procedures. Further, during any <br />time that the 2013A Bonds are held in book -entry form, the provisions of Section 8 of this <br />Ordinance shall control over conflicting provisions in any other section of this Ordinance. <br />SECTION 9. Form of 2013A Bonds. The form and tenor of the 2013A Bonds shall be <br />substantially as set forth in Appendix A hereto, all blanks to be filled in properly and all <br />necessary additions and deletions to be made prior to delivery thereof. <br />SECTION 10. Sale of Bonds. <br />(a) The Fiscal Officer is authorized to negotiate the sale of the 2013A Bonds <br />at an interest rate or rates not exceeding five percent (5 %) per annum. The Executive and the <br />Fiscal Officer are hereby authorized to (i) execute a purchase agreement with the purchaser, and <br />(ii) sell such 2013A Bonds upon such terms as are acceptable to the Executive and the Fiscal <br />Officer consistent with the terms of this Ordinance. The final form of the purchase contract shall <br />be determined by the Executive and Fiscal Officer, upon advice of the City's Bond Counsel and <br />Financial Advisor and the Executive and Fiscal Officer are hereby authorized and directed to <br />complete, execute and attest the same on behalf of the City so long as its provisions are <br />consistent with this Ordinance. <br />
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