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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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(c) The Credit Facility Issuer is granted a security interest (subordinate to that <br />of the owners of the 2013A Bonds) in all revenues and collateral pledged as security for the <br />2013A Bonds, for the repayment of the Credit Facility Costs. <br />(d) No additional bonds payable from the Net Revenues will be issued <br />without the Credit Facility Issuer's prior written consent as long as Credit Facility Costs are past <br />due and still owing to the Credit Facility Issuer. <br />(e) This Ordinance shall not be modified or amended, except as provided in <br />Section 23 herein, without the prior written consent of the Credit Facility Issuer. <br />The Credit Facility Issuer shall be provided with written notice of the resignation or removal of <br />the Registrar and Paying Agent and the appointment of a successor thereto and of the issuance of <br />additional indebtedness of the City's sewage works at such address as may be specified, from <br />time to time, by the Credit Facility Issuer. <br />SECTION 33. Payment on Bonds in the Event of Default. In the event available <br />moneys are insufficient to pay debt service on the 2013A Bonds and bonds ranking on parity <br />with the 2013A Bonds when due, available moneys shall be applied, after payment of all costs <br />and expenses associated therewith, to the 2013A Bonds and any such parity bonds as follows: to <br />the payment to the persons entitled thereto of all unpaid installments of interest then due on, and <br />the unpaid principal of, the 2013A Bonds and any such parity bonds, including interest on any <br />past due principal of any 2013A Bond or such parity bonds at the rate borne by such 2013A <br />Bond or such parity bonds, in the order of the maturity of the installments of such interest and <br />the due dates of such principal and, if the amount available shall not be sufficient to pay in full <br />any particular installment of interest or maturity of principal, then to such payment ratably, <br />according to the amounts so due, to the persons entitled thereto, without any discrimination or <br />privilege or any preference of or priority of interest over principal or principal over interest. <br />During the continuance of any default in the payment of either principal of or interest or <br />premium on any 2013A Bonds or bonds ranking on parity with the 2013A Bonds, no payment <br />shall be made with respect to any subordinate obligations issued pursuant to Section 21(e). <br />Moneys available for payment to holders of such subordinate obligations shall, in the event of an <br />insufficient amount being available to pay all debt service with respect to the subordinate <br />obligations when due, be applied to the subordinate obligations in accordance with the sequence <br />and other terms set forth above with respect to payments regarding 2013A Bonds and such parity <br />bonds unless otherwise provided in the ordinance authorizing the subordinate obligations. <br />SECTION 34. Actions and Agreements. Each of the Executive, the Fiscal Officer and <br />any other officer or employee of the City is hereby authorized and directed to execute any <br />instruments or agreements or take any other actions necessary or desirable to effect the <br />transactions contemplated by this Ordinance, such necessity or desirability to be conclusively <br />evidenced by the execution of such instruments or agreements or the taking of such action. <br />-23- <br />
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