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Authorizing Issuance and Sale of Bonds to refund Outstanding Refunding Revenue Bonds of 1993
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Authorizing Issuance and Sale of Bonds to refund Outstanding Refunding Revenue Bonds of 1993
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Last modified
5/20/2009 2:24:27 PM
Creation date
8/28/2008 1:50:58 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/24/2001
Ord-Res Number
9270-01
Bill Number
92-01
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Agreement") with the Reserve Policy Issuer and to negotiate the terms of the Reserve Policy <br />Agreement pursuant to advice of the City's financial advisor. The Mayor and the Controller are <br />authorized to execute the Reserve Policy Agreement and any and all other documents or instruments <br />required to obtain the Reserve Policy. <br />In the event a draw is made against the Reserve Policy, the City shall repay the amount of the <br />draw and related expenses incurred by the Reserve Policy Issuer together with interest thereon at the <br />rate set forth in the Reserve Policy Agreement. The repayment of the draw amount, related expenses <br />and accrued interest (the "Policy Costs") shall be paid from the funds that would have been set aside <br />to replenish the Debt Service Reserve Account. Repayment of the Policy Costs shall commence in <br />the first month following each draw, in an amount equal to no less than one twelfth (1/12) of the <br />aggregate Policy Costs related to such draw. If and to the extent cash has been deposited to the Debt <br />Service Reserve Account, all such cash (or permitted investments) shall be used prior to any drawing <br />under the Reserve Policy, and the payment of any Policy Costs under the Reserve Policy shall be <br />made prior to replenishment of any such cash amounts. If, in addition to the Reserve Policy, any <br />other Debt Service Reserve Account substitute instrument ("Additional Reserve Policy") is provided, <br />drawings under the Reserve Policy and any such Additional Reserve Policy, and repayment of Policy <br />Costs and reimbursement of amounts due under the Additional Reserve Policy, shall be made on a <br />pro-rata basis (calculated by reference to the maximum amounts available thereunder) after applying <br />all available cash in the Debt Service Reserve Account and prior to replenishment of any such cash <br />draws, respectively. The City hereby agrees that: <br />(a) If the sewage works fails to pay any Policy Costs in accordance with <br />the requirements set forth above, the Reserve Policy Issuer shall be entitled to exercise <br />any and all remedies available at law or under the authorized documents other than (i) <br />acceleration of the maturity of the 2001 Bonds or (ii) remedies which would adversely <br />affect the holders of the 2001 Bonds; <br />(b) This Ordinance shall not be discharged and the 2001 Bonds defeased <br />until all Policy Costs owing to the Reserve Policy Issuer shall have been paid in full; <br />(c) The Reserve Policy Issuer is granted a security interest (subordinate <br />to that of the holders of the 2001 Bonds and any Parity Bonds) in all revenues and <br />collateral pledged as security for the 2001 Bonds, for the repayment of the Policy <br />Costs; <br />(d) No additional bonds will be issued without the Reserve Policy Issuer's <br />prior written consent as long as Policy Costs are past due and still owing to the <br />Reserve Policy Issuer; <br />(e) This Ordinance shall not be modified or amended without the prior <br />written consent of the Reserve Policy Issuer; and <br />(f) The Reserve Policy Issuer shall be provided with written notice of the <br />resignation or removal of the Registrar and Paying Agent and the appointment of a <br />-9- <br />
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