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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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1 <br />(a) to cure any ambiguity or formal defect or omission in this Ordinance <br />or in any supplemental ordinance; or <br />(b) to grant to or confer upon the owners of the 2001 Bonds any additional <br />rights, remedies, powers, authority or security that may lawfully be granted to or <br />conferred upon the owners of the 2001 Bonds; or <br />(c) to procure a rating on the 2001 Bonds from a nationally recognized <br />securities rating agency designated in such supplemental ordinance, if such <br />supplemental ordinance will not adversely affect the owners of the 2001 Bonds; or <br />(d) to make any other change which is not to the prejudice of the owners <br />of the 2001 Bonds; or <br />(e) to provide for the refunding or advance refunding of the 2001 Bonds. <br />SECTION 20. Defaults. In the event available moneys hereunder, subject to the restrictions <br />on use of money held under this Ordinance as set forth herein, are insufficient to pay debt service on <br />all bonds payable from the revenues of the sewage works when due, available moneys shall be <br />applied, after payment of all costs and expenses associated therewith, to the 2001 Bonds and any <br />additional bonds issued in accord with Section 16 hereof (together, "Parity Bonds") as follows: <br />First - To the payment to the persons entitled thereto of all installments of <br />interest then due, including interest on any past due principal at the rate borne by such <br />bond, in the order of the maturity of the installments of such interest and, if the <br />amount available shall not be sufficient to pay in full any particular installment, then <br />to such payment ratably, according to the amounts due on such installments, to the <br />persons entitled thereto, without any discrimination or privilege; and <br />Second - To the payment to the persons entitled thereto of the unpaid principal <br />of and premium on any of such bonds which shall have become due either at maturity <br />or pursuant to a call for redemption (other than bonds called for redemption for the <br />payment of which other moneys are held), in the order of their due dates, and, if the <br />amount available shall not be sufficient to pay in the amounts due on any particular <br />date, then to such payment ratably, according to the amount due on such date, to the <br />persons entitled thereto without any discrimination or privilege. <br />During the continuance of any default in the payment of either principal of or interest or <br />premium on any 2001 Bond or other Parity Bond, no payment shall be made with respect to any <br />subordinate and junior bonds issued in accord with Section 17(d) hereof ("Junior Bonds"). Moneys <br />available for payment to holders of Junior Bonds shall, in the event of an insufficient amount being <br />available to pay all debt service with respect to the Junior Bonds when due, be applied to the Junior <br />Bonds in accordance with the sequence and other terms set forth above with respect to payments <br />regarding Parity Bonds unless otherwise provided in the ordinance authorizing the Junior Bonds. <br />-16- <br />
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