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Amend & Restating Ordinance #9027-99 Concerning Construction of Improvements to Wworks, amount not to exceed $2,6000,000
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Amend & Restating Ordinance #9027-99 Concerning Construction of Improvements to Wworks, amount not to exceed $2,6000,000
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Last modified
5/15/2009 1:50:10 PM
Creation date
11/21/2008 3:58:33 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/28/2000
Ord-Res Number
9095-00
Bill Number
23-00
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Program Representative prior to submission to the Trustee for a Loan disbursement. <br />Disbursement Requests shall be numbered sequentially, beginning with the number 1. <br />Section 2.05. Effect of Disbursements. Loan disbursements made to or for the <br />benefit of the Qualified Entity shall be deemed to be a purchase of the Bonds in such amounts <br />and with such maturities as achieves as level a debt service as practicable, and with no <br />maturity longer than the original maturity schedule; provided that any principal payments <br />originally scheduled under Section 2.02 herein as being due prior to one year after Substantial <br />Completion of Construction shall first be deemed to be a purchase of the Bonds in order of <br />maturity. Interest on the Loan commences on the day that the State approves a Disbursement <br />Request and forwazds such Disbursement Request to the Trustee for payment. In the event any <br />Loan disbursement is made in excess of Eligible Costs, such excess disbursements shall be <br />immediately paid by the Qualified Entity to the Trustee and may, subject to the terms and <br />conditions set forth in this Agreement, be borrowed by the Qualified Entity. <br />Section 2.06. Acknowledgment of Amount of Loan; Final Disbursement. Within <br />30 days after any request by the State from time to time, the Qualified Entity shall execute and <br />deliver to the State an acknowledgment in the form prescribed by the State which <br />acknowledges the outstanding principal of and interest on the Bonds. Unless the State <br />consents in writing, no Loan disbursement shall be made more than one year after Substantial <br />Completion of Construction. After Substantial Completion of Construction, upon the request <br />of the State, the Qualified Entity shall replace, at its expense, the Bonds with substitutes issued <br />pursuant to the Authorizing Instrument to evidence the outstanding principal under the Loan. <br />(End of Article II) <br />430S48 $ <br />
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