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Refunding of Outstanding Sewage Works Revenue Bonds of 2006, 2007B in the Principal Amount not to Exceed $28,000,000
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Refunding of Outstanding Sewage Works Revenue Bonds of 2006, 2007B in the Principal Amount not to Exceed $28,000,000
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Last modified
12/2/2015 12:24:16 PM
Creation date
12/2/2015 12:24:06 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/23/2015
Ord-Res Number
10406-15
Bill Number
71-15
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SECTION 29. Severability. If any section, paragraph or provision of this <br /> Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or <br /> unenforceability of such section, paragraph or provision shall not affect any of the remaining <br /> provisions of this Ordinance. <br /> SECTION 30. Interpretation. Unless the context or laws clearly require <br /> otherwise, references herein to statutes or other laws include the same as modified, supplemented <br /> or superseded from time to time. <br /> SECTION 31. Effectiveness. This Ordinance shall be in full force and effect <br /> from and after its passage and compliance with the procedures required by law. <br /> SECTION 32. Credit Facility. The Executive and the Fiscal Officer, on behalf <br /> of the City, are hereby authorized to obtain a Credit Facility as set forth in Section 14 herein. <br /> The Executive and the Fiscal Officer, on behalf of the City, are also authorized to enter into an <br /> agreement with the Credit Facility Issuer for the Credit Facility (the "Credit Facility <br /> Agreement") and negotiate the terms of the Credit Facility Agreement, with the advice of the <br /> City's financial advisor and nationally recognized bond counsel. The Executive and the Fiscal <br /> Officer, on behalf of the City, are also authorized to execute any and all other documents <br /> required to obtain the Credit Facility. The City hereby agrees that: <br /> (a) If the sewage works fails to pay any Credit Facility Costs in accordance <br /> with the requirements set forth above, the Credit Facility Issuer shall be entitled to exercise any <br /> and all remedies available at law or under the authorized documents other than (i) acceleration of <br /> the maturity of the 2015 Bonds or (ii) remedies which would adversely affect the owners of the <br /> 2015 Bonds. <br /> (b) This Ordinance shall not be discharged and the 2015 Bonds defeased until <br /> all Credit Facility Costs owing to the Credit Facility Issuer shall have been paid in full. <br /> (c) The Credit Facility Issuer is granted a security interest (subordinate to that <br /> of the owners of the 2015 Bonds) in all revenues and collateral pledged as security for the 2015 <br /> 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 <br /> available moneys are insufficient to pay debt service on the 2015 Bonds and bonds ranking on <br /> - 22 - <br />
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