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05-26-09 Common Council Meeting Agenda & Packet
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05-26-09 Common Council Meeting Agenda & Packet
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5/21/2009 4:06:32 PM
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City Council - City Clerk
City Council - Document Type
Agendas
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valid and sufficient for all purposes as if such officer had remained in office until delivery of the <br />BANS. <br />Upon execution of the BANS by the Executive and attestation thereof by the City Clerk, <br />the BANS shall constitute the legal, valid and binding obligations of the City. <br />No action shall be taken that would impair the exclusion from gross income of interest on <br />the BANs provided by the Code (as defined in Section 24). In furtherance of the foregoing, the <br />provisions of Section 24 of this Ordinance shall apply to the BANS in the same manner as they <br />apply to the 2009 Bonds. <br />The BANS shall be subject to transfer or exchange in the same manner as the 2009 <br />Bonds, as described in Section 4, and to amendment in the same manner as the 2009 Bonds, as <br />described in Sections 22 and 23. <br />The Executive and the Fiscal Officer each are authorized and directed to execute a <br />purchase agreement with respect to the BANS in such form or substance as they shall approve. <br />As an alternative to any terms of the BANS set forth above and to the method of sale referred to <br />above, the Fiscal Officer may negotiate the sale to the Indiana Finance Authority or the Indiana <br />Bond Bank upon such terms as are acceptable to the Executive and the Fiscal Officer and as are <br />authorized by law for such sale, and the Executive and the Fiscal Officer each are authorized to <br />execute a purchase agreement with the Indiana Finance Authority or the Indiana Bond Bank <br />reflecting such terms. <br />(b) The Executive and the Fiscal Officer may take such other actions or <br />deliver such other certificates and documents needed for the Project or the financing as they <br />deem necessary or desirable in connection therewith. <br />SECTION 26. Rate Ordinance. The rates and charges of the works are set forth <br />or described in Ordinance No. 9561-OS adopted by the Council on January 10, 2005. Such <br />ordinance is hereby incorporated by reference as if set forth in full at this place, two copies of <br />which are on file and available for public inspection in the office of the City Clerk pursuant to <br />I.C. §36-1-5-4. <br />SECTION 27. Non-Business Days. If the date of making any payment or the <br />last date for performance of any act or the exercising of any right, as provided in this Ordinance, <br />shall be a legal holiday or a day on which banking institutions in the City or the jurisdiction in <br />which the Registrar or Paying Agent is located are typically closed, such payment maybe made <br />or act performed or right exercised on the next succeeding day not a legal holiday or a day on <br />which such banking institutions are typically closed, with the same force and effect as if done on <br />the nominal date provided in this Ordinance, and no interest shall accrue for the period after such <br />nominal date. <br />SECTION 28. No Conflict. The Council hereby finds and determines that the <br />adoption of this Ordinance and the issuance of the 2009 Bonds is in compliance with the Prior <br />Ordinances. The Prior Ordinances shall remain in full force and effect (except as otherwise <br />provided in Section 3 of this Ordinance). All ordinances and resolutions and parts thereof in <br />conflict herewith, except the Prior Ordinances (except as provided in Section 3 hereof), are to the <br />-31- <br />
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