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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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extent of such conflict hereby repealed. None of the provisions of this Ordinance shall be <br />construed to adversely affect the rights of the owners of the Parity Bonds. <br />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or superseded from time to time.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 or Additional Credit Facility as set <br />forth in Section 14 herein. The Executive and the Fiscal Officer, on behalf of the City, are also <br />authorized to enter into an agreement with the Credit Facility Issuer for either the Credit Facility <br />or Additional Credit Facility (the "Credit Facility Agreement") and negotiate the terms of the <br />Credit Facility Agreement, with the advice of the City's financial advisor and Bond Counsel. <br />The Executive and the Fiscal Officer, on behalf of the City, are also authorized to execute any <br />and all other documents required to obtain the Credit Facility. The City hereby agrees that: <br />(a) If the waterworks fails to pay any Credit Facility Costs in accordance with <br />the requirements set forth above, the Credit Facility Issuer shall be entitled to exercise any and <br />all remedies available at law or under the authorized documents other than (i) acceleration of the <br />maturity of the 2009 Bonds or (ii) remedies which would adversely affect the owners of the 2009 <br />Bonds. <br />(b) This Ordinance shall not be discharged and the 2009 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 2009 Bonds) in all revenues and collateral pledged as security for the 2009 <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 without the prior written <br />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 waterworks at such address as maybe specified, from time <br />to time, by the Credit Facility Issuer. <br />-32- <br />
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