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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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6/25/2009 8:45:24 AM
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6/25/2009 8:45:23 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/22/1998
Ord-Res Number
8919-98
Bill Number
51-98
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With respect to any series of 1998 Bonds sold to the State pursuant to Section 8 of <br />this Ordinance, it is understood that principal shall not be payable and interest shall not accrue on <br />such series of 1998 Bonds until such principal amount has been advanced pursuant to requests made <br />by the City to the State, with advances to be allocable to such series of 1998 Bonds in order of <br />maturity. In the event that the total principal amount of the 1998 Bonds of such series is not <br />advanced to the City, the principal amount of such series shall be reduced to effect such reduction <br />in a manner that will still achieve as level annual debt service as practicable in accordance with in <br />this Section 3 of this Ordinance. <br />The Controller is hereby authorized to appoint a registraz and a paying agent for the <br />1998 Bonds (the "Registrar" and the "Paying Agent" and, in both such capacities, the "Registrar and <br />Paying Agent"). The Registrar and Paying Agent shall be chazged with and shall by appropriate <br />agreement undertake the performance of all of the duties and responsibilities customazily associated <br />with each such position, including without limitation the authentication of the 1998 Bonds. The <br />Controller is authorized and directed to enter into such agreements and understandings with the <br />Registrar and Paying Agent and any subsequent Registrar and Paying Agent as will enable and <br />facilitate the performance of its duties and responsibilities, and is authorized and directed to pay such <br />fees as the Registrar and Paying Agent may reasonably charge for its services in such capacity, and <br />such fees may be paid from the Sewage Works Sinking Fund created under the 1993 Ordinance and <br />continued by this Ordinance. <br />As to the 1998 Bonds, if registered in the name of the State, the Bond Bank or any <br />other purchaser that does not object to such designation, the Controller shall be designated as the <br />Registrar and Paying Agent and shall be chazged with the performance of all of the duties and <br />responsibilities of Registraz and Paying Agent. <br />The Registrar and Paying Agent, if not the Controller, may at any time resign as <br />Registrar and Paying Agent upon giving thirty (30) days' notice in writing to the City and by first- <br />class mail to each registered owner of the 1998 Bonds then outstanding, and such resignation will <br />take effect at the end of such thirty (30) days or upon the eazlier appointment of a successor Registrar <br />and Paying Agent by the City. Any such notice to the City may be served personally or sent by <br />certified mail. The Registraz and Paying Agent may also be removed at any time as Registraz and <br />Paying Agent by the City, in which event the City may appoint a successor Registrar and Paying <br />-6- <br />:ODMA\PCDOCS\SBDOCS 1 \ 14947\3 <br />
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