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07-27-09 Common Council Meeting Agenda & Packet
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07-27-09 Common Council Meeting Agenda & Packet
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9/10/2009 2:52:27 PM
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7/23/2009 1:06:53 PM
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City Council - City Clerk
City Council - Document Type
Agendas
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next preceding the date of authentication of such Bond to which interest thereon has been paid or <br />duly provided for, unless such Bond is authenticated after the day which is fifteen (15) days prior <br />to the Interest Payment Date and on or before such Interest Payment Date, in which case interest <br />thereon shall be paid from such Interest Payment Date. <br />In the event that the Bonds or the BANS are sold to the Authority or any other <br />purchaser who so agrees pursuant to Section IX of this Ordinance, it is understood that principal <br />shall not be payable and interest shall not accrue on the Bonds or the BANs until such principal <br />amount has been advanced pursuant to requests made by the City to the Authority or to any such <br />other purchaser, with advances to be allocable to the Bonds in order of maturity. If the Bonds <br />are sold to the Authority, to the extent that (a) the total principal amount of the Bonds is not paid <br />by the purchaser or drawn down by the City or (b) proceeds remain in the Construction Account <br />established under Section X of this Ordinance and are not applied to the Project (or any <br />modifications or additions thereto approved by the Department and the Authority for that portion <br />or portions of the Project funded in whole or in part by Bonds sold to the Authority), the City <br />shall reduce the principal amount of the Bonds' maturities to effect such reduction in a manner <br />that will still achieve as level an annual debt service as practicable as described in this Section III <br />subject to and upon the terms forth in the Financial Assistance Agreement. <br />The Controller is hereby authorized to appoint a registrar and a paying agent for <br />the Bonds (the "Registrar" and the "Paying Agent" and, in both such capacities, the "Registrar <br />and Paying Agent"). The Registrar and Paying Agent shall be charged with and shall by <br />appropriate agreement undertake the performance of all of the duties and responsibilities <br />customarily associated with each such position, including without limitation the authentication of <br />the Bonds. The Controller is authorized and directed to enter into such agreements and <br />-9- <br />BDDBOI 5738468v1 <br />
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