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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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portions thereof) issued hereunder shall no longer be deemed outstanding or entitled to the <br />pledge of the net revenues of the City's Sewage Works. <br />Section XVIII. Additional BANS and Bonds. The City will issue no other bonds <br />or obligations of any kind or nature payable from or enjoying a lien on the Net Revenues of the <br />Sewage Works having priority over the Bonds herein authorized. <br />The City reserves the right to authorize and issue additional BANS at any time ranking on <br />a parity with the BANS so long as the interest is payable only on the same date(s) as that <br />provided in the BAN Purchase Agreement and the principal is payable solely from the Bond <br />proceeds. The City also reserves the right to authorize and issue additional bonds, payable out of <br />the net revenues of its Sewage Works, ranking on parity with the Bonds authorized by this <br />Ordinance, for the purpose of financing the cost of future additions, extensions and <br />improvements to the Sewage Works, subject to the following conditions: <br />(a) The interest on and principal of all bonds payable from the <br />revenues of the Sewage Works shall have been paid to date in accordance with the terms <br />thereof, provided, this condition shall be deemed satisfied if any required amount is to be <br />provided from the proceeds of the parity bonds or other funds of the City. <br />(b) All required payments into the Sinking Fund shall have been made <br />in accordance with the provisions of this Ordinance, and the interest on and principal of <br />all bonds payable from the net revenues of the Sewage Works shall have been paid to <br />date in accordance with the terms thereof. <br />(c) The net revenues of the Sewage Works in the fiscal year <br />immediately preceding the issuance of any such bonds ranking on a parity with the Bonds <br />authorized by this Ordinance shall be not less than one hundred twenty-five percent <br />-39- <br />BDDBOI 5738468v1 <br />
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