My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
sbend
>
Public
>
Common Council
>
Legislation
>
Ordinances
>
1997
>
Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
9/24/2009 2:28:11 PM
Creation date
7/27/2009 3:45:48 PM
Metadata
Fields
Template:
City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/23/1997
Ord-Res Number
8801-97
Bill Number
52-97
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
35
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
The City irrevocably pledges the entire Net Revenues of the works to the <br />prompt payment of the principal of and interest on the Bonds and any bonds <br />ranking on a parity therewith, including the Waterworks Revenue Bonds of 1993 <br />(the "Parity Bonds") authorized by the Parity Ordinance, to the extent necessary <br />for such purposes, and covenants that it will establish proper rates and charges for <br />services rendered by the utility as aze sufficient in each year for the payment of the <br />proper and reasonable expenses of operation, repair and maintenance of the works <br />and for the payment of the sums required to be paid into the Sinking Fund under <br />the provisions of the Act and the Ordinance. If the City or the proper officers <br />thereof shall fail or refuse to so fix and collect such rates or charges, or if there be <br />a default in the payment of the interest on or principal of this bond, the owner of <br />this bond shall have all of the rights and remedies provided for in the Act. <br />The City covenants that for so long as the Bonds and any bonds issued on <br />a parity therewith, including the Parity Bonds, remain outstanding it will set aside <br />and pay into the Sinking Fund a sufficient amount of the Net Revenues for the <br />payment of (a) the principal of and interest on all bonds which by their terms are <br />payable from the Net Revenues, as such principal and interest shall fall due, (b) the <br />necessary fiscal agency charges for paying bonds and (c) an additional amount to <br />maintain the reserve required by the Ordinance. Such required payments shall <br />constitute a first charge upon all the Net Revenues. Reference is made to the <br />Ordinance for a more complete statement of the revenues from which and <br />conditions under which this bond is payable, a statement of the conditions on which <br />obligations may hereafter be issued on parity with this bond, the manner in which <br />the Ordinance may be amended and the general covenants and provisions pursuant <br />to which this bond has been issued. <br />The bonds of this issue maturing on and after January 1, 2007 are <br />redeemable at the option of the City on January 1, 2006, or any date thereafter, on <br />thirty (30) days' notice, in whole or in part, in any order of maturities selected by <br />the City and by lot within a maturity, at 100% of face value, together with the <br />following premiums: <br />1 % if redeemed on January 1, 2006 or thereafter <br />before January 1, 2007; and <br />0% if redeemed on January 1, 2007, or thereafter <br />prior to maturity; <br />plus accrued interest to the date fixed for redemption. Each minimum authorized <br />denomination in principal amount shall be considered a separate bond for purposes <br />of partial redemption. <br />Notice of such redemption shall be mailed by first-class mail not more than <br />sixty (60) days and not less than thirty (30) days prior to the date fixed for <br />-12- <br />
The URL can be used to link to this page
Your browser does not support the video tag.