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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.
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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.
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9/24/2009 2:28:11 PM
Creation date
7/27/2009 3:45:48 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/23/1997
Ord-Res Number
8801-97
Bill Number
52-97
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Bonds, adopt such ordinances supplemental hereto as shall not be inconsistent with the terms and <br />provisions hereof (which supplemental ordinances shall thereafter form a part hereof): <br />(a) To cure any ambiguity or formal defect or omission in this <br />Ordinance or in a»y supplemental ordinance; <br />(b) To grant to or confer upon the owners of the 1997 Bonds any <br />additional rights, remedies, powers, authority or security that may lawfully be <br />granted to or conferred upon the owners of the 1997 Bonds; <br />(c) To procure a rating on the 1997 Bonds from a nationally recognized <br />securities rating agency designated in such supplemental ordinance, if such <br />supplemental ordinance wilt not adversely affect the owners of the 1997 Bonds; <br />(d) To obtain or maintain bond insurance with respect to the 1997 <br />Bonds; <br />(e) To provide for the refunding or advance refunding of the 1997 <br />Bonds; <br />(f) To provide for the issuance of additional bonds as provided in <br />Section 20 hereof; or <br />(g) To make any other change which, in the determination of the <br />Council in its sole discretion, is not to the prejudice of the owners of the 1997 <br />Bonds. <br />SECTION 24. TaxMatters. In order to preserve the exclusion of interest on the <br />1997 Bonds from gross income for federal income tax purposes and as an inducement to <br />purchasers of the 1997 Bonds, the City represents, covenants and agrees that: <br />(a) No person or entity, other than the City or another state or local <br />governmental City, will use proceeds of the 1997 Bonds or property financed by <br />the 1997 Bond proceeds other than as a member of the general public. No person <br />or entity other than the City or another state or local governmental City will own <br />property financed by 1997 Bond proceeds or will have actual or beneficial use of <br />such property pursuant to a lease, a management or incentive payment contract, an <br />arrangement such as take-or-pay or output contract, or any other type of <br />arrangement that differentiates that person's or entity's use of such property from <br />the use by the public at large. <br />(b) No 1997 Bond proceeds will be loaned to any entity or person other <br />than a state or local governmental City. No 1997 Bond proceeds will be <br />transferred, directly or indirectly, or deemed transferred to anon-governmental <br />-25- <br />
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