08-10-09 Common Council Meeting Agenda & Packet

Home Browse Search

of this issue authorized pursuant to the Ordinance, including this Bond, any bonds hereafter issued on parity herewith. The City covenants that it will to the fullest extent permitted by law cause to be fixed, maintained and collected such rates and charges for services rendered by such works as are sufficient in each year for the payment of the proper and reasonable expenses of Operation and Maintenance (as defined in the Financial Assistance Agreement) of said works and for the payment of the sums required to be paid into said Sinking Fund under the provisions of said Act and said Ordinance to comply with and satisfy all covenants contained in this Ordinance and the Financial Assistance Agreement. In the event the City, or the proper officers thereof, shall fail or refuse to so fix, maintain and collect such rates or charges, or if there be a default in the payment of the principal of or interest on this Bond, the Registered Owner of this Bond shall have all of the rights and remedies provided for in the Act, including the right to have a receivez appointed to administer the works and to charge and collect rates sufficient to provide for the payment of the principal of and interest on this Bond. The City further covenants that it will set aside and pay into its Sewage Works Sinking Fund a sufficient amount of the net revenues of the Sewage Works to meet (a) the interest on all bonds payable from the revenues of the Sewage Works, as such interest shall fall due, (b) the necessary fiscal agency charges for paying all bonds and interest, (c) the principal of all bonds payable from the revenues of the Sewage Works, and (d) an additional amount as a margin of safety to create the reserve required by the Ordinance. The bonds of this issue maturing on or after 1, 200_, are subject to redemption prior to maturity, at the option of the City, in whole or in part, on 1, 20 , or at any time thereafter, or sixty (60) days' notice, in inverse order of maturity and by lot within any such maturity or maturities by the Registrar at a redemption price expressed as a percentage of the principal amount of each bond to be redeemed in accordance with the following schedule, plus accrued interest to the date of redemption: Redemption Period (Both Dates Inclusive) Redemption Price 20_, through , 20_ -% 20_, and thereafter prior to maturity _% Notice of any such redemption shall be sent by registered or certified mail to the Registered Owner of this Bond not more than ninety (90) and not less than sixty (60) days prior to the date fixed for redemption, unless such notice is waived by the Registered Owner; provided, however, that failure to give such notice by mailing, or any defect therein, with respect to any such bond will not affect the validity of any proceedings for redemption of any other such bonds. The notice shall specify the redemption price, the date and place of redemption, and the registration numbers (and in case of partial redemption, the respective principal amounts) of the bonds called for redemption. Interest on bonds so called for redemption shall cease to accrue on the redemption date fixed in such notice, so long as sufficient funds are available at the place of redemption to pay the redemption price on the redemption date or when presented for payment. BDDB01 5738468v l A-4