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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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Last modified
12/3/2009 11:51:05 AM
Creation date
8/20/2009 12:22:25 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/10/2009
Ord-Res Number
9951-09
Bill Number
56-09
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determines to sell the Bonds to the Authority, the entry by the City into the Financial <br />Assistance Agreement and the execution of the Financial Assistance Agreement by the <br />Mayor, and, if required, the entry by the City into a purchase agreement or any other <br />agreement with the Authority and the execution thereof by the Mayor, in accordance with <br />this Ordinance are hereby authorized, approved and ratified. <br />Notwithstanding anything contained herein, the City may accept any other <br />forms of financial assistance, as and if available, from the SRF Program (including <br />without limitation (1) any forgivable loans, grants or other assistance whether available <br />as an alternative to any Bond related provision otherwise provided for herein or as a <br />.supplement or addition thereto and (2) one or more series or combination of series of <br />Bonds and/or BANs). If required by the SRF Program to be eligible for such financial <br />assistance, one or more of the series of the Bonds or BANs issued hereunder may be <br />issued on a basis such that the payment of the principal of or interest on (or both) such <br />series of Bonds is junior and subordinate to the payment of the principal of and interest <br />on other series of Bonds issued hereunder (and/or any other revenue bonds secured by a <br />pledge of Net Revenues, whether now outstanding or hereafter issued), all as provided by <br />the terms of such series of Bonds as modified pursuant to this authorization. Such <br />financial assistance, if any, shall be as provided in the Financial Assistance Agreement <br />and the Bonds of each series of Bonds and the BANs of each series of BANS issued <br />hereunder (including any modification made pursuant to the authorization in this <br />paragraph to the form of Bond otherwise contained herein). <br />(f) Credit Enhancement; Opinion of Bond Counsel. Prior to the <br />delivery of the Bonds and BANs, the Mayor, subject to the direction of the Common <br />-27- <br />BDDB01 5738468v1 <br />
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