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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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Authority, and in the years and amounts to be determined by negotiation with the Bond Bank or <br />the Authority or by the Controller with the advice of the City's financial advisor, if any series of <br />the Bonds are sold by public bidding. <br />In the event any series of the Bonds is sold by public bidding, the Controller may <br />determine, with the advice of the City's financial advisor, to issue the Bonds as "Build America <br />Bonds" pursuant to Section 54AA of the Internal Revenue Code of 1986, as amended (the <br />"Code") or "Recovery Zone Economic Development Bonds" pursuant to Section 1400U-2 of the <br />Code. In such case, the Controller is authorized to set forth such additional terms of the Bonds <br />as may be required in order to proceed with the sale of the Bonds as so designated and also to <br />evidence compliance with any requirements that may apply to Build America Bonds or Recovery <br />Zone Economic Development Bonds. If all or a portion of the Bonds are issued as Build <br />America Bonds and, pursuant to Section 54AA and Section 6431 of the Code, the City elects to <br />receive the direct payment from the federal government equal to thirty-five percent (35%) of the <br />interest payable on each interest payment date ("Federal Cash Payment"), each Federal Cash <br />Payment shall be immediately deposited into the Revenue Fund (defined herein) and treated as a <br />revenue of the Sewage Works. <br />The Bonds shall bear an original issue date which shall be the date of issuance of <br />the Bonds or the first day of the month in which the Bonds are delivered, as determined by the <br />Controller (unless otherwise provided in the Purchase Agreement in the event the Bonds are sold <br />to the Bond Bank or unless otherwise provided in the Financial Assistance Agreement in the <br />event such series of the Bonds is sold to the Authority), and each Bond shall also bear the date of <br />its authentication. Any Bond authenticated on or before the fifteenth (15th) day of the calendar <br />month immediately preceding the first Interest Payment Date, shall pay interest from its original <br />-8- <br />BDDBOI 5738468v1 <br />
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