74-10 Issuance & sale of bonds $4,550,000

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their failure to perform; adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, notices of proposed issues, other material notices or determinations with respect to the tax status of the Bonds or other material events affecting the tax- exempt status of the Bonds; modifications to rights of owners or beneficial owners of the Bonds, if material; Bond calls, if material and tender offers; defeasances; release, substitution, or sale of property securing repayment of the Bonds, if material; and rating changes, bankruptcy, insolvency, receivership or similar event of the City; merger, consolidation or acquisition of the City or the sale of all or substantially all of the assets of the City, other than in the ordinary course of business, entry into a definitive agreement to undertake such action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; and appointment of a successor Bond Registrar or a change of name of Bond Registrar, if material The repayment of the Bonds is not secured by a lien on any property capable of release or sale or for which other property maybe substituted. "Term Bonds" means those Bonds, if any, designated as such and maturing on the Principal Payment Dates set forth in the Certificate of Award. The captions and headings in this Ordinance are solely for convenience of reference and in no way define, limit or describe the scope or intent of any Secfions, subsections, paragraphs, subparagraphs or clauses hereof. Reference to a Section means a section of this Ordinance unless otherwise indicated. Section 2. Authorized Principal Amount and Purpose; Application of Proceeds. It is necessary and determined to be in the City's best interest to issue bonds of this City in an aggregate principal amount not to exceed $4,550,000 (the "Bonds") to refund the Outstanding Bonds issued to pay costs of the Improvement and to pay costs of issuing the Bonds. The aggregate principal amount of Bonds to be issued (not to exceed $4,550,000) shall be determined by the Director of Finance in the Certificate of Awazd to be the aggregate principal amount of Bonds that is required to be issued at this time for the purpose stated in this Section 2. A portion of the proceeds of the Bonds sufficient, together with other money available to the City, to refund the Outstanding Bonds shall be deposited into the Escrow Fund in accordance with the Escrow Agreement. A portion of the proceeds of the Bonds sufficient, together with other moneys available to the City, shall be deposited 'into an appropriate fund of the City and used to pay costs of issuance of the Bonds. Any proceeds of the Bonds not spent 120 days after the issuance of the Bonds shall be transferred to the Bond Retirement Fund and used to pay principal of or interest on the Bonds when due. All interest earned on amounts on deposit in each of those funds derived from the proceeds of the Bonds (including interest earned on such interest) shall be credited to the fund and used for the purposes set forth above, and shall not be transferred to the General Fund. All of the proceeds of the Bonds and interest earned on those proceeds (and the interest on such interest) are hereby appropriated for the purposes set forth above. Section 3. Denominations• Dating; Principal and Interest Payment and Redemption Provisions. The Bonds shall be issued in one lot and only as fully registered bonds, in the Authorized Denominations, but in no case as to a particulaz maturity date exceeding the principal amount maturing on that date. The Bonds shall be dated the Closing Date. 5