1983 022 Ordinance - Laserfiche WebLink

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Before additional revenue obligations are issued, there shall be de- livered to the trustee or the Holder the items required by any indenture of trust and legislation providing for and authorizing their issuance. The addi- tional revenue obligations shall be in such principal amounts, be dated, bear interest at such rate or rates, be subject to redemption at such times and prices and mature in such years as the legislation.authorizing their issuance shall fix and determine. Section 9. Agreement and Assignment. To provide for the issuance and sale of the Bond and the consummation of the transactions contemplated therein, the Executive and the Fiscal Officer or the Clerk of the Legislative Authority are authorized and directed for and in the name and on behalf of the Issuer, to execute, acknowledge and deTiver, the Agreement and the Assignment in substantially the forms submitted to this Legislative Authority. Those instruments are approved, with such changes therein not inconsistent with this Bond Legislation and not substantially adverse to the Issuer and which are permitted by the Act and shall be approved by the officers executing the same on behalf of the Issuer. The approval of such changes by said officers, and their character as not being substantially adverse to the Issuer, shall be evidenced conclusively by the execution of such instrtmments. Section 10. Other pocuments. The Executive and the Fiscal Officer or the Clerk of the Legislative Authority, as appropriate, are authorized and• directed to execute any certifications, financing statements, assignments and instruments which are necessary or appropriate to perfect the assignments set forth herein and in the Assignment and to consummate the transactions contem- plated by this Bond Legislation, the Agreement and the Assignment. Section 11. Delivery of Bond. Before the Bond is delivered there shall be delivered to the Holder: (a) A copy, duly certified by the Clerk of this Legisla- tive Authority, of this Bond Legislation; (b) The executed Note; (c) An original executed counterpart of the Agreement, the Mortgage and the Assignment; and (d) Written title evidence that the Holder as holder of the Mortgage will have a valid, direct first mortgage upon the Mortgaged Property as defined in the Mortgage subject only to (i) taxes and assessments not delin- quent and (ii) liens and encumbrances permitted by the terms and provisions of the Mortgage. Such title evidence shall consist of an ALTA form of loan policy of title insurance, or commitment therefor, in the name of the Holder both in an amount of not less than $3,500,000 issued by a title company selected by the Company and approved by the Holder, authorized to transact business in the State. 11