2000-085 Ordinance - Laserfiche WebLink

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"SID" means the state information depository, if any, with which filings are required to be made by the City in accordance with the Rule. "Specified Events" means the occurrence of any of the following events, within the meaning of the Rule, with respect to the Bonds, as applicable: principal and interest payment delinquencies; non-payment related defaults; unscheduled draws on debt service reserves reflecting financial difficulties; unscheduled draws on credit enhancements reflecting financial difficulties; substitution of credit or liquidity providers, or their failure to perform; adverse tax opinions or events affecting the tax-exempt status of the Bonds; modifications to rights of holders or beneficial owners of the Bonds; Bond calls; defeasances; release, substitution, or sale of property securing repayment of the Bonds; and rating changes. The City has not obtained or provided, and does not expect to obtani or provide, any debt service reserves, and repayment of the Bonds is not secured by a lien on any properly capable of release or sale or for which other property may be substituted. "Term Bonds" means those Current Interest Bonds designated as such in the Certificate of Awazd, maturing on the Principal Payment Date or Dates set forth therein, bearing interest payable on each Interest Payment Date and subject to mandatory sinking fund redemption. The captions and headings in this ordinance aze solely for convenience of reference and in no way define, limit or describe the scope or intent of any Sections, 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 to issue bonds of this City in a maximum aggregate principal amount of $400,000 (the Bonds) for the purpose of constructing, reconstructing and otherwise improving City storm sewers and storm water drainage facilities, and to retire the Outstanding Series A Notes, the Outstanding Series B Notes and the Outstanding Series C Notes. Subject to the limitations set forth in this ordinance, the aggregate principal amount of the Bonds to be issued, the principal maturities of and principal payment schedule for the Bonds, the interest rate or rates that the Bonds shall bear and certain other terms and provisions of the Bonds identified in this ordinance are subject to further specification or deternunation in the Certificate of Award upon the finalization of the terms and provisions of the Bonds. The proceeds from the sale of the Bonds, except any premium and accrued interest, shall be paid into the proper fund or funds, and those proceeds are appropriated and shall be used for the purpose for which the Bonds are being issued. Any portion of those proceeds representing premium and accrued interest sha11 be paid into the Bond Retirement Fund. Section 3. Denominations• Datin iz• Principal and Interest Payment and Redemvtion 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 particular maturity date exceeding the principal amount maturing on that date. The respective principal amounts of the Bonds to be issued as Current Interest Bonds and Capital Appreciation Bonds (if any Bonds are issued as Capital Appreciation Bonds) shall be determined by the Mayor and the Director of Finance in the Certificate of Award, having due -5- .