81-144 Ordinance - Laserfiche WebLink

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held by the Trustee or Paying Agents so as to be available therefor, then from and after such redemption date such Bonds or portions of fully registered Bonds shall cease to bear interest and any coupon for interest thereon maturing subsequent to the redemption date shall be void. As provided herein, the Bonds shall be equally and ratably (i) payable solely from the Pledged Receipts and (ii) secured by a pledge of the moneys constituting Pledged Receipts and all the rights of the Issuer under the Agreement except those set forth in Sections 4.3, 5.5 and 7.4 thereof and shall be further secured by the Indenture and the Security Agreeroent. Anything in the Bond Legislation, the Bonds, the Indenture or the Security- Agreement to the contrary notwithstanding, neither the Bond Legislation, the Bonds, the Indenture nor the Security Agreement shall constitute a debt or a pledge of the faith and credit of the Issuer or any political subdivision of the State and the holders or owners of the Bonds shall have no right to have taxes levied by the taxing authority of any political subdivision of the State for the payment of the principal of, premium, if any, or interest on the Bonds but such Bonds are payable solely from the aforesaid Bond Fund and Construction Fund and Pledged Receipts and the Bonds shall contain on the face thereof a statement to that effect; provided, that nothing herein shall be deemed to prohibit the Issuer, of its own volition, from using to the extent lawfully authorized to do so any other resources for the fulfillment of any of the terms, conditions or obligations of the Indenture, the Bond Legislation or any of the Bonds. As additional security for the payment of the principal, interest, and premium, if any, on the Project Bonds, the Loans Payments are secured by the Letters of Credit issued by the Bank in favor of the Trustee, which, pursuant to the Agreement, have been furnished at the request and for the account of the Company. In addition, the Project Bonds are secured, to the extent provided in the Indenture, by the pledge and assignment thereunder of the Pledged Receipts (except certain payments to the Issuer under provisions for indemnification of, and reimbursement of expenses of the Issuer). Section 5. Sale of Pro_ject Bonds. The Project Bonds are hereby sold and awarded to the Original Purchaser, in accordance with the Bond Purchase Agreement, at a purchase price of $2,910,000.00 plus any accrued interest on the face amount of the Project Bonds from the date thereof to the date of delivery of and payment therefor. The Executive and the Fiscal Officer are authorized and directed to execute and deliver the Bond Purchase Agreement to the Original Purchaser and to make the necessary azrangements with the Original Purchaser to establish the date, location, procedure and conditions for the delivery of the Project Bonds to the Original Purchaser, and to take all steps necessary to effect due execution, authentication and delivery to the Original Purchaser of the Project Bonds under the terms of this Bond Legislation and the Indenture to the extent not provided for in the Bond Purchase Agreement. It is hereby determined that the price for and the terms of the Project Bonds, and sale thereof, all as provided in this Bond Legis- lation, are in the best interest of the Issuer and in compliance with BR-12