85-019 Ordinance - Laserfiche WebLink

Home Browse Search

moneys in the Construction F und shall in any event mature or be redeemable at the option of the Trustee at such time as may be necessary to make timely payments from such Fund. Subject to any such orders with respect thereto, the Trustee may from time to time sell such investments and reinvest the proceeds therefrom in Eligible Investments maturing or redeemable as aforesaid. Any such investments may be purchased from the Trustee. The Trustee shall sell or redeem investments standing to the credit of the Bond Fund to produce sufficient moneys hereunder at the times required for the purposes of paying B ond Service Charges when due as aforesaid. Except as otherwise provided in Section 8(a) hereof, an investment made from moneys credited to the Bond Fund, Construction F und or Reserve F und shall constitute part of that respective Fund and such respective Fund shall be credited with all proceeds of sale and income or loss from such investment, provided further that all investments of any moneys credited to the Principal Account or the Interest Account of the B ond F und shall constitute part of that respective Account, and such respective Account shall be credited with all proceeds of sale and income or loss from such investment, provided that all such funds, except the Rebate F und, shall be subject to the restrictions set forth in Section 8(a) hereof (with respect to the Reserve Fund) and in Section 8(b) hereof (with respect to investments in nonpurpose obligations under Section 103(c)(6) of the Code). The Borrower has covenanted in the Agreement to restrict the use of the proceeds of the Bonds so that they will not constitute arbitrage bonds under the Code. Section 11, Authorization of Agreement, Bond Purchase Agreement, Indenture and Assignment. In order to better secure the payment o? the B ond S ervice Charges as the same shall become due and payable, the Executive and Fiscal Officer are hereby authorized and directed to execute, acknowledge and deiiver, on behalr of the Issuer, the Agreement, the Bond Purchase Agreement, the Indenture and the assignment of the Note, in substantially the forms submitted to this Issuing Authority, which are hereby approved, with such changes therein not inconsistent with this Bond Legislation and not substantially adverse to the Issuer as may be permitted by the Act and approved by such members. The approval of such changes by such members, and that such are not substantially adverse to the Issuer, shali be conclusively evidenced by the execution of the Agreement, the Bond Purchase Agreement, the Indenture and such assignment by such members. T he Fiscal Officer, Executive and Clerk of the Issuing Authority are each hereby separately authorized to take any and all actions and to execute such financing statements, certificates and other instruments that may be necessary or appropriate in the opinion of Peck, S haffer & Williams, as Bond Counsel, in order to effect the issuance of the Bonds and the intent of this B ond Legislation. T he Clerk of the Issuing Authority, or otner appropriate officer of the Issuer, shall certify a true transcript of all proceedings had with respect to the issuance of the Bonds, along with such information from the records of the Issuer as is necessary to determine the regularity and validity of the issuance of the Bonds. This B ond Legislation shall constitute a part of the Indenture as therein provided and for all purposes of the Indenture, including, without limitation, application to this Bond Legislation of the provisions in the Indenture relating to amendment, modification and supplementation, and provisions for severability. Section 12. Prevailing Rates of Wages. Al1 laborers and mecha'nics employed on the Pro?ect shall be paid at the prevailing rates of wages of laborers and mechanics for the - 14 -