85-019 Ordinance - Laserfiche WebLink

Home Browse Search

. .... . . . .... . ...... ....A ..,.... ........ _..... . . . upon the expiration or waiver of all periods for judicial review or appeal, as the case may be. "Eligible Investments" means (i) any bonds or other direct obligations of the United States of America; (ii) obligations of the Federal National Mortgage Association or the Government National Mortgage Association; (iii) obligations of the Federal Intermediate Credit Banks; (iv) obligations of Federal Banks for Cooperatives; (v) obligations of Federal Land B anks; (vi) obligations of the Federal Financing B ank; (vii) bank repurchase agreements issued by a Federal Reserve member bank, including the Trustee, fully secured by obligations of any of the kinds specified in clauses (i) through (vi) above; (viii) time deposits, certificates of deposit or bankers acceptances of banks or trust companies, including the Trustee, organized under the laws of the United States of America or any state thereof, which have combined capital and earned and unearned surplus of at least $25,000,000 in dollars of the United States of America; (ix) commercial paper (including that of an affiliate of the Trustee) or finance company paper which is rated not less than prime-one or A-1 or their equivalents by Moody's Investors S ervice, Inc., or Standard & Poor's Corporation, respectively, or their successors, or both, if rated by both; (x) obligations, of any state of the United States of America or of any political subdivision or other instrumentality of any such state, which are rated at least "A" or its equivalent by either Moody's Investors Service, Inc., or Standard & Poor's Corporation, or their successors, or both, if rated by both; (xi) passbook savings accounts; or (xii) interests in any money market funds investing exclusively in obligations identified in clauses (i) through (x) hereof. "E vent of Taxability" means the occurrence of circumstances which a Determination of Taxability shall have found to have occurred, or which shall constitute a Determination of Taxability, and which results in the interest payable on the Bonds becoming includable in the gross income for Federal income tax purposes of any Recipient (other than a Recipient who is a"substantial user" of the Project or a"related person" as those terms are used in Section 103 of the Code), such occurrence of circumstances relating to a specific point in time. "Executive" means the Mayor of the Issuer. "Fiscal Officer" means the Finance Director of the I ss uer . "Guarantors" means Charles L. Kovacic and Marylyn I. Kovacic, jointly and severally, their heirs, executors, administrators and assigns. "Guaranty Aqreement" means the Guaranty Agreement dated as of iMarch 1, 1985 executed by the Guararitors and accepted by the Trustee, and any permitted amendments or supplements thereto. "Indenture" means the Trust Indenture dated as of March 1, 1985, between the Issuer and the Trustee, including this B ond Legislation as a part thereof, and any permitted amendments or supplements thereto. - 3 -