96-125 Ordinance - Laserfiche WebLink

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delinquencies; non-payment related defaults; unscheduled draws on debt service reserves reflecting fmancial 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 obtain or provide, any debt service reserves, and repayment of the Bonds is not secured by a lien on any properry capable of release or sale or for which other property may be substituted. "Term Bonds" means those Current Interest Bonds designated as such and maturing on the date or dates set forth in the Certificate of Award, bearing interest payable on each Interest Payment Date and subject to mandatory sinking fund redemption. The captions and headings in this ordinance are 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 Princinal Amount and Purpose• Apvlication of Proceeds. This Council determines that rt is necessary and m the best interest of the City to issue bonds of this City in the maximum aggregate principal amount of $16,350,000 for the purpose of improving the City's sanitary sewer system and its functions by constructing, reconstructing, rehabilitating and replacing sanitary sewers, sanitary sewer connections and pumping and retention facilities, by improving and equipping the wastewater treatment plant and by constructing and reconstructing storm sewers and other storm water drainage facilities and improvements to control and limit the volume of storm water entering or otherwise affecting the sanitary sewerage system, together in all cases with any necessary appurtenances and the performance of any incidental work (the Bonds). Subject to the limitations set forth in this ordinance, the aggregate principal amount of the Bonds to be issued, the principal maturities of 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 determination 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 shall be paid into the Bond Retirement Fund. Section 3. Denominations: Dating• Principal and Interest Payment and Redem tp ion Provisions. The Bonds shall be issued m 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 regard to the best interest of and financial advantages to the City. The Current Interest Bonds shall be dated as of October 1, 1996, or such other date not later than December 15, 1996, as is established by the Mayor and the Director of Finance in the Certificate of Award, and any Capital Appreciation Bonds shall be dated as of the Closing Date. -6- D03:[00523.DOCS.NOR05228]BOND_ORDINANCE_5AN SWR_$16 350.