Laserfiche WebLink
Section 4 Section 4 Defeasance <br /> <br /> The obligations of the City under this Ordinance and covenants of the City provided for <br />herein shall be fully discharged and satisfied as to the Bond and the Bond shall no longer be deemed <br />to be Outstanding thereunder when the Bond shall have been purchased by the City and canceled or <br />destroyed, when the payment of principal of the Bond, plus interest on such principal to the due date <br />thereof either (a) shall have been made or Co) shall have been provided for by irrevocably depositing <br />with the Trustee, money sufficient to make such payment, or direct and solid waste revenues of, or <br />obligations the principal off and interest on, which are guaranteed by, the United States of America, <br />maturing in such amounts and at such times as will insure the availability of sufficient monies to <br />make such payment. <br /> <br />Section 5 Section 5 Solid Waste Revenue <br /> <br /> The City hereby assigns and pledges, and places a lien upon, as security for the payment of <br />principal of, premium, if any, and interest on the Bond, all Kevenues (less the costs of operation and <br />maintenance of the System). The City covenants and agrees that it will fix and collect rates, fees <br />and other charges for the use of and for services furnished or to be furnished by the System (as <br />defined in the Financing Agreement), and will from time to time revise such rates, fees and other <br />charges so that in each Fiscal Year (as defined in the Financing Agreement) the Net Revenues <br />Available for Debt Service (as defined in the Financing Agreement) will equal at least 115% of the <br />amount required during the Fiscal Year to pay the principal of and interest on the Bond, any <br />Additional Bonds and all other indebtedness of the City payable from Revenues, including without <br />limitation, indebtedness under leases which are treated as capital leases under generally accepted <br />accounting principles. Neither the Commonwealth &Virginia nor any of its political subdivisions, <br />including the City, shall be obligated to pay the principal of or premium, if any, or interest on or any <br />costs inddent to the Bond or any Additional Bonds except from the Revenues and any other money <br />or property (less the costs of operation and maintenance of the System) pledged for such purpose, <br />and neither the faith and credit nor the taxing power of the Commonwealth of Virginia or any of its <br />political subdivisions, including the City, is pledged to the payment of the principal of or premium, <br />if any, or iracrest on the Bond or any Additional Bonds, or other costs inddent to them. <br /> <br />Section 6 Section 6 <br /> <br />Modification of Bond Ordinance <br /> <br /> The City may without the consent of the Bondholder make any modification or amendment <br />of this Ordinance required to cure any ambiguity or error herein comalned or to grant to the <br />Bondholder additional rights. <br /> <br /> The Holders of not less than sixty-six and two-thirds percent (66-2/3%) in prindpal amount <br />of the Outstanding Bond shall have the power to authorize any modifications to this Ordinance <br />proposed by the City other than as permitted above; provided that without the consent of the Holder <br />of the Bond affected thereby, no modifications shall be made which will (a) extend the time of <br />payment of principal of, or interest on, the Bond or reduce the principal amount thereof or the rate <br />of interest thereon; (b) give to the Bond any preference over any other bond or bond secured equally <br /> <br /> <br />