Agenda 07/12/2005 - Laserfiche WebLink

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(iii) the Note or the Bond, as applicable, in lieu of, or in substitution for which, another Note or the Bond, as applicable, shall have been authenticated and delivered pursuant to this Ordinance; and (iv) if the Note or the Bond, as applicable is deemed paid under the provisions of Section 9, except that such Note or the Bond, as applicable, shall be considered Outstanding until the maturity or redemption date thereof only for the purposes of actually being paid. "Paying Agent" shall mean the City Treasurer acting as Paying Agent for the Note and the Bond hereunder or the successors or assigns serving as such hereunder. "Principal Account" shall mean the Principal Account in the Note Fund established by Section 6 or the Principal Account in the Bond Fund established by Section 6, as the context reqUIres. "Registrar" shall mean the Paying Agent, or the successors or assigns serving as such hereunder. Section 2 FindiD1!s and Determinations (a) The Council hereby finds and determines that (i) the City is in need of funds to be used by the City for purposes of the acquisition, construction and equipping of renovations, additions and improvements to classrooms and other spaces at Patrick Henry Elementary School located in the City (the "School Project"), for costs of issuance of the Note and for the payment of interest on the Note, (ii) the obtaining of such funds will be for municipal purposes of the City for the welfare of citizens of the City for purposes which will serve the City and its citizens pursuant to the authority of the City to provide funds for and otherwise support the City's public schools and serve the City's municipal purposes, (iii) the most effective, efficient and expedient manner in which to provide such funds is by general obligation notes in the maximum principal amount of $2,500,000 issued by the City as further described herein (the "Note") to be sold to the Bank, which has offered to purchase the same on certain terms and conditions pursuant to the Bank's proposal, a Bond and Note Purchase Agreement between the City Council and the Bank dated as of July 15, 2005 (the "Bond and Note Purchase Agreement") and a Financing Agreement between the City and the Bank dated as of July 15, 2005 (the "Financing Agreement"), the forms of which have been presented to the City Council, the issuance of such Note being within the power of the City to contract debts, borrow money and make and issue evidence of indebtedness and (iv) the issuance of the Note is in the best interests ofthe City and its citizens. The Council hereby finds and determines that the probable useful life of the School Project, and any and all portions of the School Project, exceeds twenty-five years and that the Note is payable and shall mature within the probable useful life of the School Project and the probable useful life of any and all portions of the School Project (whether considered alone or as 3