Minutes 02/10/1987 - Laserfiche WebLink

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... q6a TUESDAY, FEBRUARY 10, 1987 Pursuant to the provisions of Article VII, Section 10(a)(2) of the Constitution of Virginia, the 1987 Bonds are issued for a specific undertaking from which the City may derive revenue and the 1987 Bonds shall not be included within the otherwise authorized indebtedness of the City in determining the debt limitation of the City, except as may be required by the provisions of such Section beginning five years from the date of the election approving the issuance of the 1985 Bonds. 4. The Mayor of the City and Clerk of the Council are hereby authorized and directed to execute the 1987 Bonds, and the Clerk of the Council is hereby authorized to affix or imprint the seal of the City (or a facsimile thereof) on the 1987 Bonds. The form of execution, imprinting of the seal and attestation may be by facsimile; provided, however, if the signatures of the Mayor and the Clerk are both by facsimile, the 1987 Bonds shall not be valid until authenticated by the manual signature of the Bond Registrar. In case any officer whose signature or a facsimile of whose signature shall appear on any 1987 Bond shall cease to be such officer before the delivery of the 1987 Bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he or she had remained in office until such delivery. Any 1987 Bond may bear the facsimile signature of or may be signed by such persons as at the actual time of the execution thereof shall be the proper officers to sign such 1987 Bond although at the date of delivery of such 1987 Bond such persons may not have been such officers. Upon receipt of payment therefor, the Mayor of the City or Clerk of the Council, or such agent as may be designated, shall issue and deliver the 1987 Bonds to the purchaser or purchasers thereof. The officers and agents of the Council are hereby further authorized and directed to do all acts required by the 1987 Bonds and by this Ordinance for the full, punctual and complete performance of all things necessary for this borrowing. 5. The obligations and agreements of the City under this Ordinance and as set forth in the 1987 Bonds shall be fully discharged and satisfied as to any of the 1987 Bonds and any of such 1987 Bonds shall no longer be deemed to be outstanding hereunder: (i) when any of such 1987 Bonds have been purchased by the City for cancellation or otherwise surrendered to the City, and have been cancelled or destroyed; or (ii) as to any of the 1987 Bonds not cancelled or so purchased, when payment of the principal of any of such 1987 Bonds, plus interest accrued to the due date thereof, either (a) shall have been made in accordance with the terms thereof, or (b) shall have been provided for by irrevocably depositing with an escrow agent for the holders of the 1987 Bonds, in trust and irrevocably appropriated and set aside exclusively for such payments, (1) money sufficient to make such payments or (2) non-callable obligations of the United States of America ("Government Obligations") maturing as to principal and interest in such amount and at such time as will assure the availability of sufficient moneys to make such payments, and all necessary and proper fees and expenses of such escrow agent pertaining to any of the 1987 Bonds with respect to which such deposit is made shall have been paid or provided for to the satisfaction of such escrow agent. At such time as any of the 1987 Bonds shall be deemed to be no longer outstanding hereunder, as aforesaid, any of such 1987 Bonds shall cease to bear interest from the due date thereof (whether such due date be by reason of maturity or upon redemption) and, except for the purposes of any such payment from such moneys or Government Obligations, shall no longer be secured by or entitled to the benefits of this Ordinance.