Minutes 01/28/1985 - Laserfiche WebLink

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: J i''t {,,,,' :t MONDAY JANUARY 28, 1985 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 Bonds. 5. The Bonds shall be subject to optional redemption before maturity as pro- vided in the form of Bond attached as Exhibit A to this Ordinance. 6. The Mayor of the City and Clerk of the Council are hereby authorized and directed to execute the 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 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 Bonds shall not be valid until authenticated by the manual signature of the Bond Registrar. In the case any officer whose signature or a facsimile of whose signature shall appear on any Bond shall cease to be such officer before the deliv- ery of the Bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. Any 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 Bond although at the date of delivery of such 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 Bonds to the purchaser or purchasers thereof. The officers and agents of the Council are hereby further authorized and directed to do all acts re- quired by the Bonds and by this Ordinance for the full, punctual and com- plete performance of all things necessary for this borrowing. 8. The obligations and agreements of the City under this Ordinance and as set forth in the Bonds shall be fully discharged and satisfied as to any of the Bonds and any of such Bonds shall no longer be deemed to be outstanding hereunder: (i) when any of such 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 Bonds not cancelled or so purchased, when payment of the principal of any of such 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 depos- iting with an escrow agent for the holders of the 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 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 Bonds shall be deemed to be no longer outstand- ing hereunder, as aforesaid, any of such Bonds shall cease to draw 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.