Agenda 10/10/2000 - Laserfiche WebLink

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Section 3 Authorization, Form and Details of the Bond There is hereby authorized to be issued a solid waste revenue bond of the City in the aggregate principal mount of up to $3,100,000 for municipal purposes as described in Section 2 above. The Bond authorized herein shall be designated "Solid Waste Revenue Bond (Landfill Improvement Project), Series 2000," shall be issuable as a fully registered bond, without coupons, shall be dated the Closing Date, shall be numbered R-1, shall bear interest at the rates per annum (but not to exceed a net interest cost of 6.0%, exclusive of Supplemental Interest as defined in the Bond) to be approved by the Council prior to the Closing Date and the final maturity date of the Bond shall be not later than October 1, 2005. The Bond is subject to redemption, prepayment or refunding prior to maturity only with the written consent of the VRA. The Bond is hereby authorized to be issued under the City Charter and the Act, subject to approval of the rate or rates of interest thereon to be provided for in a supplemental ordinance of the Council. Principal of, and interest on, the Bond shall be payable in lawful money of the United States of America. For as long as the VKA or VRA's assignee is the registered owner of this Bond, principal of and interest on the Bond shall be payable at the principal office of the VRA or to the VKA's assignee. The Bond shall be printed, lithographed or typewritten and shall be substantially in the form herein below set forth, with such appropriate variations, omissions and insertions as are permitted or required by this Ordinance and the Financing Agreement, including such variations, insertions and omissions as shall be necessary to issue the Bond under a system of book-entry for recording the ownership and transfer of ownership of rights to receive payments of principal of and interest on the Bond and may have endorsed thereon such legends or text as may be necessary or appropriate to confonn to any applicable rules and regulations of any governmental authority or any usage or requirement of law with respect thereto. Additional Bonds secured equally and ratably with the Bond may be issued from time to time under the conditions, limitations and restrictions set forth in this Ordinance and the Financing Agreement to finance the cost of the completion of the Project, the acquisition or construction of improvements, extensions, additions and replacements to the System, or to refund this Bond and Additional Bonds, or for any or all of such purposes. If any principal of, or interest on, the Bond is not paid when due (whether at maturity, by acceleration or call for redemption, or otherwise), then, to the extent permitted by law, the overdue installments of principal shall bear interest until paid at the same rate as set forth in the Bond. The Bond shall be signed by the facsimile or manual signature of the Mayor. The facsimile of the City's seal shall be printed thereon or manually impressed thereon and attested by the facsimile or manual signature of the Clerk. In ease any officer whose signature or facsimile of whose signature shall appear on the Bond shall cease to be such officer before 4