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Agenda 10/10/2000
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Agenda 10/10/2000
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10/12/2000 9:05:20 PM
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10/12/2000 7:58:29 PM
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City Council
Meeting Date
10/10/2000
City Council - Category
Agendas
City Council - Type
General
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Section 3 Authorization, Form and Details of the Bond <br /> <br /> There is hereby authorized to be issued a solid waste revenue bond of the City in the <br />aggregate principal mount of up to $3,100,000 for municipal purposes as described in Section 2 <br />above. The Bond authorized herein shall be designated "Solid Waste Revenue Bond (Landfill <br />Improvement Project), Series 2000," shall be issuable as a fully registered bond, without <br />coupons, shall be dated the Closing Date, shall be numbered R-1, shall bear interest at the rates <br />per annum (but not to exceed a net interest cost of 6.0%, exclusive of Supplemental Interest as <br />defined in the Bond) to be approved by the Council prior to the Closing Date and the final <br />maturity date of the Bond shall be not later than October 1, 2005. The Bond is subject to <br />redemption, prepayment or refunding prior to maturity only with the written consent of the VRA. <br /> <br /> The Bond is hereby authorized to be issued under the City Charter and the Act, subject to <br />approval of the rate or rates of interest thereon to be provided for in a supplemental ordinance of <br />the Council. Principal of, and interest on, the Bond shall be payable in lawful money of the <br />United States of America. For as long as the VKA or VRA's assignee is the registered owner of <br />this Bond, principal of and interest on the Bond shall be payable at the principal office of the <br />VRA or to the VKA's assignee. <br /> <br /> The Bond shall be printed, lithographed or typewritten and shall be substantially in the <br />form herein below set forth, with such appropriate variations, omissions and insertions as are <br />permitted or required by this Ordinance and the Financing Agreement, including such variations, <br />insertions and omissions as shall be necessary to issue the Bond under a system of book-entry for <br />recording the ownership and transfer of ownership of rights to receive payments of principal of <br />and interest on the Bond and may have endorsed thereon such legends or text as may be <br />necessary or appropriate to confonn to any applicable rules and regulations of any governmental <br />authority or any usage or requirement of law with respect thereto. <br /> <br /> Additional Bonds secured equally and ratably with the Bond may be issued from time to <br />time under the conditions, limitations and restrictions set forth in this Ordinance and the <br />Financing Agreement to finance the cost of the completion of the Project, the acquisition or <br />construction of improvements, extensions, additions and replacements to the System, or to <br />refund this Bond and Additional Bonds, or for any or all of such purposes. <br /> <br /> If any principal of, or interest on, the Bond is not paid when due (whether at maturity, by <br />acceleration or call for redemption, or otherwise), then, to the extent permitted by law, the <br />overdue installments of principal shall bear interest until paid at the same rate as set forth in the <br />Bond. <br /> <br /> The Bond shall be signed by the facsimile or manual signature of the Mayor. The <br />facsimile of the City's seal shall be printed thereon or manually impressed thereon and attested <br />by the facsimile or manual signature of the Clerk. In ease any officer whose signature or <br />facsimile of whose signature shall appear on the Bond shall cease to be such officer before <br /> <br />4 <br /> <br /> <br />
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