2000 Resolutions - Laserfiche WebLink

Home Browse Search

5. In making amendments to the Cooperation Agreement in connection with the issuance and sale of the Bonds, the City Manager shall provide for payments to the Authority that will enable the Authority to pay when due the principal of, and premium, if any, and interest on the Bonds, which shall be'sold upon terms that shall be satisfactory, to the Authority and the City Manager; provided, however, that payments under the Cooperation Agreement shall be equivalent to Bonds (a) having an aggregate principal amoum not exceeding $I0,000,000, (b) maturing no later than 40 years from the date of their issuance, (c) having a "tree" or "Canadian" interest cost not exceeding the maximum rote of interest authorized by law at the time of the sale of the Bonds, (d) being sold at a price not less than 98% of the pnncipal amount thereof, and (e) being subject to optional redemption at a premium not exceeding 3%. The City Manager is further authorized to approve a lesser principal amount for the Bonds and to approve the final amortization schedule for the Bonds as the City Manager shall determine to be in the best interest of the City. Following the amendment to the Cooperation Agreement and the issuance and sale of the Bonds, the City Manager shall file a certificate with the City Clerk setting forth the final terms of the amendment and the Bonds. The actions of the City Manager in approving the terms of the amendment to the Cooperation Agreement shall be conclusive, and no further action shall be necessary, on the part of the City. 6. The City Manager, the Chief Financial Officer of the City and the City Attorney and such other officers as they shall designate are authorized and directed to execute and deliver all certificates and instruments and to take all actions necessary or desirable in connection with the execution and delivery of the Cooperation Agreement. 7. The full faith and credit of the City are irrevocably pledged for the payment of amounts due under the Cooperation Agreement. Unless other funds are lawfully available and appropriated for timely payment of amounts due under the Cooperation Agreement, the Council shall levy and collect an annual ad valorem tax on all taxable property within the City, over and above all other taxes authorized or limited by law and without limitation as to rate or amount, sufficient to make the payments due under the Cooperation Agreement, as the same become due and payable. 8. All costs and expenses in connection with the undertaking of the Project and the issuance of the IDA Obligations, including the fees and expenses of the Authority, its counsel and bond counsel, shall be paid from the proceeds of the IDA Obligations or other legally available funds of the City. If for any reason the IDA Obligations are not issued, it is understood that all such fees and expenses shall be paid by the City from its legally available funds and that the Authority shall have no responsibility therefor. 9. Any authorization herein to execute a document shall include authorization to deliver it to the other parties thereto and to record such document, if required, where appropriate.