2003 Resolutions - Laserfiche WebLink

Home Browse Search

of the Bonds shall be used to refund the Prior Bonds and to pay the principal of the Note as set forth in paragraph 4 hereof. 2. Pledge of Full Faith and Credit. The full faith and credit of the City are hereby irrevocably pledged for the payment of the pnncipal of, premium, if any, and interest on the Bonds as the same become due and payable. The City Council shall levy an annual ad valorem tax upon all property in the City, subject to local taxation, sufficient to pay the principal of, premmm, if any, and interest on the Bonds as the same shall become due for payment unless other funds are lawfully available and appropriated for the timely payment thereof. 3. Details and Sale of Bonds. The Bonds shall be issued upon the terms and in the manner established for the bonds authorized to be issued pursuant to the Resolution and upon such other terms as may be determined in the manner set forth in the Resolution. The principal amount of the bonds authorized to be issued by the Resolution is hereby increased to $58,000,000 to take into account the issuance ofthe Bonds. 4. Payment of Note and Refunding of Prior Bonds. The City Manager and the Chief Financial Officer, or either of them, are authorized and directed to provide for the payment of the principal of the Note from proceeds of the Bonds either at maturity or upon earlier redemption and, if necessary, to enter into an Escrow Agreement with an escrow agent to be selected by the Chief Financial Officer for such purpose. If it is determined by the City Manager and the Chief Financial Officer, or either of them, to be in the best interest of the City, the City Manager and the Chief Financial Officer, or either of them, is authorized to (a) approve the issuance ora portion of the Bonds in an amount (not to exceed $1,500,000) sufficient to provide for the