Minutes 01/30/1996 - Laserfiche WebLink

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(g) Ail transfers or exchanges pursuant to this Section 6 shall be made without expense to the registered owner of such Bonds, except as otherwise herein provided, and except that~the Registrar shall require the payment bY the registered owner of the Bond requesting such transfer or exchange of any tax or other governmental charges required to be paid with respect.to such transfer or exchange. All Bonds surrendered pursuant to this Section 6 shall be cancelled. SECTION 7. (a) The full faith and credit of the City are hereby irrevocably pledged to the punctual payment of the principal of and interest on the Public Improvement Bonds as the same respectively become due and payable. In each year while the Public Improvement Bonds are outstanding and unpaid, there shall be assessed, levied and collected, at the sa~ ti~ and in the same manner as other taxes in the City are assessed, levied and collected, an ad valorem tax upon all property subject to taxation by the CSty, without limitation as to rate or amount, sufficient to provide for the payment of the principal of and interest on the Public Improvement Bonds as the Same respectively become due and payable. (b) The full faith and credit of the City are hereby irrevocably pledged for the punctual payment of the principal of and interest on the Public Utility Bonds as the same respectively become due and payable. In each year while the Public utility Bonds are outstanding and unpaid there shall be assessed, levied and collected, at the same time and in the same manner as other taxes in the City are assessed, levied and collected, an ad valorem tax upon all property subject to taxation by the City, without limitation as to rate or amount, sufficient to provide for the payment of the principal of and interest on the Public Utility Bonds as the same respectively become due and payable, if and to the extent the revenues of the water and sewerage system of the City are insufficient for that purpose. SECTION 8. CUSIP identification numbers may be printed on the Bonds, but no such number shall constitute or be deemed to be a part of the contract evidenced by the particular Bond upon which it is printed and no liability shall attach to the City or any officer or agent thereof (i~cluding any paying agent for the Bonds) by reason of such numbers or any use made thereof (including any use thereof made by the City, any such officer or any such agent) or by reason of any inaccuracy~ error or omission with respect thereto or in such use. All expenses in relation to the printing of such numbers on the Bonds shall be paid by the City including the CUSIP Service Bureau charge for the assignment of such numbers. SECTION 9. The City covenants that it shall comply with the provisions of Sections 103 and 1~1-150 of the Internal Revenue Code of 1986 and the Treasury Regulations promulgated or proposed to be promulgated thereunder, applicable to the Bonds, throughout the term of the Bonds. SECTION 10. The Bonds, the certificate of authentication of the Registrar, and the assignment endorsed on the Bonds, shall be in substantially the ~oll0wing forms set forth below with such changes in format as may be appropriate to conform with customs and practices applicable to comparable securities: