Minutes 10/01/1985 - Laserfiche WebLink

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135 O~tober 1, 1985 All transfers or exchanges of Bonds shall be made without expense to the holder-of such Bonds, except as otherwise herein provided, and except that the Registrar shall require the payment by the holder 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 for transfer or exchange shall be cancelled. 3. The full faith and credit of the City shall be and hereby is irrevocably pledged to the payment of the principal of and interest on the Bonds as the same become due. In each year while the Bonds, or any of them, 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, upon all property within the City subject to taxation by the City, a tax sufficient to provide for the payment of the principal of and interest on the Bonds as the same become due, if the revenues of the aforesaid undertaking consisting of the water and sewerage system are insufficient to meet the obligations herein set forth. 4. The Bonds shall not be included in determining the limitation upon the power of the City to incur indebtedness under the provisions of Article VII, Section 10 of the whenever and for so long as the City's water and sewerage system fails to produce sufficient revenues to pay the cost of operation and administration (including interest on bonds issued therefor, and the cost of insurance against loss or injuries to persons and property), and an annual amount to be placed into.a sinking fund sufficient to pay at or before maturity alI bonds issued on account of such system, all such bonds outstanding shall be included in determining the limitation Upon the power of the C~ty to incur indebtedness. 5. The City shall make no use of the proceeds of the sale of the Bonds which would cause the Bonds to be "industrialldevelopment bonds"ior "arbitrage bonds" under Section 103 of the U.S. Internal Revenue Code of 1954, as amended, and the City shall comply with the applicable regulations:of the Internal Revenue Service adopted under such Section 103~so long as any Bond is outstanding. 6. The Bonds shall be sold in conjunction with the sale of the $20,150,000 General Obligation Public Improvement Bonds of the City authorized by the Council at the meeting at which this resolution is adopted. The notice of sale of the Bonds referred to in paragraph 10 and the legal notice referred to in paragraph 11 shall each contain provisions suitably recognizing and providing withlrespect to the foregoing. 7. The Bonds shall be eXecuted, for and on behalf of the City, by th~ facsimile signatures of the Mayor and the Director of Finance of the City, and a facsimile of the corporate seal of the City shall be imprinted on the Bonds and attested by the facsimile signature of the City Clerk of the City. i The Director of Finance shall direct the Registrar for the Bonds tO authenticate such Bonds and no such Bond shall be valid or obligatory for any purpose unless and until the certificate of authentication endorsed on each Bond shall have been manually executed by an authorized signator of the Registrar. Upon the authentication of any Bonds the Registrar shall insert in the certificate of authentication the date as of which such Bonds are authenticated as follows: (i) if the Bond is authenticated prior to the first interest payment date, the certificate shall be dated as of the date of the Bonds are delivered to and paid for by the initial purchasers thereof; (ii) if the Bond is authenticated upon an interest payment date, the certificate shall be dated as of such interest payment date; (iii) if the Bond is authenticated after the fifteenth (15th) day of the calendar month next preceding an interest payment date and prior to such interest payment date, the certificate shall be dated as of such interest payment date; and (iv) in all other instances the certificate=shall be dated aS of the interest payment date next preceding'the date upon which the Bond is authenticated.