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2019-46 Ordinance Providing for the Issuance of not to Exceed $9,300,000 General Obligation Bonds, Series 2019 of the City for One or More of the Following Purposes: Refunding Certain Outstanding Bonds of the City, Improving the Decatur Public Library
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2019-46 Ordinance Providing for the Issuance of not to Exceed $9,300,000 General Obligation Bonds, Series 2019 of the City for One or More of the Following Purposes: Refunding Certain Outstanding Bonds of the City, Improving the Decatur Public Library
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1/13/2020 11:12:38 AM
Creation date
6/18/2019 7:08:15 PM
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Resolution/Ordinance
Res Ord Num
2019-46
Res Ord Title
2019-46 Ordinance Providing for the Issuance of not to Exceed $9,300,000 General Obligation Bonds, Series 2019 of the City for One or More of the Following Purposes: Refunding Certain Outstanding Bonds of the City,
Department
Finance
Approved Date
6/17/2019
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be held hereunder) available or to be available for payment of the Refunded Bonds will <br /> remain sufficient to pay when due all principal and interest on the Refunded Bonds after <br /> the taking of the Subsequent Action. <br /> ARTICLE VI <br /> MERGER,CONSOLIDATION OR RESIGNATION OF ESCROW AGENT <br /> Any banking association or corporation into which the Escrow Agent may be merged, <br /> converted or with which the Escrow Agent may be consolidated,or any corporation resulting from <br /> any merger, conversion or consolidation to which the Escrow Agent shall be a party, or any <br /> banking association or corporation to which all or substantially all of the corporate trust business <br /> of the Escrow Agent shall be transferred,shall succeed to all the Escrow Agent's rights,obligations <br /> and immunities hereunder without the execution or filing of any paper or any further act on the <br /> part of any of the parties hereto, anything herein to the contrary notwithstanding. The Escrow <br /> Agent may at any time resign as Escrow Agent under this Agreement by giving 30 days' written <br /> notice to the City, and such resignation shall take effect upon the appointment of a successor <br /> Escrow Agent by the City. The City may select as successor Escrow Agent any financial <br /> institution with capital, surplus and undivided profits of at least $75,000,000 and having a <br /> corporate trust office within the State of Illinois,and which is authorized to maintain trust accounts <br /> for municipal corporations in Illinois under applicable law. <br /> ARTICLE VII <br /> NOTICES TO THE CITY, <br /> THE TREASURER AND THE ESCROW AGENT <br /> Section 7.01. All notices and communications to the City and the Council shall be <br /> addressed in writing to: City Council,City of Decatur, 1 Gary K.Anderson Plaza,Decatur,Illinois <br /> 62523. <br /> ExxiBiT A <br /> -9- <br />
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