2008-29 PROVIDING FOR ISSUANCE OF GENERAL OBLIGATION NOTE

Home Browse Search

j � t name or indirectly in the name of any other person, association, tr st or corporation, in said agreement with the Bank for the purchase of the Note. Either Designated Officials and such other officers of the Cit as may be necessary are hereby further authorized to execute such documents, including, pecifically, such closing documents and certifications as shall be required by Bond Counsel�, to render their opinions relating to the validity of the Note. All actions taken by the Designated Officials or by such othe officers or employees of the City as may have occurred in connection with the issuance of the Note are hereby expressly approved, ratified and confirmed. Section 12. Creation of Project Fund and Appropriatioris. Note proceeds and other funds of the City as noted are hereby appropriated as follows: The rawdown of the principal proceeds of the Note shall be set aside in a separate fund, hereby cre ted, and designated as the "Project Fund" (the "Project Fund"), and be used to pay costs of the Project, including costs of issuance of the Note, and interest on or principal of the Note at any �ime there are insufficient funds from other sources to pay the same. ' The Council reserves the right, as it becomes necessary from ime to time, to revise the list of projects hereinabove set forth, to change priorities, to revise cost allocations between projects and to substitute projects, in order to meet current needs of the City; subject, however, to limitations of the Act and to the tax covenants set forth herein. Section 13. General Covenants. The City covenants and agr es with the Bank that, so long as the Note remains outstanding and unpaid: (a) The City will punctually pay or cause to be paid t e principal of and interest on the Note in strict conformity with the terms of the Note and this Ordinance, and it will faithfully observe and perform all of the conditions, covenants nd requirements thereof. -21-