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2003-54 PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS
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2003-54 PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS
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1/28/2016 1:50:17 PM
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1/28/2016 1:50:14 PM
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Resolution/Ordinance
Res Ord Num
2003-54
Res Ord Title
PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED $34,000,000 GENERAL OBLIGATION REFUNDING BONDS AND PROVIDING FOR THE LEVY COLLECTION OF A DIRECT ANNUAL TAX FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS
Approved Date
9/2/2003
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� <br /> . <br /> y • <br /> constitute conclusive evidence of the approval of such changes. When the Continuing <br /> Disclosure Undertaking is executed and delivered on behalf of the City as herein provided, the <br /> Continuing Disclosure Undertaking will be binding on the City and the officers, employees and <br /> agents of the City, and the off'icers, employees and agents of the City are hereby authorized, <br /> empowered and directed to do all such acts and things and to execute all such documents as may <br /> be necessary to carry out and comply with the provisions of the Continuing Disclosure <br /> Undertaking as executed. Notwithstanding any other provision of this Ordinance, the sole <br /> remedies for failure to comply with the Continuing Disclosure Undertaking sha11 be the ability of <br /> the beneficial owner of any Bond to seek mandamus or specific performance by court order, to <br /> cause the City to comply with its obligations under the Continuing Disclosure Undertaking. <br /> Section 23. Call of Refunded Bonds. In accordance with the redemption provisions of <br /> the bond ordinance authorizing the Refunded Bonds, the City by the Council dces hereby make <br /> provision for the payment of and dces hereby call (subject only to the delivery of the Bonds) the <br /> Refunded Bonds maturing on and after March 1, 2009 for redemption and payment prior to <br /> maturity on their earliest call dates therefor as set forth in the Escrow Agreement. <br /> Section 24. Municipal Bond Insurance. In the event the payment of principal and <br /> interest on the Bonds is insured pursuant to a municipal bond insurance policy (the "Municipal ' <br /> Bond Insurance Policy") issued by the issuer of any municipal bond or financial guaranty ��, <br /> insurance policy, and as long as such Municipal Bond Insurance Policy shall be in full force and II <br /> effect, the City and the Bond Registrar agree to comply with such usual and reasonable I <br /> provisions regarding presentment and payment of the Bonds, subrogation of the rights of the I <br /> Bondholders to said Insurer when holding Bonds, amendment hereof,or other terms,as approved I <br /> by the Council on advice of counsel,their approval to constitute full and complete acceptance by II <br /> the City of such terms and provisions under authority of this section. I, <br /> -32- I <br />
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