Laserfiche WebLink
Section 8. The City shall appropriate amounts suffi- <br /> cient to pay the Compound Accreted Value of, principal of, and <br /> interest on the Bonds for the years such amounts are due, and the <br /> City hereby covenants to take timely action as required by law to II!, <br /> carry out the provisions of this Section, but, if for any such , <br /> year it fails to do so, this Ordinance shall constitute a ' <br /> continuing appropriation ordinance of such amounts without any <br /> further action on the part of the Council. 'I <br /> Section 9. The City Manager and the Director of ', <br /> Financial Management (the "Designated Officers" ) , are hereby !, <br /> authorized to sell all or any portion of the Bonds from time to 'i <br /> time to Blunt Ellis & Loewi a Division of Kemper Securities I�� <br /> Group, Inc. , Chicago, Illinois, upon payment of the purchase <br /> price agreed upon such purchaser and the City, acting by and <br /> through the Designated Officers, the same to be not less than 98� <br /> of the original principal amount of the Bonds issued, but not <br /> including original issue discount, plus accrued interest to date I <br /> of delivery on the Current Interest Bonds; provided, however , the �I <br /> Compound Accreted Value of, principal amount of and interest on �I <br /> the Bonds sold of each maturity (after taking into account I <br /> mandatory redemptions) shall not exceed the amount levied II <br /> therefor as specified in Section 7 hereof. Nothing in this �I <br /> Section shall require the Designated Officers to sell the Bonds II <br /> if in their judgment the conditions in the bond markets shall II <br /> I <br /> have markedly deteriorated from the time of adoption hereof, but I <br /> _39' II <br />