Laserfiche WebLink
The Bond shall be a negotiable instrument within the <br /> meaning of Chapter 26 of the Illinois Revised Statutes , subject <br /> to applicable provisions for registration, and shall express on <br /> its face the purpose for which it is issued and such other <br /> statements or legends as may be required by law. <br /> If the Bond or a portion of the fully registered Bond is <br /> duly called for redemption and if on such redemption date moneys <br /> for the redemption of the Bond to be redeemed, together with <br /> accrued interest to the redemption date, shall be held by the <br /> Trustee so as to be available therefor, then from and after such <br /> redemption date such Bond or portion of the fully registered <br /> Bond shall cease to bear interest. <br /> The Bond shall be executed on behalf of the Issuer by the <br /> Executive and the City Clerk of the Issuer, provided that any or <br /> all of such signatures may be facsimiles, ar.� the seal of the <br /> Issuer shall be impressed thereon or a facsimile of such seal <br /> placed thereon. In case any officer whose signature or a <br /> facsimile thereof shall appear on any Bond shall cease to be <br /> such officer before the issuance, authentication or delivery of <br /> the Bond, such signature or facsimile thereof shall nevertheless <br /> be valid and sufficient for all purposes , the same as if he had <br /> remained in office until that time. <br /> Section 5. Security_ for the Bond. As provided herein, the <br /> Bond shall be payable solely from t e Bond Fund and the Pledged <br /> Receipts and secured by a pledge of and lien on the Pledged <br /> Receipts and the Bond Fund, and shall be further secured by the <br /> Mortgage and the Indenture. Concurrently with the delivering of <br /> the Bond, there will be delivered to the Trustee an irrevocable <br /> Letter of Credit of National Bank of Joliet, Joliet, Illinois, <br /> under which the Trustee is permitted to draw an amount <br /> sufficient to pay the principal and interest on the Bond from <br /> time to time outstanding. The Letter of Credit expires on <br /> June 30 , 1990 . Anything in the Bond Legislation, the Indenture, <br /> the Bond or any other agreement or instrument to the contrar_v <br /> notwithstanding, neither the Bond Legislation, the Bond, the <br /> Indenture, the Loan Aqreement, the Bond Purchase Agreement, the <br /> Letter of Credit, the Reimbursement Agreement, nor the Mortgage <br /> shall represent or constitute a debt or pledge of the faith and <br /> credit or the taxing power of the Issuer, and each Bond shall <br /> contain on the face thereof a statement to that effect. Nothing <br /> herein shall be deemed to prohibit the Issuer, of its own <br /> volition, from using, to the extent it may be lawfully <br /> authorized to do so, any other resources or revenues for the <br /> fulfillment of any of the terms, conditions, or obligations of <br /> the Indenture; , the Bond Legislation or the Bond. <br /> Section 6 . Sale of Bond. The Bond is hereby sold and <br /> awarded to the Original Purchaser, in accordance with its offer <br /> there`or in the Bond Purchase Agreement, at a purchase price of <br /> 100� of the principal amount of the Bond beina purchased by <br /> them, aggregating $2 , 000 ,000 , plus accrued interest (if any) <br /> 13 <br />