Ordinance 1982-770 - Laserfiche WebLink

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Section 10. Bond Ordinance Irrepealable. After the Series 1982 Bond this Bond Ordinance shall constitute an irrevocable c ntract between the City and the Bondholder and shall be an remain irrepealable until the Series 1982 Bond, as to both principal and interest, shall be fully paid, cancelled and disc arged. Section 11. Termination'of Obligations. All rights and obligations f the City and. the Borrowers under the Loan Agreement, the As ignment, the Deed of Trust, the Bond Purchase Agreement, the Bo d, and this Ordinance shall terminate and such instruments shall cease to be ,of further effect, and the Bond- holder shall canc 1 the Bond, de!liver it to the City, and deliver a copy of the ca celled Bond tC) the Borrowers, and shall assign and deliver to th Borrowers any moneys in the Bond Fund required to be paid to the Borrowers undE!r Section 7 hereof (except moneys held by the Lende for the payme~nt of principal of or interest on the Bond) when: ( a ) expenses of: the City and the Lender shall have been (b) City and the Borrowers shall have performed all of their covenants and promises in the Loan Agreemen t , the Assignme t, the Deed o,f Trust, the Bond Purchase Agree- ment, the Bon , and in this Ordinance; and ( c ) principal of and interest on the Bond have been paid. Section 1"2. ~ Authorizing Action. The officers of the City shall take 11 action in conformity with the Act necessary or reasonably req ired to effectuate the provisions of the Bond and. the Loan Agr ement and shalll take all action necessary or d.esirable ormity with the Act to finance the Project, including tal issuing 'expenses, and for carrying out, giving effect to, and consumma'ting transactions contemplated by this Ordinance, he Loan Agreement, the Assignment, the Bond Purchase Agreeme t, and the Deed of Trust, including without limitation, the e ecution and delivery of any closing documents to be delivered in connection with the sale and delivery of the Bond. . --. - 23 - -.- --- ._---_.~-_._---~--_.__..------. -_. .~ ------