Ordinance 1994-1145 - Laserfiche WebLink

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WHEREAS, the City has in its funds and accounts, and legally available for such purpose, an amount not exceeding $ (the "Escrow Supplement") which the City has determined and hereby determines to allocate, with the proceeds of the Bonds, to supplement the same, for the purpose of paying the principal of, premium if any, and interest on the Series 1989 Bonds at maturity or upon designated prior redemption dates, and for the purpose of paying all costs and expenses of the refunding procedure, all as is hereinafter more specifically set forth; and WHEREAS, the proceeds derived from the sale of the Bonds, together with the Escrow Supplement, after payment of the costs and expenses of the Refunding Project, shall be placed in a special fund and trust account, to be established as herein authorized, for the purpose only of paying the principal of, premium if any, and interest on the Series 1989 Bonds as they become due and payable, all as is more particularly hereinafter set forth: and WHEREAS, the Bonds shall have an irrevocable and first lien on the net revenue of the System, but not necessarily an exclusive first lien; and WHEREAS, the City has received a proposal in the form of a Bond Purchase Agreement (the "Bond Purchase Agreement") from the Underwriter concerning the purchase of the Bonds; and WHEREAS, the Council has determined that the Bonds shall be sold to the Underwriter, in accordance with the Bond Purchase Agreement, and that such sale is to the best advantage of the City; and WHEREAS, there has been submitted to the Council the forms of the Escrow Agreement, the Letter of Representations, the Paying Agent and Registrar Agreement, and the Preliminary Official Statement (all as defmed herein); and WHEREAS, the Council desires to approve the execution of such documents in substantially the forms presented, with only such changes as are consistent with this Ordinance; and WHEREAS, it is necessary to provide for the form of the Bonds, the Bond details, the payment of the Bonds, and other provisions relating to the authorization, issuance, and sale of the Bonds: -4-