Ordinance 1993-1099 - Laserfiche WebLink

Home Browse Search

executed and delivered by the City to the Trustee. The Bond is secured by the Loan Agreement, the Indenture, the Bond Ordinance an Assignment of Rents and Leases dated as of June 1, 1981, betwee~ the Borrower and the Trustee (the "Assignment"), and a Combination Mortgage and Security Agreement, as amended, dated as of June 1, 1981, from the Borrower to the Trustee (the "Mortgage"), to which Loan Agreement, Indenture, Bond Ordinance, Assignment, and Mortgage, and amendments thereof, reference is hereby made for a description and limitation of the revenues and property pledged and mortgaged to secure the payment of the Bond, the nature and extent of the security thereby created, the rights of the Holder of the Bond, the rights, duties and immunities of the Trustee, and the rights, immunities and obligations of the City thereunder. Certified copies of the Bond Ordinance and executed counterparts of the Indenture, Loan Agreement, Assignment, and Mortgage are on file at the office of the Trustee and at the office of the City Clerk. The Bond is subject to mandatory redemption on any date in whole if: (a) a Determination of Taxability (as defined in the Indenture) occurs with respect to the Bond and the Holder exercises its option to have the Bond redeemed in whole; or (b) as a result of any changes in the Constitution of the State of Colorado or the Constitution of the Unites States of America or of legislative or administrative action (whether state or federal) or of any final decree, judgment, or order of any court or administrative body (whether state or federal), the Loan Agreement becomes void or unenforceable or impossible of performance in accordance with the intent and purpose of the parties as expressed in the Loan Agreement; or (c) greater than 90% of the insured value of the Project shall have been damaged or destroyed, or there occurs condemnation of all or substantially all of the Project or the taking by eminent domain of such use of control of the Project as in each case renders the Project unsatisfactory to the Borrower for its intended use, and the Borrower has not elected, as expressed in a certificate delivered to the Trustee within 120 days after the occurrence of such event, to rebuild or restore the Project. Upon the occurrence of any of the events specified in this paragraph, the Bond shall be redeemed at a redemption price equal to 100% of the principal amount of the Bond redeemed, and accrued interest on the Bond to the date of redemption. The outstanding principal amount of the Bond is subject to optional prior redemption in whole, at the option of the City (on request of the Borrower), on any principal and interest payment date, upon payment of par, accrued interest to the date of redemption, plus a premium of l% of the principal amount to be redeemed. The outstanding principal amount of this Bond is subject to optional prior redemption in part, in an amount not less than $800 and not greater than 10% of the total principal amount then outstanding, at the option of the City (on the request of the Borrower) on any principal and interest payment date, upon payment - 7 -