Ordinance 1992-1070 - Laserfiche WebLink

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:J1o - 6 The execution of any instrument or certificate or other document in connection with the matters referred to herein by the Mayor and City Clerk or by other appropriate officers of the City, shall be conclusive evidence of the approval by the City of such instrument and the terms thereof. Section 2. Bond Details. The Bond shall be in the principal amount of $7,500,000, shall bear interest at a rate not to exceed 7.50% per annum, shall mature as provided in the Loan Agreement, but in no event later than November 1, 2012, and shall be payable in the time and manner, and shall be subject to prior redemption, as set forth in the Financing Documents. The maximum net effective interest rate authorized for the Bond is 7.50% per annum, and the actual net effective interest rate of the Bond does not exceed such rate. The City shall execute and deliver to the Authority the Bond pursuant to the Loan Agreement as evidence of the Loan Repayments (as defined in the Loan Agreement). The Bond shall be substantially in the form set forth in the Loan Agreement. Notwithstanding any other provision of this Ordinance, the Mayor and the City Clerk are authorized to enter into the Financing Documents only if the actual terms of the Loan and the Bond as to interest rate, maximum net effective interest rate, and maximum maturity, are wi thin the parameters set forth in this Section. Section 3. Limited Obligation; Finding of No Indebted- ness. The principal of the Bond and the interest thereon shall be payable solely from the net revenue derived by the City from the operation of the System, as set forth in Exhibit A to the Loan Agreement (the "Pledged Revenue"). The Financing Documents shall constitute an irrevocable lien upon the Pledged Revenue, and the Pledged Revenue is hereby pledged to the payment of the Bond. The Authority may not look to any general or other fund of the City, other than the special funds and accounts specified in this Ordinance, for the payment of the principal of and interest on the Bond. The obligations of the City under the Financing Documents shall not constitute or be held to be a debt or an indebtedness of the City or any other governmental entity within the meaning of any constitutional or statutory provision or limitation. The obligations of the City under the Financing Documents are not secured by the full faith and credit or taxing powers of the City or of any federal, state, or local government or agency. In addition, no elected or appointed officers or agents of the City shall be subject to any pecuniary liability in connection with any agreement, covenant, or undertaking by the City, or by them in their official capacity, contained in any document executed in connection with the authorization, execution, and delivery of the Financing Documents or this Ordinance, or with respect to any action taken or omitted to be taken in good faith with reference thereto. - 4 -