Ordinance 1989-0985 - Laserfiche WebLink

Home Browse Search

Section 11. The cost of the Project will be paid out of the proceeds of the Bonds, and the Bonds shall not constitute or become a debt or indebtedness of the City within the meaning of any provision or limitation of the Constitution, statutes of the State of Colorado and shall not constitute or qive rise to a pecun~ary liabilitr of the City or a charge aqainst its qeneral credit or t&Xlnq powers, nor shall the Bonds constitute the qiving, iledaing or loanin~ of the faith and credit of the State of Co ora 0, the Genera Assembly of the State of Colorado or of any county, cit!, city and county, town, school district or other sued vision or body corporate and politic within the State of Colorado but shall b6 payable .01ely from the funds pledged therefor, The issuance of the Bondi Ihall not, directly or indirectly or continyently, obligate the State of Colorado or any lubdiv sion of the State of Colorado nor empower the City to levy or collect any form of taxes or alsessments theretor or to create any indebtednesl payable out of taxes or assessmentl therefor or make any a!prOpriation for their payment and such appro!riation or evy i. prohibited. Hothinq in the Act Iha 1 be conltrued to authorize the City to create a debt of the State of Colorado within the meaninq of the Conltitution or statutes of the State of Colorado or authorize the City to levy or collect taxes or aSI.I.ments for the pa~ent of the Bondi. Neither the members of the City Councll nor any person executinq the Bonds .hall be liable perlonally on the Bondi or be lubject to any perlonal liability or ac~ountability by r.alon of the i..uance thereof. Section 12. After any of the Bonda are i'lued, this Ordinance ahall b. and remain irrepealable until all the Banda and the interelt thereon shall have been tully paid, canoelled and diloharied. Section 13. The Mayor or Mayor Pro Tem and City Clerk or any deputy are hereby authoriled and directed to mate or aqree to any alter.tion., chanie. or addition. in the instrumentl which may be approved, authorized and confirmed as the Mayor or Mayor Pro Tam and City Clerk or any deputy, with advice ot the City Attorney, deem necessary or proper to accomplish the purpo.el of this Ordinance, to provide adequate security for the Bond., to improve the marketability of the Bondi, al may be reque.ted by the Corporation, the Trult.e or the Underwriter of the Bond., or a. are n.c....ry to correct errors or omi..ions ther.in or to conform the lame to other provilions of .aid instruments, to the provisions of this Ordinance, or to the provi.ion. of Colorado or federal law; provided, however, no alt.ration, chanqe or addition .hall be made which Ihall alter, following the establilbment thereof in this Ordinance, the maximum net effectiv. inter..t -6.