Ordinance 1985-856 - Laserfiche WebLink

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its general fund or o therwi se contr ibute any part of the Cost of the Projec t (as said term is defined in the wan Agreemen t) . Section 6. Bo nEi Ord inance Irrepeal abl e. After the Bond is i s s ue d , this Bond Ordinance shall constitute an irrevoc abl e con trac t be tween the Iss uer and the hol der of the Bond and shall be and remain irrepeal abl e un til the Bo nd , both pr inc ipal and in teres t, shall be fully paid, cancelled and discharged. Section 7. Ratification. All action here tofore taken by the Iss uer and by the officers thereof not inconsis ten t her e- wi th direc ted toward the financ ing of the Project and the issuance and sale of the Bond is hereby ratified, approved and confirmed. Section 8. Repeal er. All ac ts, orders, r e so I uti 0 n s , ordinances or parts thereof, taken by the Iss uer and in confl ic t with this Bond Ordinance are hereby repeal ed, except tha t this repealer shall not be co ns tr ued so as to revive any act, order, resolution, ordinance or part thereo f , heretofore repealed. Section 9. Severabil i ty. If any part or par ts of this Bond Ordinance are for any reason held to be invalid, such dec i- sion shall not affect the validity of the remaining portions hereof. The Ci ty Counc il hereby. -decl ares that it would have pa s se d this Bond Ordinance and each part or par ts hereof, irrespective of the fact that anyone par t or parts be declared inval id. Section 10. Election Under In ternal Reve n ue Code. The Is sue r shall do all acts necessary to compl e te the election for the appl ica t io n of the $10,000,000 small is s ue exemption to the Bond pursuant to Section 103(b) (6)(D) of the In ternal Revenue Code of 1954, as amended, and all reg ula t ions ther e under. Section 1l. Approval by Gover nmen tal Un it. The final passage of this Bond Ordinance by the City Counc il after a public hear i ng following reasonable publ ic not ice shall constitute the approval of the Bond by the elected legislative body of the Issuer purs uan t to Section 103(k) of the In ternal Reve n ue Code of 1954, as amended, and all reg ul a tions thereunder. Sectio n 12. Informa tion Reporting Under rn ternal Revenue Code. The Is s ue r shall do all acts necessary to compl e te the in forma tion reporting requirements requir ed by Section 103(1) - 16 - .