Ordinance 1993-1130 - Laserfiche WebLink

Home Browse Search

(b) The City hereby irrevocably pledges the Capital Improvement Fund and the Pledged Revenues which are to be deposited therein, on the terms provided herein, for the payment of the principal of and interest on the Bonds. Such pledge shall create an irrevocable and fIrst lien (but not an exclusive fIrst lien) on the Capital Improvement Fund and the Pledged Revenues for the payment of the principal of and interest on the Bonds. (c) The covenants and agreements herein set forth to be performed on behalf of the City shall be for the equal benefIt, protection and security of the Registered Owners of any and all of the Outstanding Bonds. The Bonds, regardless of the time or times of their issuance or maturity, shall be of equal rank without preference, priority or distinction, except as otherwise expressly provided in or pursuant to this Ordinance. (d) The issuance of the Bonds by the City shall constitute a warranty by and on behalf of the City for the benefIt of each and every Owner of any of the Bonds that the Bonds have been issued for valuable consideration in full conformity with law. Subject to the registration provisions hereof, the Bonds hereby authorized sha1I be fully negotiable and shall have all the qualities of negotiable paper, and the Registered Owners thereof shall possess all rights enjoyed by the holders of negotiable instruments under the provisions of the Colorado Uniform Commercial Code. The principal of and interest on the Bonds shall be paid, and the Bonds shall be transferable, free from and without regard to any equities between the City and the original or any intermediate Owner of any Bonds or any setoffs or cross-claims. Section 5. Bond Details. The Bonds shall be issued only as fully registered Bonds without coupons in the denominations of $5,000 each or integral multiples thereof (provided that no Bond may be in a denomination which exceeds the principal coming due on its maturity date and no individual Bond will be issued for more than one maturity). The Bonds shall be numbered in such manner as the Registrar shall determine. The Bonds shall be dated as of December 1, 1993, and shall bear interest (computed on the basis of a 360-day year of twelve 30-day months) from their date until maturity, payable semiannually on each June 1 and December 1, commencing on June 1, 1994, except that any Bond which - 13 -