CCP 09-27-1999 - Laserfiche WebLink

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. Resolution 99-32 Page Three September 27, 1999 c, The execution, delivery and performance of the City's obligations under the Bonds, the Indentures, the Bond Purchase Agreements and the Loan Agreements do not and will not violate any order of any court or other agency of government of which the City is aware or in which the City is a party, or any indenture, agreement or other instrument to which the City is a party or by which it or any of its property is bound, or be in conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any such indenture, agreement or other instrument. d, It is desirable that the Bonds be issued by the City upon the terms set forth in the Indentures, under the provisions of which the City's interest in the Loan Agreements will be pledged to the Trustee as security for the payment of principal of, premium, if any, and interest on the Bonds. e, The Loan Agreements provide for payments by the Corporation to the Trustee for the account of the City of such amounts as will be sufficient to pay the principal of, premium, if any, and interest on the Bonds when due, The Loan Agreements obligate the Corporation to pay for all costs of operation and maintenance of the Project facilities, including adequate insurance, taxes and special assessments, . f. Under the provisions of the Act, and as provided in the Loan Agreements and Indentures, the Bonds are not to be payable from nor charged upon any funds other than amounts payable pursuant to the Loan Agreements and moneys in the funds and accounts held by the Trustee which are pledged to the payment thereof; the City is not subject to any liability thereon; no owners of the Bonds shall ever have the right to compel the exercise of the taxing power of the City to pay any of the Bonds or the interest thereon, nor to enforce payment thereof against any property of the City; the Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City (other than the interest ofthe City in the Loan Repayments to be made by the Corporation under the Loan Agreements); and each Bond issued under the Indentures shall recite that such Bond, including interest thereon, shall not constitute or give rise to a charge against the general credit or taxing powers of the City, 4. Approval and Execution of Documents. The forms of Loan Agreements, Indentures, Joint Powers Agreement and Bond Purchase Agreements referred to in paragraph 2, are approved. The Loan Agreements, Indentures, Joint Powers Agreement and Bond Purchase Agreements shall be executed in the name and on behalf of the City by the Mayor and the City .