Ord 1987-020 - Laserfiche WebLink

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Section 1.02. Exemptions. (a) Notwithstanding any provision in the Utility District Ordinance to the contrary, the City has agreed to amend its Utility District Ordinance with respect to the following provisions: ( 1 ) Part E. Section 2 .A. (2) and (3): District authority to issue bonds to finance curbs, gut- ters, inlets, culverts, and bridges, and other drainage improvements, to serve the Di strict. (2 ) Part E. Section 3. A. : development acti vi ties within the Utility District which are required to conform to all City ordinance requirements. (3 ) Part E. Section 3 .G.: submission of proposed District bond issues to the City for review and approval. (b) Upon passage of the amendment to the Utility District Ordinance, the District shall be granted the authority to issue bonds to finance drainage improvements within and outside the boundaries of the District to the extent permitted by this Agreement and as approved by the Commission. Further, the District shall conform to the standards of City ordinances as provided in this Agreement¡ however, the District shall not be bound by the procedural aspects of City ordinance requirements. The District shall also submit all proposed bond issues to the City as provided in Section 2.02 herein. Section 1.03. Consultant Fees. Notwi thstanding any provision in the Utility District Ordinance to the contrary, proceeds of the District's bonds may be used for financial consultant fees no greater than two percent (2%) and bond counsel fees no greater than two and one half per- cent (2-1/2%) of the principal amount of each issue of District bonds. ARTICLE TWO ISSUANCE OF BONDS BY THE DISTRICT Section 2.01. General Statement. The parties acknowl- edge and agree that the creation of the District, and the City's consent thereto, is intended to promote sound -2-