Ord 1983-079 - Laserfiche WebLink

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Ordinance, except: (1) Certificates theretofore cancelled by the Paying Agent/Registrar or delivered to the Paying Agent/Registrar for cancellation; (2) Certificates for which payment has been duly provided by the City by the irrevocable deposit with the Paying Agent/Registrar of money in the amount necessary to fully pay the pr incipal of, premium, if any, and interest thereon to maturity or redemption, as the case may be; provided that, if such Certificates are to be redeemed, notice of redemption thereof shall have been duly given in accordance with this Ordinance or irrevocably provided to be given to the satisfaction of the Paying Agent/Registrar, or waived; (3) Certificates that have been mutilated, destroyed, lost, or stolen and replacement Certificates have been registered and delivered in lieu thereof as provided in this Ordinance; and (4) Certificates for which the payment of the principal of, premium, if any, and interest on has been duly provided by the deposit in trust of money or Government Securities, or both, as provided in this Ordinance. (h) The term "Paying Agent/Registrar" means Paying Agent/Registrar named in this Ordinance as such Paying Agent/Registrar, until a successor Paying Agent/Registrar shall have become such pursuant to the applicable provisions of this Ordinance, after which the term "Paying Agent/Registrar" shall mean such successor; ( i) The term "Predecessor Certificate" means Certificates cancelled by this Ordinance, evidencing all or a portion, as the case may be, of the same debt evidenced by the new Certificate or Certificates registered and delivered in the exchange or transfer therefor, and such term includes any Certificate registered and delivered pursuant to this Ordinance in lieu of a mutilated, lost, destroyed or stolen Certificate which shall be deemed to evidence the same obligation as the mutilated, lost, destroyed or stolen Certificate; (j) The term "Registration Books" means the books established and maintained for the registration, payment and transfer of Bond provided in Section 5 of this Order. Section 13. REVENUE PLEDGE; EXCESS REVENUES. In combination with the ad valorem taxes herein levied and ordered to be levied, the Certificates and the interest thereon are and shall be payable from and secured by an irrevocable lien on and pledge of the net revenues of the System, subject only and subordinate to a prior first lien on and pledge of the net revenues of the system heretofore created in favor of the Outstanding Bonds and any bonds or other securities hereafter issued to be on a parity with the Outstanding Bonds. The City covenants and agrees with the holders of the certificates that it will at all times collect rates and charges in connection with its ownership and operation of the system as will be at least sufficient to provide net revenues which will be, together with the funds to be derived from taxation as hereinabove provided, adequate to pay promptly all of the principal of and interest on the certificates, and to make all deposits now or hereafter required to be made into the Interest and Sinking Fund created and established by this ordinance. Monies remaining in the Revenue Fund, after all of the require ddeposits and payments therefrom have been made and satisfied, may be used by the City for any lawful purpose. Section 14. FUNDS TO BE SECURED. All funds created by this ordinance shall be secured in the manner and to the fullest extent permitted or required by law for the security of public funds, and such funds shall be used only for the purpose and in the manner permitted or required by this ordinance. -10-