Ord 1996-032 - Laserfiche WebLink

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rFÆ¡J - (b) The exercise of any remedy herein conferred or reserved shall not be deemed a waiver of any other available remedy, ARTICLE XII DISCHARGE Section 12.01. Discharge by Payment. When all Bonds have been paid in full as to principal and as to interest and premium, if any, or when all Bonds have become due and payable, whether at maturity or otherwise, and the City shall have provided for the payment of the whole amount due or to become due on all Bonds then outstanding, including all interest that has accrued thereon or that may accrue to the date of maturity, and any premium due or that may become due at maturity, by depositing with the Paying Agent/Registrar, for payment of the principal of such outstanding Bonds and the interest accrued thereon and any premium due thereon., the entire amount due or to become due thereon., and the City shall also have paid or caused to be paid all sums payable under this Ordinance by the City, including the compensation due or to become due the Paying AgentlRegistrar, then the Paying AgentJRegistrar, upon receipt ofa letter of instructions ITom the City requesting the same, shall discharge and release the lien of this Ordinance and execute and deliver to the City such releases or other instruments as shall be requisite to release the lien hereof . Section 12.02. Discharge bv Deposit. (a) The City may discharge its obligation to pay the principal of, premium, if any, and interest on all or any portion of the Bonds and its obligation to pay other sums payable or to become payable under this Ordinance by the City, including the compensation due or to become due the Paying Agent/Registrar, by: (i) depositing or causing to be deposited with the Paying Agent/Registrar an amount of money that, together with the interest earned on or capital gains or profits to be realized from the investment of such moneý, will be sufficient to pay the principal of, premium, if any, and accrued interest on such Bonds to maturity or to the date fixed for prior redemption of such Bonds, and to pay such other amounts as may be reasonably estimated by the Paying Agent/Registrar to become payable under this Ordinance, including the compensation due or to become due the Paying Agent/Registrar; and (ii) providing the Paying AgentlRegistrar with an opinion of nationally recognized bond counsel acceptable to the Paying AgentlRegistrar to the effect that the deposit specified in subdivision (i) of this subsection (a) will not cause the interest on the Bonds to become subject to feqeral income ta.xation. (b) Subject to subsection (c) of this Section, upon compliance with subsection (a) of this Section, the Bonds for which provision is so made shall no longer be regarded as outstanding and """"""""\"""""-'....'DO=RDNCE.fN 36