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Ord 1994-009
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Ord 1994-009
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Last modified
6/28/2007 9:30:22 AM
Creation date
6/28/2007 9:30:21 AM
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Template:
City Clerk
City Clerk - Document
Ordinances
City Clerk - Type
Certificates of Obligation
Number
1994-9
Date
2/14/1994
Volume Book
114
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<br /> 68F <br />"Surplus Revenues" means the revenues of the City's waterworks and sewer system, not to exceed <br />$1,000, available after deduction of the reasonable expenses of said System and the payment of all debt <br />service, reserve and other requirements with respect to all of the City' s revenue bonds and other <br />obligations, now outstanding or hereafter issued, that are payable in whole or in part from a pledge of <br />all or part of the revenues of such system. <br />"Unclaimed Payments" means money deposited with the Paying Agent/Registrar for the payment <br />of the principal of or interest on the Certificates as the same corne due and payable and remaining <br />unclaimed by the Owners of Certificates for 90 days after the applicable payment or redemption date. <br />Section 1.02. Other Definitions. <br />The terms "City Council" and "City" shall have the respective meanings assigned in the preamble <br />to this Ordinance. <br />Section 1.03. Findings. <br />The declàràtions, determinations and findings declared, made and found in the preamble to this <br />Ordinance are hereby adopted, restated and made a part of the operative provisions hereof. <br />Section 1.04. Table of Contents. Titles and Headings. <br />The table of contents, titles and headings of the Articles and Sections of this Ordinance have been <br />inserted for convenience of reference only and are not to be considered a part hereof and shall not in any <br />way modify or restrict any of the terms or provisions hereof and shall never be considered or given any <br />effect in construing this Ordinance or any provision hereof or in ascertaining intent, if any question of <br />intent should arise. <br />Section 1.05. Interpretation. <br />(a) Unless the context requires otherwise, words of the masculine gender shall be construed <br />to include correlative words of the feminine and neuter genders and vice versa, and words of the singular <br />number shall be construed to include correlative words of the plural number and vice versa. <br /> , <br />(b) This Ordinance and all the terms and provisions hereof shall be liberally construed to <br />effectuate the purposes set forth herein to sustain the validity of this Ordinance. <br /> ARTICLE II <br /> SECURITY FOR THE CERTIFICATES <br />Section 2.01. Tax Levv for Payment of the Certificates. <br />(a) The City Council hereby declares and covenants that it will provide and levy a tax legally and <br />fully sufficient for payment of the Certificates, it having been determined that the existing and available <br />taxing authority of the City for such purpose is adequate to permit a legally sufficient tax in consideration <br />of all other outstanding obligations of the City. <br />SANMAA\ COS«\DQCS\O RD N CB: XI,:rr, 1:rr:HBB P 3 <br />
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