Laserfiche WebLink
<br />.' <br /> <br />. <br /> <br />. <br /> <br />longer outstanding (a "Defeased Bonds") within the meaning of <br />this Ordinance, except to the extent provided in subsection (d) <br />of this section 14, when payment of the principal of such Bond, <br />plus interest thereon to the due date (whether such due date be <br />by reason of maturity, upon redemption, or otherwise) either (i) <br />shall have been made or caused to be made in accordance with the <br />terms thereof (including the giving of any required notice of <br />redemption), or (ii) shall have been provided for on or before <br />such due date by irrevocably depositing with or making available <br />to the paying Agent/Registrar for such payment (1) lawful money <br />of the united states of America sufficient to make such payment <br />or (2) direct obligations of the United states of America, <br />including obligations the principal of and interest on which are <br />unconditionallY guaranteed by the United states of America, which <br />may be united states Treasury obligations such as its state and <br />Local Government Series, and which may be book entry form (herein <br />"Government Obligations") which mature as to principal and <br />interest in such amounts and at such time as will insure the <br />availability, without reinvestment, of sufficient money to <br />provide for such payment, and when proper arrangements have been <br />made by the city with the Paying Agent/Registrar for the payment <br />of its services until all Defeased Bonds shall have become due <br />and payable. At such time as a Bond shall be deemed to be a <br />Defeased Bond hereunder, as aforesaid, such Bond and the interest <br />thereon shall no longer be secured by, payable from, or entitled <br />to the benefits of, the revenue herein levied and pledged as <br />provided in this Ordinance, and such principal and interest shall <br />be payable solely from such money or Government Obligations. <br /> <br />(b) Any money so deposited with the paying Agent/Registrar <br />may at the written direction of the city also be invested as <br />hereinbefore set forth, and all income from such Government <br />Obligations received by the paying Agent/Registrar which is not <br />required for the payment of the Bonds and interest thereon, with <br />respect to which such money has been so deposited, shall be <br />turned over to the city, or deposited as directed in writing by <br />the city. <br /> <br />(c) until all Defeased Bonds shall have become due and <br />payable, the paying Agent/Registrar shall perform the services of <br />paying Agent/Registrar for such Defeased Bonds the same as if <br />they had not been defeased, and the city shall make proper <br />arrangements to provide and pay for such services as required by <br />this Ordinance. <br /> <br />section 15. TAX COVENANTS. The city covenants to take any <br />action to assure, or refrain from any action which would <br />adversely affect, the treatment of the Bonds as obligations <br />described in section 103 of the Code, the interest on which is <br />not includable in the "gross income" of the holder for purposes <br />of federal income taxation. In furtherance thereof, the city <br />covenants as follows: <br /> <br />19 <br />