R-1988-13 - Laserfiche WebLink

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ei e,\ Bond Resolution, plus an amount sufficient to pay and reimburse the La Porte for the Authority's administrative and overhead expenses thereto- fore incurred and directly attributable and chargeable to the acquisi- tion of the Authority's share of the Southeast Plant, the Transmission System and the Distribution System. Section 3.02 \vhen the Authority desires to issue Bonds, it shall deliver to the City and to La Porte for their approval as to substance and form a proposed Bond Resolution (complete except for interest rates, name of the ini tia1 purchaser or purchasers of the Bonds and the discount or premium thereon) and the Authority's estimate of the amount requi red to (a) payor prov ide for the payment of (i) all interest on, and princ ipa1 of, the Bonds as and when the same sha 11 become due and payable and (i i) all reserve, cont i ngency and/or other funds prov ided for in such Bond Reso1 ut ion and (b) : u1 f i 11 the te!:"r:ts of any agreement or covenant made by the Authori ty ",.i th the owners of such Bonds or any person on their behalf. If the City con- sents to such Bond Resolution or fails to object thereto as provided in Section 3.03 hereof, the Authority shall thereafter be fully authorized to issue such Bonds and to charge and collect the monthly minimum charge specif ied in Section 7.01 hereof from the Ci ty in respect thereof. Section 3.03 Within fifteen (15) days of the receipt of the Authori ty' s proposed Bond Resolution, the Ci ty shall ei ther consent thereto (as evidenced by the adoption of an ordinance or resolution of its City Council) or institute arbitration proceedings as provided here- in to settle any claim, objection or controversy which the City might raise concerning the form of the proposed Bond Resolution, otherwise any such claim, objection or controversy shall be deemed waived. Issu- -12-