1987-11-09 Regular Meeting - Laserfiche WebLink

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e e r#- - Rond 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 \>Jhen the Authority desires to issue Bonds, it shall del i ver to the Ci ty and to La Porte for the ir approval as to substance and form a proposed Bond Resolution (complete except for interest ra tes , name of the ini t ial purchaser or purchasers of the Bonds and the discount or premium thereon) and the Authority's estimate of the amount requ i red to (a) payor prov ide for the payment of (i) all interest on, and principal of, the Bonds as and when the same shall become due and payable and (ii) all reserve, contingency and/or other funds provided for in such Bond Resolution and (b) fulfill the terms of any agreement or covenant made by the Authori ty wi 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 ln Section 7.01 hereof from the Ci ty in respect thereof. Section 3.03 Within fifteen (15) days of the receipt of the Authority's proposed Bond Resolution, the City shall either 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-