Ordinance 99-72 - Laserfiche WebLink

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(c) by depositing in the Debt Service Fund or such other accounts as the City may hereafter create and establish by ordinance(which Debt Service Fund or other account and all moneys and securities deposited therein shall be irrevocably pledged to the Bondholders for the payment of the 1999 Bond and all interest thereon) moneys which, when invested in Defeasance Obligations, will provide moneys which shall be sufficient to pay the 1999 Bond and, all interest thereon as the same shall become due on said 1999 Bond on or prior to the Maturity Date thereof. Upon such payment or deposit in the amount and manner provided in this Section 3.6, the 1999 Bond shall no longer be deemed to be outstanding for the purposes of this Ordinance and all liability of the City with respect to the 1999 Bond shall cease, terminate and be completely discharged and extinguished, and the Bondholders shall be entitled for payment solely out of the moneys or securities so deposited. SECTION 3.8 ADDITIONAL OBLIGATIONS. The City covenants with the Bank that, as long as the 1999 Bond issued under this Ordinance is outstanding and the Bank is the registered owner thereof, without the prior written consent of the Bank, the City shall not issue any Parity Obligations or any obligation secured by a lien on the Pledged Revenues that is senior to the lien on the Pledged Revenues created by this Ordinance in favor of the 1999 Bond. ARTICLE IV MISCELLANEOUS PROVISIONS SECTION 4.1 MODIFICATION OR AMENDMENT. No modification or amendment of this Ordinance or of any ordinance amendatory thereof or supplemental thereto, may be made without the consent in writing of the Bondholder. SECTION 4.2 ADDITIONAL AUTHORIZATION. The Mayor, the City Manager, the Finance Director and any other proper official of the City, be and each of them is hereby authorized and directed to execute and deliver any and all documents and instruments and to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated by this Ordinance. SECTION 4.3 SEVERABILITY OF INVALID PROVISIONS. If anyone or more of the covenants, agreements or provisions of this Ordinance should be held contrary to any express provision of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separate from the remaining covenants, agreements or provisions, and shall in no way affect the validity of any of the other provisions of this Ordinance or of the 1999 Bond issued hereunder. SECTION 4.4 WAIVER OF JURY TRIAL. The City, in consideration of the purchase of the 1999 Bond by the Bank, and the Bank, by its acceptance of the 1999 Bond, each mutually and willingly waive the right to a trial by a jury in connection with any and all claims by any party hereto against the other arising from or in connection with the transactions contemplated by the 1999 Bond or this Ordinance. 17