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6097 (EXHIBIT A - E)
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6097 (EXHIBIT A - E)
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Last modified
12/6/2004 2:47:13 PM
Creation date
11/5/2014 12:21:26 PM
Metadata
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Template:
City Ordinances
Passed
2/10/1997
Ordinance Number
0
Bill Number
8316
Introdate
1/27/1997
Description
APPROVING DELIVERY OF $1,425,000 PRINCIPAL AMOUNT OF CERTIFICATES OF PARTICIPATION TO PAY FOR NEW PARKING GARAGE CONSTRUCTION
Introduced By
MUNKEL
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(iii) the reasonable fees and charges of the Lessor for extraordinary services rendered <br />by it and extraordinary expenses incurred by it as Lessor under the Indenture; <br /> <br /> (iv) the costs of maintenance, operation and repair of the Leased Property and utility <br />charges as required under Article V hereof; <br /> <br /> (v) the costs of casualty insurance required under Article VI hereof and workers' <br />compensation self-insurance; <br /> <br /> (vi) the costs of taxes and governmental charges and assessments as required under <br />Section 6.02 hereof; and <br /> <br /> (vii) if the value of the Reserve Fund is less than the Reserve Requirement, as <br />determined by the Lessor in accordance with Section 4.06(b) of the Indenture, to the Lessor for <br />deposit in the Reserve Fund an amount necessary to restore the Reserve Fund to the Reserve <br />Requirement on or before the next succeeding valuation date. <br /> <br /> (c) Prepayment of Base Rentals. If the Lessee is not in default in making Payments under <br />Section 3.01 hereof, the Lessor, at the written direction of the Lessee, at any time when the aggregate <br />money in the Certificate Payment Fund is sufficient for such purposes, shall (i)if the Outstanding <br />Certificates are then prepayable under Article lII of the Indenture, take all steps that may be necessary <br />under the applicable prepayment provisions of the Indenture to effect the prepayment of all or such part <br />of the then Outstanding Certificates as may be specified by the Lessee, on such prepayment date as may <br />be specified by the Lessee, (ii) cause money in the Certificate Payment Fund or such part thereof as the <br />Lessee directs to be applied by the Lessor for the purchase of Certificates in the open market for the <br />purpose of cancellation at prices not exceeding the principal amount thereof plus accrued interest thereon <br />to the date of delivery for cancellation, or (iii) a combination of (i) and (ii) as provided in such direction. <br /> <br /> Section 3.02. Consideration. The payments of Base Rentals and Supplemental Rent hereunder <br />for each Renewal Term during the Term of the Lease will constitute the total Payments which are <br />payable for each Renewal Term and shall be paid by the Lessee in consideration of the right to use and <br />occupy the Leased Property. <br /> <br /> The Lessee hereby declares its current need for the Leased Property. The Lessee has determined <br />that the Base Rentals hereunder during the Initial Term and any Renewal Term represent the fair value of <br />the use of the Leased Property, and that the Option Price as provided in Schedule 2 hereof represents the <br />fair purchase price of the Lessor's interest in the Leased Property. The Lessee hereby determines that the <br />Base Rentals do not exceed a reasonable amount so as to place the Lessee under an economic <br />compulsion to renew this Lease or to exercise its option to purchase the Lessor's interest in the Leased <br />Property hereunder. In making such determinations the Lessee has given consideration to the costs of <br />the Leased Property, the uses and purposes for which the Leased Property will be employed by the <br />Lessee, the benefit to the Lessee by reason of the use and occupancy of the Leased Property pursuant to <br />the terms and provisions of this Lease and the Lessee's option to purchase the Lessor's interest in the <br />Leased Property. The Lessee hereby declares that the period during which the Lessee has an option to <br />purchase the Lessor's interest in the Leased Property (i.e., the maximum term of this Lease including all <br />Renewal Terms) does not exceed the useful life of the Leased Property. <br /> <br />-5- <br /> <br /> <br />
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