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6556
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6556
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Last modified
7/26/2005 4:42:11 PM
Creation date
11/5/2014 12:24:32 PM
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City Ordinances
Passed
6/6/2005
Ordinance Number
6556
Bill Number
8786
Introdate
5/23/2005
Description
Authorizing and directing the issuance, sale and delivery of $2,000,000 Principal amount of general obligation bonds, series 2005 City Hall Renovations
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<br />(f) The foregoing covenants shall remain in full force and effect notwithstanding the <br />defeasance of the Bonds pursuant to Article VII hereof or any other provision of this Ordinance, until the <br />final maturity date of all Bonds Outstanding. <br /> <br />Section 802. Annual Audit. <br /> <br />(a) Annually, promptly after the end of the fiscal year, the City will cause an audit to be <br />made of its funds and accounts for the preceding fiscal year by an independent certified public accountant <br />or firm of independent certified public accountants. <br /> <br />(b) Within 30 days after the completion of each such audit, a copy thereof shall be filed in <br />the office of the City Clerk, and a duplicate copy of the audit shall be mailed to the Underwriter. Such <br />audits shall at all times during the usual business hours be open to the examination and inspection by any <br />taxpayer, any Registered Owner of any of the Bonds, or by anyone acting for or on behalf of such <br />taxpayer or Registered Owner. <br /> <br />(c) As soon as possible after the completion of the annual audit, the governing body of the <br />City shall review such audit, and if the audit discloses that proper provision has not been made for all of <br />the requirements of this Ordinance, the City shall promptly cure such deficiency. <br /> <br />Section 803. Amendments. <br /> <br />(a) The rights and duties of the City and the Registered Owners, and the terms and provisions <br />of the Bonds or of this Ordinance, may be amended or modified at any time in any respect by Ordinance <br />of the City with the written consent of the Registered Owners of not less than a majority in principal <br />amount of the Bonds then Outstanding, such consent to be evidenced by an instrument or instruments <br />executed by such Registered Owners and duly acknowledged or proved in the manner of a deed to be <br />recorded, and such instrument or instruments shall be filed with the City Clerk. No such modification or <br />alteration may: <br /> <br />(i) extend the maturity of any payment of principal or interest due upon any Bond; <br /> <br />(ii) effect a reduction in the amount which the City is required to pay as principal of <br />or interest on any Bond; <br /> <br />(iii) permit preference or priority of any Bond over any other Bond; or <br /> <br />(iv) reduce the percentage in principal amount of Bonds required for the written <br />consent to any modification or alteration of the provisions of this Ordinance. <br /> <br />(b) Any provision of the Bonds or of this Ordinance may, however, be amended or modified <br />by Ordinance duly adopted by the governing body of the City at any time in any legal respect with the <br />written consent of the Registered Owners of all of the Bonds at the time Outstanding. <br /> <br />(c) Without notice to or the consent of any Registered Owners, the City may amend or <br />supplement this Ordinance for the purpose of curing any formal defect, omission, inconsistency or <br />ambiguity therein or in connection with any other change therein which is not materially adverse to the <br />interests of the Registered Owners. <br /> <br />-20- <br />
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