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6566
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6566
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Last modified
7/27/2005 12:46:20 PM
Creation date
11/5/2014 12:24:36 PM
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City Ordinances
Passed
6/27/2005
Ordinance Number
6566
Bill Number
8796
Introdate
6/6/2005
Description
Authorizing the issuance sale and delivery of special obligation bonds series 2005 for $700,000
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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 of this Ordinance or any other provision of this <br />Ordinance, until the 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 public accountant or firm <br />of independent 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 Purchaser. 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 />Section 803. Amendments. <br /> <br />(a) The rights and duties of the City and the Bondowners, and the terms and provisions of the <br />Bonds or of this Ordinance, may be amended or modified at any time in any respect by Ordinance of the <br />City with the written consent of the Registered Owners of not less than a majority in principal amount of <br />the Bonds then Outstanding, such consent to be evidenced by an instrument or instruments executed by <br />such Registered Owners and duly acknowledged or proved in the manner of a deed to be recorded, and <br />such instrument or instruments shall be filed with the City Clerk, but no such modification or alteration <br />shall: <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 Council at any time in any legal respect with the written consent of the <br />Registered Owners of all of the Bonds at the time Outstanding. <br /> <br />(c) Without notice to or the consent of any Bondowners, the City may amend or supplement <br />this Ordinance for the purpose of curing any formal defect, omission, inconsistency or ambiguity therein <br />or in connection with any other change therein which is not materially adverse to the interests of the <br />Bondowners. <br /> <br />(d) Every amendment or modification of the provisions of the Bonds or of this Ordinance, to <br />which the written consent of the Bondowners is given, as above provided, shall be expressed in an <br />ordinance adopted by the Council amending or supplementing the provisions of this Ordinance and shall <br />be deemed to be a part of this Ordinance. A certified copy of every such amendatory or supplemental <br />Ordinance, if any, and a certified copy of this Ordinance shall always be kept on file in the office of the <br />City Clerk, shall be made available for inspection by the Registered Owner of any Bond or a prospective <br /> <br />-20- <br />
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