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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 />purchaser or owner of any Bond authorized by this Ordinance, and upon payment of the reasonable cost <br />of preparing the same, a certified copy of any such amendatory or supplemental Ordinance or of this <br />Ordinance will be sent by the City Clerk to any such Bondowner or prospective Bondowner. <br /> <br />(e) Any and all modifications made in the manner hereinabove provided shall not become <br />effective until there has been filed with the City Clerk a copy of the Ordinance of the City hereinabove <br />provided for, duly certified, as well as proof of any required consent to such modification by the <br />Registered Owners of the Bonds then Outstanding. It shall not be necessary to note on any of the <br />Outstanding Bonds any reference to such amendment or modification. <br /> <br />(t) The City shall furnish to the Paying Agent a copy of any amendment to the Bonds or this <br />Ordinance which affects the duties or obligations of the Paying Agent under this Ordinance. <br /> <br />Section 804. Notices, Consents and Other Instruments by Bondowners. <br /> <br />(a) Any notice, consent, request, direction, approval or other instrument to be signed and <br />executed by the Bondowners may be in any number of concurrent writings of similar tenor and may be <br />signed or executed by such Bondowners in person or by agent appointed in writing. Proof of the <br />execution of any such instrument or of the writing appointing any such agent and of the ownership of <br />Bonds, other than the assignment of the ownership of a Bond, if made in the following manner, shall be <br />sufficient for any of the purposes of this Ordinance, and shall be conclusive in favor of the City and the <br />Paying Agent with regard to any action taken, suffered or omitted under any such instrument, namely: <br /> <br />(i) The fact and date of the execution by any person of any such instrument may be <br />proved by a certificate of any officer in any jurisdiction who by law has power to take <br />acknowledgments within such jurisdiction that the person signing such instrument acknowledged <br />before such officer the execution thereof, or by affidavit of any witness to such execution. <br /> <br />(ii) The fact of ownership of Bonds, the amount or amounts, numbers and other <br />identification of Bonds, and the date of holding the same shall be proved by the Bond Register. <br /> <br />(b) In determining whether the Registered Owners of the requisite principal amount of Bonds <br />Outstanding have given any request, demand, authorization, direction, notice, consent or waiver under <br />this Ordinance, Bonds owned by the City shall be disregarded and deemed not to be Outstanding under <br />this Ordinance, except that, in determining whether the Bondowners shall be protected in relying upon <br />any such request, demand, authorization, direction, notice, consent or waiver, only Bonds which the <br />Bondowners know to be so owned shall be so disregarded. Notwithstanding the foregoing, Bonds so <br />owned which have been pledged in good faith shall not be disregarded as aforesaid if the pledgee <br />establishes to the satisfaction of the Bondowners the pledgee's right so to act with respect to such Bonds <br />and that the pledgee is not the City. <br /> <br />Section 805. Continuing Disclosure. The Continuing Disclosure Agreement, in substantially <br />the form attached hereto as Exhibit C, is hereby authorized and approved. The Mayor is hereby <br />authorized to execute the Continuing Disclosure Agreement. The City hereby covenants and agrees that it <br />will comply with and carry out all of the provisions of the Continuing Disclosure Agreement executed by <br />the City, as originally executed and as it may be amended from time to time in accordance with the terms <br />thereof. Upon failure of the City to comply with the Continuing Disclosure Agreement, any Bondowner <br />may take such actions as may be necessary and appropriate, including seeking mandate or specific <br />performance by court order, to cause the City to comply with its obligations under this Section. In no <br />event will a default under the Continuing Disclosure Agreement be considered a default pursuant to this <br />Ordinance. <br /> <br />-21- <br />
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