HomeMy WebLinkAbout05782S &f 8 57 7_W T,-T Co -Y__
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ORDINANCE NO. 5732
AN ORDINANCE AUTHORIZING THE CITY OF PUEBLO,
COLORADO, TO ISSUE ITS GENERAL OBLIGATION
STREET AND BRIDGE REFUNDING BONDS, SERIES 1992
IN THE AGGREGATE PRINCIPAL AMOUNT OF
$2,100,000 FOR THE PURPOSE OF DEFRAYING THE
COST OF REFUNDING A PORTION OF THE CITY'S
GENERAL OBLIGATION STREET AND BRIDGE BONDS,
SERIES 1987B, AND PAYING THE COSTS OF ISSUING
SAID BONDS; PROVIDING DETAILS CONCERNING SAID
BONDS, THEIR FORM, THEIR SALE, AND FUNDS
RELATING THERETO; AUTHORIZING THE EXECUTION
AND DELIVERY OF AN ESCROW AGREEMENT IN
CONNECTION WITH SUCH REFUNDING; APPROVING THE
FORM AND USE OF A PRELIMINARY OFFICIAL
STATEMENT AND A FINAL OFFICIAL STATEMENT IN
CONNECTION WITH THE SALE OF SAID BONDS;
AUTHORIZING THE EXECUTION OF A BOND PURCHASE
AGREEMENT IN CONNECTION WITH THE SALE OF SAID
BONDS; PROVIDING FOR THE LEVY OF GENERAL AD
VALOREM TAXES TO PAY THE PRINCIPAL OF AND
INTEREST ON THE BONDS; RATIFYING ACTION
HERETOFORE TAKEN AND RELATING TO SUCH BONDS;
AND PROVIDING OTHER MATTERS RELATING THERETO.
WHEREAS, the City of Pueblo, in the State of Colorado
(the "City" and the "State," respectively), is a municipal
corporation duly organized and existing as a home -rule city
under Article XX of the State Constitution and under the
Charter of the City (the "Charter "), and is a political
subdivision of the State; and
WHEREAS, all legislative powers possessed by the City,
conferred by Article XX of the State Constitution, or
contained in the Charter, as either has from time to time
been amended, or otherwise existing by operation of law, are
vested in a board of councilmen, also known as the city
council (the "Council "); and
WHEREAS, the Council has previously authorized the
issuance by the City of its General Obligation Street and
Bridge Bonds, Series 1987B (the "Series 1987B Bonds ") in the
aggregate principal amount of $2,625,000, of which $2,430,000
is presently outstanding; and
WHEREAS, the Council has determined that it is in the
best interest of the City to provide for the refunding in
advance of their maturity of the Series 1987B Bonds maturing
on and after May 1, 1998, presently outstanding in the
aggregate principal amount of $1,825,000 (the "Refunded
Bonds "); and
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WHEREAS, Norwest Investment Services, Inc. (the
"Underwriter '') has submitted to the City a Bond Purchase
Agreement, dated November 23, 1992 (the ''Bond Purchase
Agreement "), for the purchase of the City of Pueblo,
Colorado, General Obligation Street and Bridge Refunding
Bonds, Series 1992 (the "Bonds '') in the aggregate principal
amount of $2,100,000 for the purpose of defraying the cost of
refunding the Refunded Bonds and paying the costs of issuing
the Bonds; and
WHEREAS, pursuant to the Bond Purchase Agreement, the
Bonds are to be purchased for a price consisting of the
principal amount thereof less a discount of 1.500 of the
principal amount thereof, plus accrued interest thereon from
the date thereof to the date of delivery, and otherwise upon
the terms and conditions therein and herein set forth, and
such Bond Purchase Agreement has been accepted on behalf of
the City by the Director of Finance, subject to ratification
by the Council by the passage of this Ordinance; and
WHEREAS, the Bonds will be insured by a municipal bond
insurance policy (the "Bond Insurance Policy ") to be issued
by Municipal Bond Investors Assurance Corporation (the "Bond
Insurer ") simultaneously with the issuance of the Bonds; and
WHEREAS, the Bonds will be issued at a lower net
effective interest rate than that of the Refunded Bonds,
which will result in a net present value debt service saving
to the City; and
WHEREAS, the City Manager has recommended that the Bond
Purchase Agreement be accepted and that the Bonds be issued
and sold to the Underwriter; and
WHEREAS, the Council has determined and does hereby
declare and determine it to be in the best interest of the
City and its inhabitants that the Bonds be issued and the
Refunded Bonds be refunded; and
WHEREAS, a portion of the proceeds of the Bonds will be
deposited to a special trust fund (the "Escrow Fund ")
established pursuant to an escrow agreement, dated as of
December 1, 1992 (the "Escrow Agreement "), between the City
and The Pueblo Bank and Trust Company, as escrow agent (the
"Escrow Agent "), and used to pay the interest on the Refunded
Bonds through November 1, 1997 and to redeem all of the
Refunded Bonds on such date at a redemption price equal to
the principal amount of the Refunded Bonds being redeemed; and
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WHEREAS, there have been filed with the City Clerk (the
"Clerk ") the Bond Purchase Agreement, the Preliminary
Official Statement, dated November 23, 1992 (the "Preliminary
Official Statement ") relating to the Bonds and the Escrow
Agreement.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
PUEBLO:
Section 1. Title of Ordinance This Ordinance shall be
known and may be cited as the "General Obligation Street and
Bridge Refunding Bonds, Series 1992 Bond Ordinance."
Section 2. Authorization of Refunding of the Refunded
Bonds and Bonds The refunding of the Refunded Bonds and the
issuance of the Bonds are necessary and in the best interests
of the City and its residents and are hereby authorized. The
Underwriter's proposal for the purchase of the Bonds as
provided in the Bond Purchase Agreement is hereby formally
accepted, and the Bonds shall be sold and delivered to the
Underwriter, in accordance with the Bond Purchase Agreement,
bearing interest and otherwise upon the terms and conditions
herein provided. The President or Vice President of the
Council is hereby authorized to execute and deliver the Bond
Purchase Agreement in substantially the form presented to
this meeting.
Section 3. Bond Details For the purpose of providing
funds to defray the cost of the refunding of the Refunded
Bonds, as provided herein, the City shall issue its "City of
Pueblo, Colorado, General Obligation Street and Bridge
Refunding Bonds, Series 1992" in the aggregate principal
amount of $2,100,000 (the "Bonds "). The Bonds shall be
issued in fully registered form in denominations of $5,000
and integral multiples thereof (provided that no Bond may be
in a denomination which exceeds the principal coming due on
any maturity date and no individual Bond will be issued for
more than one maturity). The Bonds shall be numbered in such
manner as shall be determined by The Pueblo Bank and Trust
Company, Pueblo, Colorado, which is hereby appointed
registrar and paying agent for the Bonds (the "Registrar" or
the "Paying Agent "). The Bonds shall be dated as of
December 1, 1992, shall bear interest from their date to
maturity at the rates set forth below, payable semiannually
on May 1 and November 1 in each year, commencing on May 1,
1993 (except that Bonds which are reissued upon transfer,
exchange or other replacement shall bear interest from the
most recent interest payment date to which interest has been
paid or duly provided for, or if no interest has been paid,
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from the date of the Bonds), and shall mature semiannually on
May 1 and November 1 of each of the years and amounts
hereinafter designated, as follows:
Date
Amounts
Interest Rates
Maturinq
Maturinq
(Per Annum)
November 1,
1994
$ 10,000
3.60%
May 1, 1995
15,000
4.00
November 1,
1995
15,000
4.00
May 1, 1996
15,000
4.30
November 1,
1996
15,000
4.30
May 1, 1997
15,000
4.60
November 1,
1997
15,000
4.60
May 1, 1998
90,000
4.80
November 1,
1998
90,000
4.80
May 1, 1999
95,000
4.95
November 1,
1999
95,000
4.95
May 1, 2000
95,000
5.10
November 1,
2000
100,000
5.10
May 1, 2001
105,000
5.30
November 1,
2001
105,000
5.30
May 1, 2002
105,000
5.50
November 1,
2002
110,000
5.50
May 1, 2003
115,000
5.65
November 1,
2003
120,000
5.65
November 1,
2005
500,000
5.85
May 1, 2006
135,000
6.00
November 1,
2006
140,000
6.00
The Bonds are subject to the optional prior redemption
provisions of Section 4 hereof.
The principal of and premium, if any, on any Bond shall
be payable to the registered owner thereof as shown on the
registration records kept by the Registrar upon maturity or
prior redemption thereof and upon presentation and surrender
at the Paying Agent. If any Bond shall not be paid upon such
presentation and surrender at or after maturity or prior
redemption, it shall continue to draw interest at the rate
borne by said Bond until the principal thereof is paid in
full. Payment of interest on any Bond shall be made to the
registered owner thereof by check or draft mailed by the
Paying Agent, on or before each interest payment date (or, if
such interest payment date is not a business day, on or
before the next succeeding business day), to the registered
owner thereof at his address as it last appears on the
registration records kept by the Registrar on the close of
business on the fifteenth day (whether or not a business day)
of the calendar month next preceding an interest payment date
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(the "Record Date "); but any such interest not so timely paid
or duly provided for shall cease to be payable to the person
who is the registered owner thereof at the close of business
on the Record Date and shall be payable to the person who is
the registered owner thereof at the close of business on a
Special Record Date for the payment of any such defaulted
interest. Such Special Record Date shall be fixed by the
Registrar whenever moneys become available for payment of the
defaulted interest, and notice of the Special Record Date
shall be given by the Registrar to the registered owners of
the Bonds not less than ten days prior to the Special Record
Date by first -class mail to each such registered owner as
shown on the Registrar's registration records on a date
selected by the Registrar, stating the date of the Special
Record Date and the date fixed for the payment of such
defaulted interest. The Paying Agent may make payments of
interest on any Bond by such alternative means as may be
mutually agreed to in writing between the registered owner of
such Bond and the Paying Agent (provided, however, that the
City shall not be required to make funds available to the
Paying Agent prior to the interest payment dates stated
herein). All such payments shall be made in lawful moneys of
the United States of America, without deduction for the
services of the Registrar or Paying Agent.
Section 4. Redemption Provisions
(a) Optional and Mandatory Sinking Fund
Redemption The Bonds maturing on and before
November 1, 2002 shall not be subject to redemption
prior to their respective maturities. The Bonds
maturing on and after May 1, 2003 shall be subject to
prior redemption at the option of the City in whole or
in part in inverse order of maturity and by lot within a
maturity, as the Registrar shall determine, on
November 1, 2002, or any interest payment date
thereafter at the redemption prices set forth below,
plus accrued interest to the redemption date.
Date
Redemption Price
(Percent of Par)
November 1, 2002 and 101.0%
May 1, 2003
November 1, 2003 and 100.5
May 1, 2004
November 1, 2004 and thereafter 100.0
In the case of Bonds of a denomination larger than
$5,000, a portion of such Bond ($5,000 or any integral
multiple thereof) may be redeemed, in which case the
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Registrar shall, without charge to the registered owner
of such Bond, authenticate and issue a replacement Bond
or Bonds for the unredeemed portion thereof.
The City will, so long as any Bonds are
Outstanding, pay, or cause to be paid to the Trustee,
for deposit in the Bond Fund on or prior to each May 1
and November 1, commencing May 1, 2004, and ending
November 1, 2005 an amount sufficient to redeem on each
Sinking Fund Payment Date, at the principal amount
thereof, Bonds maturing on November 1, 2005 equal to the
following principal amounts:
Sinking Fund
Payment Date
Principal Amount
May 1, 2004
November 1, 2004
May 1, 2005
November 1, 2005*
*Final Maturity
$125,000
125,000
125,000
125,000
or if less than such amount of the Bonds is Outstanding
on any such Sinking Fund Payment Date, an amount equal
to the aggregate principal amount of all Bonds then
Outstanding.
(b) Notice By The City Notice of redemption
shall be given by the City:
(i) By publication of such notice at least
once, not less than thirty days prior to the
redemption date, in a newspaper of general
circulation in the City; and
(ii) By sending a copy of such notice by
registered or certified first- class, postage
prepaid mail, not less than sixty days prior to the
redemption date to the Underwriter and to the
Paying Agent.
(c) Notice By The Paying Agent Additionally, all
notices of redemption shall be given by the Paying Agent
by sending a copy of such notice by registered or
certified first - class, postage prepaid mail, not more
than 60 days and not less than 30 days prior to the
redemption date to each registered owner of any Bond or
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portion thereof to be redeemed as such registered owner
is shown on the registration books kept by the Registrar
as of the date of selection of such Bond or portion
thereof for redemption. Failure to give such notice by
mailing to the registered owner of any such Bond, or any
defect therein, shall not affect the validity of the
proceedings for the redemption of any other Bonds.
(d) Other Redemption Details The notice required
herein shall specify the number or numbers of the Bond
or Bonds or portions thereof to be so redeemed if less
than all are to be redeemed; and all notices required by
this Section shall specify the date fixed for
redemption, and shall further state that on such
redemption date there will become and be due and payable
upon such Bonds or portions thereof at the Paying Agent
the principal thereof, and that from and after such date
interest will cease to accrue. Accrued interest to the
redemption date will be paid by check or draft mailed to
the registered owner (or by alternative means if so
agreed to by the Paying Agent and the registered
owner). Notice having been given in the manner
hereinbefore provided, the Bonds or portion thereof so
called for redemption shall become due and payable on
the redemption date so designated; and upon presentation
thereof at the Paying Agent, the City will pay the Bonds
or portion thereof so called for redemption and the
applicable prior redemption premium, if any. In the
event that only a portion of the principal amount of a
Bond is so redeemed, a new Bond representing the
unredeemed principal shall be duly completed,
authenticated and delivered by the Registrar to the
registered owner without charge to such registered owner.
Section 5. Negotiability Subject to the registration
provisions hereof, the Bonds shall be fully negotiable and
shall have all the qualities of negotiable paper, and the
registered owner or registered owners thereof shall possess
all rights enjoyed by the holders or owners of negotiable
instruments under the provisions of the Uniform Commercial
Code - Investment Securities. The principal of and interest on
the Bonds shall be paid, and the Bonds shall be transferable,
free from and without regard to any equities between the City
and the original or any intermediate registered owner of any
Bonds or any setoffs or cross - claims.
Section 6. Execution
the name and on behalf of the
signature of the President or
Council, shall be sealed with
The Bonds shall be executed in
City by the manual or facsimile
Vice President of the City
a manual or facsimile
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impression of the seal of the City, attested by the manual or
facsimile signature of the Clerk or Assistant Clerk of the
City, and shall be countersigned by the manual or facsimile
signature of the Director of Finance. Each Bond shall be
authenticated by the manual signature of an authorized
representative of the Registrar as hereinafter provided. The
signatures of the President or Vice President of the City
Council, the Clerk or Assistant Clerk and the Director of
Finance may be by manual or facsimile signature. The Bonds
bearing the manual or facsimile signatures of the officers in
office at the time of the authorization thereof shall be the
valid and binding obligations of the City (subject to the
requirement of authentication by the Registrar as hereinafter
provided), notwithstanding that before the delivery thereof
and payment therefor or before the issuance of Bonds upon
transfer or exchange, any or all of the persons whose manual
or facsimile signatures appear thereon shall have ceased to
fill their respective offices. The President or Vice
President of the City Council, the Clerk or Assistant Clerk
and the Director of Finance shall, by the execution of a
signature certificate pertaining to the Bonds, adopt as and
for their respective signatures any facsimiles thereof
appearing on the Bonds. At the time of the execution of the
signature certificate, the President or Vice President of the
City Council, the Clerk or Assistant Clerk and the Director
of Finance may each adopt as and for his or her facsimile
signature the facsimile signature of his or her predecessor
in office in the event that such facsimile signature appears
upon any of the Bonds.
No Bond shall be valid or obligatory for any purpose
unless the certificate of authentication, substantially in
the form hereinafter provided, has been duly manually
executed by the Registrar. The Registrar's certificate of
authentication shall be deemed to have been duly executed by
the Registrar if manually signed by an authorized officer or
employee of the Registrar, but it shall not be necessary that
the same officer or employee sign the certificate of
authentication on all of the Bonds issued hereunder. By
authenticating any of the Bonds initially delivered pursuant
to this Ordinance, the Registrar shall be deemed to have
assented to the provisions of this Ordinance.
Section 7. Registration, Transfer, Exchange and
Delivery
(a) Records for the registration and transfer of
the Bonds shall be kept by the Registrar, which is
hereby appointed by the City as registrar (i.e.,
transfer agent) for the Bonds. Upon the surrender for
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transfer of any Bond at the Registrar, duly endorsed for
transfer or accompanied by an assignment duly executed
by the registered owner or his attorney duly authorized
in writing, the Registrar shall enter such transfer on
the registration records and shall authenticate and
deliver in the name of the transferee or transferees a
new Bond or Bonds of a like aggregate principal amount
and of the same maturity, bearing a number or numbers
not previously assigned. Bonds may be exchanged at the
Registrar for an equal aggregate principal amount of
Bonds of the same maturity of other authorized
denominations. The Registrar shall authenticate and
deliver a Bond or Bonds which the registered owner
making the exchange is entitled to receive, bearing a
number or numbers not previously assigned. Exchanges
and transfers of Bonds as herein provided shall be
without charge to the registered owner or transferee,
but the Registrar may require the payment by the
registered owner of any Bond requesting exchange or
transfer of any tax or other governmental charge
required to be paid with respect to such exchange or
transfer.
(b) The Registrar shall not be required to
transfer or exchange (i) all or any portion of any Bond
during the period beginning at the opening of business
fifteen days before the day of the mailing of notice
calling any Bonds for prior redemption as herein
provided and ending at the close of business on the day
of such mailing, or (ii) all or any portion of a Bond
after the mailing of notice calling such Bond or any
portion thereof for prior redemption.
(c) The person in whose name any Bond shall be
registered on the registration records kept by the
Registrar shall be deemed and regarded as the absolute
owner thereof for the purpose of making payment thereof
and for all other purposes except as may otherwise be
provided with respect to payment of interest as is
provided in Section 3 hereof, and payment of or on
account of either principal or interest on any Bond
shall be made only to or upon the written order of the
registered owner thereof or his legal representative,
but such registration may be changed upon transfer of
such Bond in the manner and subject to the conditions
and limitations provided herein. All such payments
shall be valid and effectual to discharge the liability
upon such Bond to the extent of the sum or sums so paid.
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(d) If any Bond shall be lost, stolen, destroyed
or mutilated, the Registrar shall, upon receipt of such
evidence, information or indemnity relating thereto as
it and the City may reasonably require, authenticate and
deliver a replacement Bond or Bonds of a like aggregate
principal amount and of the same maturity, bearing a
number or numbers not previously assigned. If such
lost, stolen, destroyed or mutilated Bond shall have
matured or is about to become due and payable, the
Registrar may direct the Paying Agent to pay such Bond
in lieu of replacement.
(e) The officers of the City are authorized to
deliver to the Registrar fully executed but
unauthenticated Bonds in such quantities as may be
convenient to be held in custody by the Registrar
pending use as herein provided.
(f) Whenever any Bond shall be surrendered to the
Paying Agent upon payment thereof, or to the Registrar
for transfer, exchange or replacement as provided
herein, such Bond shall be promptly canceled by the
Paying Agent or Registrar, and counterparts of a
certificate of such cancellation shall be furnished by
the Paying Agent or Registrar to the City.
(g) Pursuant to Article XX of the State
Constitution and this Ordinance, each Bond shall recite
that it is issued under the authority of Article XX of
the State Constitution, the Charter and this Ordinance
and that it is the intention of the City that such
recital shall conclusively impart full compliance with
all of the provisions of this Ordinance and that all the
Bonds issued containing such recital shall be
incontestable for any cause whatsoever after their
delivery for value.
Section 8. Replacement Registrar or Paying Agent If
the Registrar or Paying Agent initially appointed hereunder
shall resign, or if the City shall reasonably determine that
said Registrar or Paying Agent has become incapable of
performing its duties hereunder, the City may, upon notice
mailed to each registered owner of any Bond at his address
last shown on the registration records, appoint a successor
Registrar or Paying Agent, or both. No resignation or
dismissal of the Registrar or Paying Agent may take effect
until a successor is appointed. Every such successor
Registrar or Paying Agent shall be a bank or trust company
having a shareholders' equity (e.g., capital, surplus and
undivided profits), however denominated, of not less than
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$5,000,000. It shall not be required that the same
institution serve as both Registrar and Paying Agent
hereunder, but the City shall have the right to have the same
institution serve as both Registrar and Paying Agent
hereunder.
Section 9. Bond and Certificate Forms The Bonds,
Registrar's certificate of authentication, form of assignment
and legal opinion certificate shall be in substantially the
following form (provided that any of the text may, with
appropriate references, be printed on the back of the Bonds),
with such omissions, insertions, endorsements and variations
as to any recitals of fact or other provisions as may be
required by the circumstances, be required or permitted by
this Ordinance, or be consistent with this Ordinance and
necessary or appropriate to conform to the rules and
requirements of any governmental authority or any usage or
requirement of law with respect thereto:
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(Form of Bond)
UNITED STATES OF AMERICA
STATE OF COLORADO COUNTY OF PUEBLO
CITY OF PUEBLO
GENERAL OBLIGATION STREET AND BRIDGE REFUNDING BOND
SERIES 1992
No.
INTEREST RATE MATURITY DATE DATED CUSIP
1, December 1, 1992
REGISTERED OWNER:
PRINCIPAL AMOUNT:
The City of Pueblo, in the County of Pueblo and State of
Colorado (the "City," "County" and "State," respectively),
for value received, hereby acknowledges itself indebted and
hereby promises to pay to the registered owner specified
above, or registered assigns, the principal amount specified
above, on the maturity date specified above (unless called
for earlier redemption), and interest thereon payable on
May 1 and November 1 in each year, commencing May 1, 1993, at
the interest rate per annum specified above, until the
principal sum is paid or payment has been provided therefor.
This bond will bear interest from the most recent interest
payment date to which interest has been paid or provided for,
or, if no interest has been paid, from the date of this
bond. The principal of and premium, if any, on this bond are
payable upon presentation and surrender hereof at the
principal corporate trust office of the paying agent
appointed by the City (the "Paying Agent "), presently The
Pueblo Bank and Trust Company, in Pueblo, Colorado. Interest
on this bond will be paid on or before each interest payment
date (or, if such interest payment date is not a business
day, on or before the next succeeding business day), by check
or draft mailed to the person in whose name this bond is
registered (the "registered owner '') in the registration
records of the City maintained by the Registrar for the Bonds
appointed by the City (the "Registrar "), presently The Pueblo
Bank and Trust Company, in Pueblo, Colorado, and at the
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address appearing thereon at the close of business on the
fifteenth day of the calendar month (whether or not a
business day) next preceding such interest payment date (the
"Record Date "). Any such interest not so timely paid or duly
provided for shall cease to be payable to the person who is
the registered owner hereof at the close of business on the
Record Date and shall be payable to the person who is the
registered owner hereof at the close of business on a Special
Record Date (as described in the ordinance of the City
authorizing the issuance of this bond (the "Ordinance ")) for
the payment of any defaulted interest. Such Special Record
Date shall be fixed by the Registrar whenever moneys become
available for payment of the defaulted interest, and notice
of the Special Record Date shall be given to the registered
owners of the Bonds of the series of which this is one (the
"Bonds ") not less than ten days prior thereto. If this bond
shall not be paid upon presentation and surrender at or after
its maturity or prior redemption, it shall continue to draw
interest at the interest rate per annum specified above until
the principal hereof is paid in full. Alternative means of
payment of interest may be used if mutually agreed to in
writing between the registered owner of any Bond and the
Paying Agent, as provided in the Ordinance. All such
payments shall be made in lawful money of the United States
of America without deduction for the services of the
Registrar or Paying Agent.
The Bonds maturing on and before November 1, 2002 shall
not be subject to redemption prior to their respective
maturities. The Bonds maturing on and after May 1, 2003
shall be subject to prior redemption at the option of the
City in whole or in part in inverse order of maturity and by
lot within a maturity as the Registrar shall determine, on
November 1, 2002, or any interest payment date thereafter at
the redemption prices set forth below, plus accrued interest
to the redemption date.
Redemption Price
Dates (As Percent of Par)
November 1, 2002 and 101.0%
May 1, 2003
November 1, 2003 and 100.5
May 1, 2004
November 1, 2004 and thereafter 100.0
The City will, so long as any Bonds are Outstanding,
pay, or cause to be paid to the Trustee, for deposit in the
Bond Fund on or prior to each May 1 and November 1,
commencing May 1, 2004 and ending November 1, 2005, amount
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sufficient to redeem on each Sinking Fund Payment Date, at
the principal amount thereof, Bonds maturing on November 1,
2005 equal to the following principal amounts:
Sinking Fund
Payment Date
Principal Amount
May 1, 2004
November 1, 2004
May 1, 2005
November 1, 2005*
*Final Maturity
$125,000
125,000
125,000
125,000
or if less than such amount of the Bonds is Outstanding on
any such Sinking Fund Payment Date, an amount equal to the
aggregate principal amount of all Bonds then Outstanding.
Redemption shall be made upon prior published and mailed
notice in the manner and upon the conditions provided in the
Ordinance.
In the case of Bonds of a denomination larger than
$5,000, a portion of such Bond ($5,000 or any integral
multiple thereof) may be redeemed, in which case the
Registrar shall, without charge to the registered owner of
such Bond, authenticate and issue a replacement Bond or Bonds
for the unredeemed portion thereof.
The Bonds are issuable only as fully registered Bonds in
denominations of $5,000 and integral multiples thereof and
are exchangeable for fully registered Bonds of the same
maturity in equal aggregate principal amounts and in other
authorized denominations at the aforesaid office of the
Registrar, but only in the manner, subject to the limitations
and conditions, and upon payment of the charges provided in
the Ordinance.
The Registrar will not be required to transfer or
exchange (i) all or any portion of any Bond during the period
beginning at the opening of business fifteen days before the
day of the mailing of notice calling any Bonds for prior
redemption and ending at the close of business on the day of
such mailing, or (ii) all or any portion of a Bond after the
mailing of notice calling such Bond or any portion thereof
for prior redemption.
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This bond is fully transferable by the registered owner
hereof in person or by his duly authorized attorney on the
registration records kept by the Registrar upon surrender of
this bond together with a duly executed written instrument of
transfer satisfactory to the Registrar. Upon such transfer a
new fully registered Bond or Bonds of authorized denomination
or denominations of the same aggregate principal amount and
maturity will be issued to the transferee in exchange for
this bond, subject to such terms and conditions and upon
payment of such charges as set forth in the Ordinance. The
City, the Registrar and the Paying Agent may deem and treat
the person in whose name this bond is registered as the
absolute owner hereof for the purpose of making payment and
for all other purposes, except to the extent otherwise
provided herein and in the Ordinance with respect to the
Record Dates and Special Record Dates for the payment of
interest.
The Bonds are issued by the City, on its behalf and upon
its credit, under the authority of and in full conformity
with the Charter of the City and the Constitution of the
State, and pursuant to the Ordinance, to defray the costs of
refunding the City's General Obligation Street and Bridge
Bonds, Series 1987B maturing on and after May 1, 1998 and to
pay the costs of issuing the Bonds.
It is hereby certified and recited that all the
requirements of law have been complied with by the officers
of the City in the issuance of this bond; that the total
indebtedness of the City, including that of this bond, does
not exceed any limit of indebtedness prescribed by the
Charter of the City or by the Constitution and laws of the
State; and that provision has been made for the levy and
collection of annual taxes sufficient, together with other
revenues available therefor, to pay the principal of and
interest on this bond when the same become due.
It is also certified, recited and warranted that this
bond and each of the other Bonds are issued under the
authority of the Ordinance, the State Constitution and the
Charter. It is the intention of the City, as expressed in
the Ordinance, that this recital shall conclusively impart
full compliance with all of the provisions of the Ordinance,
and that all of the Bonds issued are incontestable for any
cause whatsoever after their delivery for value.
The full faith and
for the punctual payment
on this bond.
WP217102- 004/23
credit of the City are hereby pledged
of the principal of and the interest
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The principal of and interest on this bond, when due, is
guaranteed by a financial guaranty insurance policy issued by
Municipal Bond Investors Assurance Corporation.
This bond shall not be valid or obligatory for any
purpose until the Registrar shall have manually signed the
certificate of authentication hereon.
IN TESTIMONY WHEREOF, the Council of the City of Pueblo
has caused this bond to be signed and executed in its name
and on its behalf with a manual or facsimile signature of the
President of the City Council of the City, to be signed,
executed and attested with a manual or facsimile signature of
the Clerk of the City, with a manual or facsimile impression
of the seal of the City affixed hereto, and to be
countersigned with a manual or facsimile signature of the
Director of Finance of the City, all as of the date specified
above.
CITY OF PUEBLO
(MANUAL OR FACSIMILE SEAL)
Attest:
By (Manual or Facsimile Signature)
President of the City Council
(Manual or Facsimile Signature
Clerk
Countersigned:
By (Manual or Facsimile Signature)
Director of Finance
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STATEMENT OF INSURANCE
The Municipal Bond Investors Assurance Corporation (the
"Bond Insurer ") has issued a policy containing the following
provisions, such policy being on file at the principal
corporate trust office of The Pueblo Bank and Trust Company
in Pueblo, Colorado.
The Bond Insurer, in consideration of the payment of the
premium and subject to the terms of this policy, hereby
unconditionally and irrevocably guarantees to any owner, as
hereinafter defined, of the following described obligations,
the full and complete payment required to be made by or on
behalf of the City to The Pueblo Bank and Trust Company,
Pueblo, Colorado, or its successor (the ''Paying Agent ") of an
amount equal to (i) the principal of (either at the stated
maturity or by any advancement of maturity pursuant to a
mandatory sinking fund payment) and interest on, the
Obligations (as that term is defined below) as such payments
shall become due but shall not be so paid (except that in the
event of any acceleration of the due date of such principal
by reason of mandatory or optional redemption or acceleration
resulting from default or otherwise, other than any
advancement of maturity pursuant to a mandatory sinking fund
payment, the payments guaranteed hereby shall be made in such
amounts and at such times as such payments of principal would
have been due had there not been any such acceleration); and
(ii) the reimbursement of any such payment which is
subsequently recovered from any owner pursuant to a final
judgment by a court of competent jurisdiction that such
payment constitutes an avoidable preference to such owner
within the meaning of any applicable bankruptcy law. The
amounts referred to in clauses (i) and (ii) of the preceding
sentence shall be referred to herein collectively as the
"Insured Amounts." "Obligations" shall mean:
$2,100,000
City of Pueblo, Colorado
General Obligation Street and Bridge Refunding Bonds
Series 1992
Upon receipt of telephonic or telegraphic notice, such
notice subsequently confirmed in writing by registered or
certified mail, or upon receipt of written notice by
registered or certified mail, by the Bond Insurer from the
Paying Agent or any owner of an Obligation the payment of an
Insured Amount for which is then due, that such required
payment has not been made, the Bond Insurer on the due date
of such payment or within one business day after receipt of
notice of such nonpayment, whichever is later, will make a
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deposit of funds, in an account with Citibank, N.A., in New
York, New York, or its successor, sufficient for the payment
of any such Insured Amounts which are then due. Upon
presentment and surrender of such Obligations or presentment
of such other proof of ownership of the Obligations, together
with any appropriate instruments of assignment to evidence
the assignment of the Insured Amounts due on the Obligations
as are paid by the Bond Insurer, and appropriate instruments
to effect the appointment of the Bond Insurer as agent for
such owners of the Obligations in any legal proceeding
related to payment of Insured Amounts on the Obligations,
such instruments being in a form satisfactory to Citibank,
N.A., Citibank, N.A. shall disburse to such owners or the
Paying Agent payment of the Insured Amounts due on such
Obligations, less any amount held by the Paying Agent for the
payment of such Insured Amounts and legally available
therefor. This policy does not insure against loss of any
prepayment premium which may at any time be payable with
respect to any Obligation.
As used herein, the term "owner" shall mean the
registered owner of any Obligation as indicated in the books
maintained by the Paying Agent, the City or any designee of
the City for such purpose. The term owner shall not include
the City or any party whose agreement with the City
constitutes the underlying security for the Obligations.
Any service of process on the Bond Insurer may be made
to the Bond Insurer at its offices located at 113 King
Street, Armonk, New York 10504.
This policy is noncancellable for any reason. The
premium on this policy is not refundable for any reason
including the payment prior to maturity of the Obligations.
MUNICIPAL BOND INVESTORS
ASSURANCE CORPORATION
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(Form of Registrar's Certificate of Authentication)
CERTIFICATE OF AUTHENTICATION
This bond is one of the Bonds described in the
within - mentioned Ordinance, and this bond has been duly
registered on the registration records kept by the
undersigned as Registrar for such Bonds.
THE PUEBLO BANK AND TRUST
COMPANY, as Registrar
Date of Authentication
and Registration:
Authorized Representative
(End of Form of Registrar's Certificate of Authentication)
(Form of Assignment)
For value received, the undersigned hereby sells,
assigns and transfers unto the within
bond and hereby irrevocably constitutes and
appoints attorney, to transfer the same
on the records of the Registrar, with full power of
substitution in the premises.
Dated:
Signature Guaranteed:
Address of transferee:
Social Security or other tax
identification number of transferee:
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NOTE: The signature to this Assignment must correspond with
the name as written on the face of the within bond in every
particular, without alteration or enlargement or any change
whatsoever.
(End of Form of Assignment)
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(Form of Legal Opinion Certificate)
STATE OF COLORADO ]
COUNTY OF PUEBLO ] ss.
CITY OF PUEBLO ]
LEGAL OPINION CERTIFICATE
The undersigned Clerk of the City of Pueblo in the
County of Pueblo in the State of Colorado, does hereby
certify that an approving legal opinion of Kutak Rock,
Attorneys at Law, Denver, Colorado in substantially the
following form was delivered to the City, and that the
opinion was dated and issued as of the date of delivery of
the Bonds of the series of which this is one.
IN WITNESS WHEREOF, I have caused to be hereunto set my
manual or facsimile signature.
(Manual or Facsimile Signature)
Clerk, City of Pueblo
[Insert text of legal opinion.]
(End of Form of Legal Opinion Certificate)
(End of Form of Bond)
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Section 10. Delivery_ of Bonds, Disposition of
Proceeds When the Bonds have been duly executed by the
appropriate City officers and authenticated by the Registrar,
the Director of Finance shall cause the Registrar to deliver
them to the Underwriter, on receipt of the agreed purchase
price. The Registrar shall initially register the Bonds in
such name or names as the Underwriter shall direct, and the
Bonds shall be initially delivered in such authorized
denominations as the Underwriter shall direct. The net
proceeds of the Bonds shall be applied in the following
manner, but the Underwriter shall in no manner be responsible
for the application or disposal by the City or any of its
officers of any of the funds derived from the sale of the
Bonds:
(a) There shall be deposited in the Principal and
Interest Account created in Section 12 of this Ordinance
all accrued interest received on the sale of the Bonds.
(b) Proceeds of the Bonds in an amount equal to
$1,998,254.69 shall be deposited in the Escrow Fund
established by the Escrow Agreement and used to refund
the Refunded Bonds in accordance with the terms and
provisions of the Escrow Agreement.
(c) Proceeds of the Bonds in an amount equal to
$70,245.31 shall be used to pay costs incurred in
connection with the issuance of the Bonds, including the
payment of the Bond Insurance Policy premium.
Section 11. Tax Covenant; Budget and Audit Covenant
The City covenants for the benefit of the registered owners
of the Bonds that it will not take any action or omit to take
any action with respect to the Bonds, the proceeds thereof,
any other funds of the City, or any facilities financed with
the proceeds of the Bonds if such action or omission would
(i) cause the interest on the Bonds to lose its exclusion
from gross income for federal income tax purposes under
Section 103 of the Internal Revenue Code of 1986, as amended
(the "Tax Code "), (ii) cause interest on the Bonds to lose
its exclusion from alternative minimum taxable income as
defined in section 55(b)(2) of the Tax Code except to the
extent such interest is required to be included in the
adjusted net book income and adjusted current earnings
adjustments applicable to corporations under section 56 of
the Tax Code in calculating corporate alternative minimum
taxable income, (iii) subject the City to any penalties under
section 148 of the Tax Code, or (iv) cause interest on the
Bonds to lose its exclusion from Colorado taxable income or
Colorado alternative minimum taxable income under present
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Colorado law. The foregoing covenants shall remain in full
force and effect notwithstanding the payment in full or
defeasance of the Bonds until the date on which all
obligations of the City in fulfilling the above covenants
under the Tax Code and Colorado law have been met.
The City further hereby covenants for the benefit of
each registered owner of the Bonds that the City will
annually prepare or cause to be prepared a budget and an
audit report, and will annually file or cause to be filed
with the appropriate agency of the State of Colorado a copy
of the adopted budget, the appropriation ordinance, and the'i
audit report, all in accordance with the then applicable laws
of the State of Colorado.
Section 12. Payment of Debt Service For the purpose
of providing the necessary moneys to meet the interest
accruing on the Bonds as the same becomes due, and for the
purpose of providing for the payment of the principal of the
Bonds as they serially mature, there shall be levied on all
the taxable property in the City, in addition to all other
taxes and other revenues available to pay the Bonds, and as
allowed by State law, direct annual taxes sufficient to pay
such principal and interest promptly as the same respectively
become due, and such taxes, when collected, shall be
deposited into an account hereby created and designated as
the ''General Obligation Street and Bridge Refunding Bonds,
Series 1992 Principal and Interest Account" (the "Principal
and Interest Account ") which account shall be applied solely
for the purpose of the payment of the principal of and
interest on the Bonds, respectively, and for no other purpose
whatever until the indebtedness so contracted under this
Ordinance shall have been fully paid, satisfied and
discharged, but nothing herein prevents the City from
depositing into such account, and applying to the payment of
the principal of and interest on the Bonds, any other funds
that may be in its treasury and available for that purpose,
and upon such payments, the levies herein provided may
thereupon to that extent be diminished. The sums
hereinbefore provided to meet the principal of and interest
on the Bonds when due are hereby applied for that purpose,
and such amounts for each year shall be included in the
annual budget and appropriation bill or bills to be adopted
and passed by the Council in each year respectively while any
of the Bonds are outstanding and unpaid as to principal or
interest. No Charter or constitutional provision enacted or
becoming effective after the issuance of the Bonds shall in
any manner be construed as limiting or impairing the
obligation of the City to levy general ad valorem taxes,
without limitation of rate or amount, sufficient for the
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M
payment of the principal of and interest on the Bonds as they
become due. The full faith and credit of the City are hereby
pledged for the punctual payment of the principal of and the
interest on the Bonds.
Section 13. Procedure for Levying Other Taxes It
shall be the duty of the Council annually, at the time and in
the manner provided by law for levying other taxes, to take
such action as is necessary with reference to the levy and
collection of such taxes to provide for the prompt payment of
the principal and interest on the Bonds, and the Council
shall require the officers of and for the City to levy,
extend and collect such taxes in the manner provided by law
for the purpose of providing funds for the payment of the
principal of and interest on the Bonds promptly as the same
respectively become due.
Section 14. Authorization to Pay Debt Service The
Director of Finance is hereby authorized and directed to pay
or cause to be paid the interest on the Bonds as the same
falls due and the principal of the Bonds at their respective
maturities, without further warrant or order.
Section 15. Approval of Escrow Agreement and
Refunding The Escrow Agreement, in substantially the form
presented to the Council, is hereby approved, and the
President or Vice President of the Council is hereby
authorized and directed to execute, and the Clerk or
Assistant Clerk is authorized to attest and seal, the Escrow
Agreement, with such changes therein as shall be necessary or
desirable and not inconsistent with this Ordinance. The
refunding of the Refunded Bonds in accordance with the terms
of the Escrow Agreement, including the redemption thereof, is
hereby authorized and approved.
Section 16. Defeasance When the Bonds have been fully
paid both as to principal, premium, if any, and interest, all
obligations hereunder shall be discharged, and the Bonds
shall no longer be deemed to be outstanding for any purpose
of this Ordinance. Payment of the Bonds or any portion
thereof shall be deemed made when the City has placed in
escrow with a commercial bank exercising trust powers, an
amount sufficient (including the known minimum yield from
Federal Securities, as hereinafter defined) to meet all
requirements of principal of, premium, if any, and interest
on such Bonds as the same become due to maturity or to a
designated prior redemption date; and, if such Bonds are to
be redeemed prior to maturity, when the City has given to the
Paying Agent irrevocable written instructions to give notice
of prior redemption in accordance with Section 4 hereof. The
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Federal Securities shall become due prior to the respective
times on which the proceeds thereof shall be needed, in
accordance with a schedule agreed upon between the City and
such bank at the time of creation of the escrow. Federal
Securities within the meaning of this section shall include
only direct obligations of, or obligations the principal of
and interest on which are unconditionally guaranteed by, the
United States, and which are not callable prior to their
scheduled maturities by the issuer thereof, or interests in
such obligations.
In the event that there is a defeasance of only part of
the Bonds, the Registrar shall, if requested by the City,
institute a system to preserve the identity of the individual
Bonds or portions thereof so defeased, regardless of changes
in bond numbers attributable to transfers and exchanges of
Bonds; and the Registrar shall be entitled to reasonable
compensation and reimbursement of expenses from the City in
connection with such system.
Section 17. Ratification and Sale of Bonds; Official
Statement All action heretofore taken (not inconsistent
with the provisions of this Ordinance) by the Council and
officers of the City in effecting the refunding of the
Refunded Bonds and in selling and issuing its Bonds be, and
the same hereby is, ratified, approved and confirmed,
including without limitation the issuance and sale of the
Bonds to the Underwriter. All action heretofore taken by any
of the City's officials and the efforts of the City directed
toward the issuance and sale of the Bonds, including use of
the Preliminary Official Statement, are hereby ratified,
approved and confirmed. The Council hereby approves the
preparation and use of a final Official Statement in
substantially the form of the Preliminary Official Statement,
and the Council President or Vice President is hereby
authorized and directed to execute the final Official
Statement, with such changes therein as she or he shall deem
necessary or appropriate. The City will cause a reasonable
number of final Official Statements to be delivered to the
Underwriter within seven (7) days of the adoption of this
Ordinance.
Section 18. Delegation of Powers The officers of the
City be, and they hereby are, authorized and directed to take
all action necessary or appropriate to the provisions of this
Ordinance, including without limitation, the printing of the
Bonds, including thereon a copy of bond counsel's approving
opinion and, if appropriate, the "MBIA Statement of
Insurance "; and the execution of such certificates,
instruments, agreements and other documents as may reasonably
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be required by the Underwriter, relating, among other
matters, to the registration, transfer and payment of the
Bonds, the signing of the Bonds, the tenure and identity of
the officials of the City and the Council, the actual
valuation of the taxable property in and the indebtedness of
the City, the receipt of the purchase price for the Bonds,
the absence of litigation, pending or threatened, affecting
the validity thereof, expectations relating to the exemption
of interest on the Bonds from federal income taxation, the
assembly and dissemination of financial and other information
concerning the City and the Bonds, and the sale and issuance
of the Bonds pursuant to the provisions of this Ordinance and
to any instrument supplemental thereto.
statutes of the State of Colorado which might otherwise apply
in connection with the refunding of the Refunded Bonds or the
Bonds are hereby superseded.
Section 19. Exercise of Home Rule Power Pursuant to
Article XX of the State Constitution and the Charter, the
City hereby determines and declares the refunding of the
Refunded Bonds to be a local matter, and therefore all
Section 20. Provisions Relating to the Bond Insurance
Policy
(a) In the event that, on the second business day,
and again on the business day, prior to the payment date
on the Bonds, the Paying Agent has not received
sufficient moneys to pay all principal of and interest
on the Bonds due on the second following or following,
as the case may be, business day, the Paying Agent shall
immediately notify Municipal Bond Investor Assurance
Corporation (the "Bond Insurer ") or its designee on the
same business day by telephone or telegraph, confirmed
in writing by registered or certified mail, of the
amount of the deficiency.
(b) If the deficiency is made up in whole or in
part prior to or on the payment date, the Paying Agent
shall so notify the Bond Insurer or its designee.
(c) In addition, if the Paying Agent has notice
that any registered owner has been required to disgorge
payments of principal or interest on the Bonds to a
trustee in bankruptcy or creditors or others pursuant to
a final judgment by a court of competent jurisdiction
that such payment constitutes a voidable preference to
such registered owner within the meaning of any
applicable bankruptcy laws, then the Paying Agent shall
WP217102- 004/23
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�II�[Il pllll'Il�l'�I'�I�I #'I1�
notify the Bond Insurer or its designee of such fact by
telephone or telegraphic notice, confirmed in writing by
registered or certified mail.
(d) The Paying Agent is hereby irrevocably
designated, appointed, directed and authorized to act as
attorney -in -fact for registered owners of the Bonds as
follows:
(i) If and to the extent there is a
deficiency in amounts required to pay interest on
the Bonds, the Paying Agent shall (A) execute and
deliver to Citibank, N.A., or its successors under
the Bond Insurance Policy (the "Insurance Paying
Agent ''), in form satisfactory to the Insurance
Paying Agent, an instrument appointing the Bond
Insurer as agent for such registered owners in any
legal proceeding related to the payment of such
interest and an assignment to the Bond Insurer of
the claims for interest to which such deficiency
relates and which are paid by the Bond Insurer, (B)
receive as designee of the respective registered
owners (and not as Paying Agent) in accordance with
the tenor of the Bond Insurance Policy payment from
the Insurance Paying Agent with respect to the
claims for interest so assigned, and (C) disburse
the same to such respective registered owners; and
(ii) If and to the extent of a deficiency in
amounts required to pay principal of the Bonds, the
Paying Agent shall (A) execute and deliver to the
Insurance Paying Agent in form satisfactory to the
Insurance Paying Agent an instrument appointing the
Bond Insurer as agent for such registered owner in
any legal proceeding relating to the payment of
such principal and an assignment to the Bond
Insurer of any of the Bonds surrendered to the
Insurance Paying Agent of so much of the principal
amount thereof as has not previously been paid or
for which moneys are not held by the Paying Agent
and available for such payment (but such assignment
shall be delivered only if payment from the
Insurance Paying Agent is received), (B) receive as
designee of the respective registered owners (and
not as Paying Agent) in accordance with the tenor
of the Bond Insurance Policy payment therefor from
the Insurance Paying Agent, and (C) disburse the
same to such registered owners.
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(e) Payments with respect to claims for interest
on and principal of the Bonds disbursed by the Paying
Agent from proceeds of the Bond Insurance Policy shall
not be considered to discharge the obligation of the
City with respect to such Bonds, and the Bond Insurer
shall become the registered owner of such unpaid Bond
and claims for the interest in accordance with the tenor
of the assignment made to it under the provisions of
this subsection or otherwise.
(f) Irrespective of whether any such assignment is
executed and delivered, the City and the Paying Agent
hereby agree for the benefit of the Bond Insurer that:
(i) They recognize that to the extent the
Bond Insurer makes payments, directly or indirectly
(as by paying through the Paying Agent), on account
of principal of or interest on the Bonds, the Bond
Insurer will be subrogated to the rights of such
registered owners to receive the amount of such
principal and interest from the City, with interest
thereon as provided and solely from the sources
stated in this Ordinance and the Bonds; and
(ii) They will accordingly pay to the Bond
Insurer the amount of such principal and interest
(including principal and interest recovered under
subparagraph (ii) of the first paragraph of the
Bond Insurance Policy, which principal and interest
shall be deemed past due and not to have been
paid), with interest thereon as provided in this
Ordinance and the Bonds, but only from the sources
and in the manner provided herein for the payment
of principal of and interest on the Bonds to the
registered owners, and will otherwise treat the
Bond Insurer as the registered owner of such rights
to the amount of such principal and interest.
(g) In connection with the issuance of additional
bonds, the City shall deliver to the Bond Insurer a copy
of the disclosure document, if any, circulated with
respect to such additional bonds.
(h) Copies of any amendments made to the documents
executed in connection with the issuance of the Bonds
which are consented to by the Bond Insurer shall be sent
to Standard & Poor's Corporation.
(i) The Bond Insurer shall receive notice of the
resignation or removal of the Paying Agent and the
appointment of a successor thereto.
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(j) The Bond Insurer shall receive copies of all
notices required to be delivered to registered owners of
the Bonds and, on an annual basis, copies of the City's
audited financial statements and annual budget.
(k) Any notice that is required to be given to a
registered owner of the Bonds or to the Paying Agent
pursuant to this Ordinance shall also be provided to the
Bond Insurer. All notices required to be given to the
Bond Insurer under this Ordinance shall be in writing
and shall be sent by registered or certified mail
addressed to Municipal Bond Investors Assurance
Corporation, 113 King Street, Armonk, New York 10504,
Attention: Surveillance.
Section 21. Ordinance Irrepealable After any of the
Bonds are issued, this Ordinance shall constitute a contract
between the City and the registered owner or registered
owners of the Bonds, and shall be and remain irrepealable
until the Bonds and the interest thereon shall have been
fully paid, cancelled and discharged.
Section 22. Repealer All bylaws, orders, resolutions
and ordinances or parts of bylaws, resolutions and
ordinances, in conflict with this Ordinance, are hereby
repealed. This repealer shall not be construed to revive any
bylaw, order, resolution or ordinance, or part thereof,
heretofore repealed.
Section 23. Severability If any section, paragraph,
clause or provision of this Ordinance shall for any reason be
held to be invalid or unenforceable, the invalidity or
unenforceability of such section, paragraph, clause or
provision shall not affect any of the remaining provisions of
this Ordinance.
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INTRODUCED AND PRESENTED FOR A FIRST TIME ON
SEPTEMBER 14, 1992, ORDERED PUBLISHED BY TITLE ONLY,
PRESENTED A SECOND TIME AND FINALLY PASSED AND ADOPTED ON
NOVEMBER 23, 1992.
[ SFAL ]
ATTEST:
C' Clerk
APPROVED AS TO FORM BY
CITY ATTORNEY:
City Attorn
INTRODUCED SEPTEMBER 14, 1992
By JOHN CALIFANO
Councilperson
APPROVED NOVEMBER 23, 1992
By
Pres' dent, City Council
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