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55A - RESO - GAS TAX BONDS
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11/05/2019
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55A - RESO - GAS TAX BONDS
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Last modified
10/30/2019 12:55:49 PM
Creation date
10/30/2019 11:40:51 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
11/5/2019
Destruction Year
2024
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So long as the Insurer shall be in compliance with its payment obligations under the <br />Insurance Policy, the Insurer shall be deemed to be the sole owner of the Series 2019 Bonds for <br />purposes of all provisions relating to an event of default with respect to the Series 2019 Bonds, <br />except with respect to the giving of notice of such an Event of Default. The Insurer shall be <br />included as a party in interest and as a party entitled to (1) notify the Trustee of the occurrence of <br />an Event of Default and (2) request the Trustee to intervene in judicial proceedings that affect the <br />Series 2019 Bonds or the security therefor. In addition, the provisions herein requiring the <br />consent, approval or direction of the Insurer shall be applicable only at such time as the Insurer <br />shall be in compliance with its payment obligations under the Insurance Policy and the Reserve <br />Policy.] <br />SECTION 8.09 Termination of Proceedings. In case the Trustee shall have proceeded to <br />enforce any right under this Indenture by the appointment of a receiver or otherwise, and such <br />proceedings shall have been discontinued or abandoned for any reason, or shall have been <br />determined adversely, then and in every such case, the City, the Trustee and the Bond Owners <br />shall be restored to their former positions and rights hereunder, respectively, with regard to the <br />property subject to this Indenture, and all rights, remedies and powers of the Trustee shall <br />continue as if no such proceedings had been taken. <br />ARTICLE IX <br />MISCELLANEOUS <br />SECTION 9.01 Limited Liability of City. Notwithstanding anything in this Indenture <br />contained, the City shall not be required to advance any moneys derived from any source of <br />income other than the Gas Tax Revenues for the payment of the principal of or interest on the <br />Series 2019 Bonds, or for the performance of any covenants herein contained (except to the <br />extent any such covenants are expressly payable hereunder from the Gas Tax Revenues). The <br />City may, however, advance funds for any such purpose, provided that such funds are derived <br />from a source legally available for such purpose and may be used by the City for such purpose <br />without incurring indebtedness. <br />SECTION 9.02 Parties Interested Herein. Nothing in this Indenture expressed or implied <br />is intended or shall be construed to confer upon, or to give to, any person or entity, other than the <br />City, the Trustee, [the Insurer] and the Owners any right, remedy or claim under or by reason of <br />this Indenture, or any covenant, condition or stipulation hereof, and all covenants, stipulations, <br />promises and agreements in this Indenture contained by and on behalf of the City shall be for the <br />sole and exclusive benefit of the City, the Trustee and the Owners. <br />SECTION 9.03 Discharge of Indenture. If the City shall pay and discharge any or all of <br />the Outstanding Series 2019 Bonds in any one or more of the following ways: <br />(a) by well and truly paying or causing to be paid the principal of and interest <br />and premium (if any) on such Series 2019 Bonds, as and when the same become due and <br />payable; <br />55394.00055\32329348.3 554-55 <br />
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