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80A - JOINT - SAFA - WATER SYS BONDS
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07/15/2014
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80A - JOINT - SAFA - WATER SYS BONDS
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Last modified
7/10/2014 4:49:13 PM
Creation date
7/10/2014 4:25:56 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
80A
Date
7/15/2014
Destruction Year
2019
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derived from a source legally available for such purpose and may be legally used by the City for <br />such purpose. <br />The obligation of the City to make the Installment Payments is a special obligation of the <br />City payable solely from such Net System Revenues and other funds provided for herein, and <br />does not constitute a debt of the City or of the State or of any political subdivision thereof within <br />the meaning of any constitutional or statutory debt limitation or restriction. <br />SECTION 10.02. Benefits of Installment Purchase Agreement Limited to Parties. <br />Nothing contained herein, expressed or implied, is intended to give to any person other than the <br />City, the Authority or the assigns of the Authority and any Credit Provider any right, remedy or <br />claim under or pursuant hereto, and any agreement or covenant required herein to be perfonned <br />by or on behalf of the City or the Authority shall be for the sole and exclusive benefit of the other <br />Ply <br />SECTION 10.03. Amendments. This Agreement may be amended with respect to a <br />Series of Installment Payment Obligations in writing as may be mutually agreed by the City and <br />the Authority, with the written consent of any Credit Provider which is providing insurance until <br />the final maturity or payment in full of one or more maturities of such Installment Payment <br />Obligations, or any other Credit Provider for such Installment Payment Obligations and the <br />Owners of a majority in aggregate principal amount of such Installment Payment Obligations <br />then Outstanding, provided that no such amendment shall (a) extend the payment date of any <br />Installment Payment, or reduce the amount of any Installment Payment without the prior written <br />consent of the Owner of each Obligation so affected, or (b) reduce the percentage of Installment <br />Payment Obligations the consent of the Owners of which is required for the execution of any <br />amendment of this Installment Purchase Agreement. <br />With the written consent of any Credit Provider, this Agreement and the rights and <br />obligations of the City and the Authority hereunder may also be amended or supplemented at any <br />time by an amendment hereof or supplement hereto which shall become binding upon execution <br />by the City and the Authority, without the written consents of any Owner of Installment <br />Obligations, but only to the extent permitted by law and only upon receipt of an unqualified <br />opinion of nationally recognized Bond Counsel selected by the City and approved by the <br />Authority to the effect that such amendment or supplement is permitted by the provisions of this <br />Agreement and is not inconsistent with this Agreement and does not adversely affect the <br />exclusion of the interest portion of the Ins01 linent Payments received by the Owners from gross <br />income for federal income tax plu poses, and only for any one or more of the following purposes <br />(1) to add to the covenants and agreements of the Authority or the City <br />contained in this Agreement other covenants and agreements thereafter to be observed or <br />to surrender any right or power herein reserved to or conferred upon the Authority or the <br />City, and which shall not adversely affect the interests of the Owners of the Installment <br />Payment Obligations; <br />(2) to cure, correct or supplement any ambiguous or defective provision <br />contained in this Agreement or in regard to questions arising under this Agreement, as the <br />8M744 <br />55394.00011 \8819608.3 % <br />
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