Ordinance 2423-99 - Laserfiche WebLink

and/or noncallable government obligations are irrevocably set aside and pledged for such purpose, then no further payments need be made into the Bond Fund for the payment of the principal of and interest on such Bond. The owner of the Bond so provided for shall cease to be entitled to any lien, benefit or security of this ordinance except the right to receive payment of principal, premium, if any, and interest from such special account, and such Bond shall be deemed to be not outstanding under this ordinance. Section 13. Application of Bond Proceeds. Money derived from draws on the line of credit established by the sale of the Bond shall be deposited in the appropriate fund or account of the City. Section 14. Procedures for Draws on the Bond. A request for a draw on the line of credit established hereunder may be made in writing in the manner approved by the Bank, Finance Director, and City Attorney. Section 15. Sale of the Bond. The Council hereby accepts and approves the Bank's offer dated October 6, 1999, to establish a line of credit secured by the Bond on the terms set forth in such offer and in this ordinance. The proper City officials are hereby authorized and directed to do everything necessary for the prompt execution and delivery of the Bond to the Bank. Section 16. Year 2000 Representation. On the basis of a comprehensive review and assessment of the City's systems and equipment and inquiry made of the City's material suppliers, vendors and customers, the City reasonably believes that the "Year 2000 problem" (that is, the inability of computers, as well as embedded microchips in non-computing devices, to perform properly date-sensitive functions with respect to certain dates prior to and after December 31, 1999), including costs of remediation, will not result in a material adverse change -10- P:\DOT\DOTOYN 99/11/08