Ordinance 2557-01 - Laserfiche WebLink

(e) Maximum Rate. No Bonds other than Bank Bonds shall bear interest at an interest rate higher than the Maximum Rate. (f) Pledge. The City irrevocably covenants with the owners of the Bonds and with the Bank and any subsequent provider of an Alternate Credit Facility that it will annually include in its budget and levy taxes, within and as a part of the tax levy permitted to the City without a vote of the electorate, upon all property subject to taxation, in an amount sufficient, together with all other money legally available for such purpose, to pay the principal of and interest on the Bonds as the same shall become due, and all obligations owing under the Reimbursement Agreement. The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy and collection of such taxes and the prompt payment of such principal, interest, and other obligations. Section 2.03. Execution. The Bonds shall be executed on behalf of the City by the manual or facsimile signatures of the Mayor and the Clerk of the City, and the official seal of the City shall be reproduced thereon. The validity of any Bond so executed shall not be affected by the fact that one or more of the officers whose signatures appear on such Bond have ceased to hold office at the time of issuance or authentication or at any time thereafter. Section 2.04. Authentication. No Bonds shall be valid for any purpose hereunder until the certificate of authentication printed thereon is duly executed by the manual signature of an authorized signatory of the Registrar. Such authentication shall be proof that the Registered Owner is entitled to the benefit of the trusts hereby created. Section 2.05. Registration, Transfer and Exchange. (a) Registrar/Bond Register. The Bonds shall be issued only in registered form as to both principal and interest. The City hereby adopts for the Bonds the system of -1 6- P\CMW\CMW4ZL 11/20/01