Ordinance 3405-14 - Laserfiche WebLink

principal of and interest on such Bond. The owner of a 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 the Bond Fund or such special account, and such Bond shall be deemed to be not Outstanding under this ordinance. Notwithstanding the foregoing, no defeasance of Bonds then in the Variable Rate Period may be made if such Bonds are subject to purchase pursuant to Section 3.08. The City shall give written notice of defeasance to the Registered Owners so provided for within 30 days of the defeasance and to each party entitled to receive notice in accordance with the Continuing Disclosure Certificate. ARTICLE X SALE OF BONDS Section 10.01. Sale of Bonds. The Bonds shall be sold by negotiated sale to the Underwriter. The Designated Representative is hereby authorized to negotiate the terms of and approve and execute the terms of a Bond Purchase Contract. The Designated Representative is hereby authorized to designate the Interest Rate Modes from time to time of the Bonds, determine the term of each interest period, determine the Applicable Factor, approve each Applicable Spread and Par Call Date, and to implement the terms of this ordinance so long as the aggregate principal amount of the Bonds does not exceed $36,500,000. Upon the passage and approval of this ordinance, the proper officials of the City including the Designated Representative, are authorized and directed to undertake all action necessary for the prompt execution and delivery of the Bonds to the Underwriter and further to execute all closing certificates and documents required to effect the closing and delivery of the Bonds. In furtherance of the foregoing, the Designated Representative is authorized to approve -105- P\20287 CMVN20287 AMT 10/14/14