Ordinance 3405-14 - Laserfiche WebLink

terms (subject to customary exceptions relating to bankruptcy, insolvency and rights of creditors generally and to specific performance and equitable remedies); (4) an Opinion of Counsel to the effect that the delivery of the Credit Facility will not, in and of itself, cause the interest on such Bonds to be includable in the gross income of Registered Owners for purposes of federal income taxation; and (5) if applicable, the written acknowledgment of the Credit Facility Provider with respect to the Credit Facility then in effect that all conditions precedent to termination of such existing Credit Facility that are contained in such Credit Facility or the Credit Facility Agreement relating thereto have been fulfilled (or provision satisfactory to such Credit Facility Provider has been made for such fulfillment). (f) The Bond Registrar shall not terminate or reduce the amounts available under a Credit Facility except by reason of(1) the redemption, cancellation and/or defeasance of Bonds, or (2) the Conversion of such Bonds to an Interest Rate Mode which is not covered by such Credit Facility. Notwithstanding the foregoing, the City may elect to terminate a Credit Facility at any time in accordance with the terms of the Credit Facility or related Credit Facility Agreement. ARTICLE IV CREDIT FACILITIES AND FUNDS Section 4.01. Credit Facility; Credit Facility Fund. (a) The Bond Registrar shall hold and maintain the Credit Facility, if any, for the benefit of the Registered Owners of the Bonds until such Credit Facility expires in accordance with its terms, is earlier terminated by the City or is replaced by an Alternate Credit Facility. Subject to the provisions of this ordinance, the Bond Registrar shall enforce all terms, covenants and conditions of the Credit Facility, including payment when due of any draws on such Credit -86- P 120287 CMVN20287 AMT 10/14/14