Ordinance 1949-93 - Laserfiche WebLink

• 1 competitive bid process seeking bids for the acquisition of certain rights of the Contractor in the Property and in the Lease, including the right to receive payments of principal and interest thereunder. The bid request shall seek interest rates applicable to the principal components of Lease Payments set forth in Exhibit A. City employees, officers and agents are authorized and directed to do everything necessary and advisable to accomplish such competitive bid. The lowest acceptable bid received as a result of such competitive bid shall be approved by resolution of the City Council . Section 5. Approval of Trust Agreement. In connection with the lease financing transaction and take-out financing required by the Construction Agreement, the City hereby authorizes the Mayor to execute an acknowledgment to a Trust Agreement by and between Contractor and the underwriter to be selected pursuant to Section 4 hereof, in substantially the form previously approved by Resolution No . 3543 of the Council, with such changes as may be deemed necessary and advisable by the City Attorney and the City Finance Director. By this reference, such Trust Agreement is incorporated into this Ordinance as if fully set forth herein. Section 6. Authorization of Actions Related to Lease Financing of the Community Theater. The Mayor, City Clerk, City Attorney, City Treasurer and City Finance Director, and all other city staff and agents, are hereby authorized and directed to do everything necessary for the execution, recording by memorandum, -5- DOT041.DOC 93/06/16