Ordinance 1505-88 - Laserfiche WebLink

The City hereby covenants that throughout the term of the Bonds it will not take any action or enter into any agreement that will cause the proceeds of the sale of the Bonds to be used in a manner that would cause any Bond to be classified as a "private activities bond" with the meaning of Section 141 of the Internal Revenue Code and the applicable regulations thereunder. Specifi- cally, unless the City has received an opinion of nationally recognized bond counsel approving a specific action or agreement, the City will not permit entities other than governmental units to use in the aggregate more than 10 percent of the Projects on a basis other than as a member of the general public unless payments made by such users with respect to such uses do not exceed in the aggregate 10 percent of the principal and interest payments on the Bonds in each Bond Year and over the term of the Bonds. SECTION 11 . Mutilated, Lost or Destroyed Bonds. If any Bond shall become mutilated, the Bond Registrar shall authenticate and deliver a new Bond of like series, amount, date, interest rate and tenor in exchange and substitution for the Bond so mutilated, upon the owner' s paying the expenses and charges of the City and the Bond Registrar in connection therewith and upon surrender to the City or the Bond Registrar of the Bond so mutilated. Every mutilated Bond so surrendered shall be cancelled by the Bond Registrar and redelivered to, or upon the order of, the City. In case the Bonds or any of them shall be lost, stolen or destroyed, the Bond Registrar may authenticate and deliver a new Bond or Bonds of like amount, date, and tenor to the registered owner thereof upon the owner' s paying the expenses and charges of the City and the Bond Registrar in connection therewith and upon his/her filing with the Treasurer and the Bond Registrar evidence satisfactory to said Treasurer and Bond Registrar that such Bond or Bonds were actually lost, stolen or destroyed and of his/her -14- KR257 88/07/06