Ordinance 941-83 - Laserfiche WebLink

I opinion of the Council, to amy mpdification of this ordinance contained in any such supplemental ordinance, may be prepared and delivered without cost to the holders of any affected Parity Bonds then outstanding, upon surrender for cancellation of such bonds with all unmatured coupons and all matured coupons not fully paid, in equal aggregate principal amounts. Section 16. Severability. If any one or more of the cove- nants or agreements provided in this ordinance to be performed on the part of the City shall be declared by any court of competent jurisdiction to be contrary to law, then such covenant or cove- nants, agreement or agreements, shall be null and void and shall be deemed separable from the remaining covenants and agreements in this ordinance and shall in no way affect the validity of the other provisions of this ordinance or of any Parity Bonds. Section 17. General Authorization. The Mayor, the Finance Director, and the Clerk of the City and each of the other appro- priate officers of the City are each hereby authorized and direc- ted to take such steps, to do such other acts and things, and to execute such letters, certificates, agreements, papers, financing statements, assignments or instruments as in their judgment may be necessary, appropriate or desirable in order to carry out the terms and provisions of, and complete the transactions contem- plated by, this ordinance. Section 18. Not Arbitrage Bonds; Not Industrial Development Bonds. The City covenants and agrees that throughout the term of the Bonds no part of the proceeds of the Bonds or any other moneys or obligations held under this ordinance shall at any time be used for any purpose, nor shall the City take any other action, which would cause any Bond to be (i ) an "arbitrage bond" under Section 103 (c) of the Internal Revenue Code of 1954, as amended, and the applicable regulations thereunder or (ii ) an "industrial develop- -33- WMD20 83/05/02