C150004 Contract - Laserfiche WebLink

Home Browse Search

~;. ..-.\ f 2. The Chairman of the Board and the Secretary of the Enterprise are hereby authorized and directed to execute and deliver the Loan Contract, the Promissory Note and the Security Agreement to the State, 3. The proceeds of the loan shall be used for the redemption ofa portion of the Prior Bonds and, if necessary or desirable, the payment of costs incident to the execution and delivery of the Loan Contract, the Promissory Note and the Security Agreement. The Enterprise shall give written notice of its election to redeem a portion of the Prior Bonds, specifying the redemption date and the principal amount of Prior Bonds to be redeemed, at least 45 days prior to the redemption date to Bank One, Colorado, N,A., as trustee (the "Trustee"), under the Trust Indenture securing the Prior Bonds (the "Indenture") and to State Street Bank and Trust Company, as issuer of the letter of credit securing the Prior Bonds, and shall deposit with the Trustee the redemption price of 100% of the principal amount of the Prior Bonds to be redeemed plus accrued interest thereon to the redemption date. The Trustee shall deposit the redemption price as provided in the Indenture, shall give notice of redemption to the registered owners of the Prior Bonds to be redeemed and shaH redeem such Prior Bonds as provided in the Indenture, 4, This Ordinance is, and shall constitute, a legislative measure, and after the Loan Contract, the Promissory Note and the Security Agreement are executed and delivered, this Ordinance shall constitute an irrevocable contract between the City, the Enterpni se and the State, and this Ordinance shall be and shaH remain irrepealable until the loan shaH be fully paid, satisfied or discharged, 5, All action not 'inconsistent with the provisions of this Ordinance heretofore taken by the City and the Enterprise or the officers thereof and directed toward the execution and delivery of the Loan Contract, the Promissory Note and the Security Agreement is hereby ratified, approved and confirmed. 6. All ordinances, resolutions, orders and other instruments, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. lIDs repealer shaH not be construed to revive any ordinance, resolution, order or other instrument, or part thereof, heretofore repealed. 7. lfany section, subsection, paragraph, clause or other provision of this Ordinance shaH for any reason be held to be invalid or unenforceable, the invalidity or unenforceability thereof shaH not affect any of the remaining sections, subsections, paragraphs, clauses or provisions of this Ordinance. 8. This Ordinance is necessary for the immediate preservation of the peace, health and safety. 2