PROJ00496 - Laserfiche WebLink

Home Browse Search

, - .. '..' ~ ., . . . resolution, or measures to be adopted or passed by the Council in each year while the Loan Agreement remains outstanding. Section 6. Defeasance. When all of the principal and interest due under the Loan Agreement has been duly paid, all obligations hereunder sha 11 thereby be di scharged, and the Loan Agreement shall no 1 anger be deemed to be outstanding. There shall be deemed to be such due payment when the City has placed in escrow or intrust wi th a trust bank located within or without the State of Colorado bills, certificates of indebtedness, notes, bonds or similar securities which are direct obligations of, or the principal and interest of which obligations are unconditionally guaranteed by, the United States of America (Federal Securities) in an amount sufficient (including the known minimum yield available for such purpose from Federal Securities in which such amount may wholly or in part be initially invested) to pay all principal and interest due under the Loan Agreement. The Federal Securities shall be non-callable and shall become due priar to the respective times at which the proceeds thereof shall be needed in accordance with a schedule establ i shed and agreed upon between the City and such bank at the time of the creation of the escrow or trust ,or the Federal Securities shall be subject to redemption at the option of the owner thereof to assure such availability as so needed to meet such schedule. Sect ion 7. Informat i on Reoort i na. No offi cer of the City shall file Internal Revenue Service Form 8038-G or any similar farm required to establish the exclusion .of interest due under the Loan Agreement from gross income for federal income tax purposes, the intent i an bei ng that such interest be includable therein. Section 8. Riahts and Immunities. Except as herein otherwise expressly provided, nothing herein expressed or impl ied is intended or shall be construed to confer upon or to give to any person, other than the City and the Board, any right, remedy or claim under or by reason hereof. All the covenants, conditions, stipulations, promises and agreements herein contained by and on behalf of the City shall be for the sole and exclusive benefit of the City and the Board. No recourse shall be had for the payment of the principal or interest due under the Loan Agreement or for any claim based thereon or otherwise upon this Ordinance, or any other instrument pertaining hereto, against any individual member of the Councilor any other agent of the City, past, present or future, either directly or indirectly through the City, or otherwise, whether by virtue of any constitution, charter, statute or rule of law, or by the enforcement of any penalty or otherwise. Section 9. Ratification. All action nat inconsistent with the prOVisions of this Ordinance heretofore taken by the City or its officers and otherwise by the City directed toward the execution .of the Loan Agreement is hereby ratified, approved and confirmed. Section 10. Authorized Action. The officers of the City are hereby authorized and directed to enter into such agreements and take all act i on necessary or appropri ate to effectuate the provi s ions of thi s Ordinance and to comply with the requirements of law.