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Res13 15263
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Res13 15263
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Last modified
10/11/2019 7:49:21 AM
Creation date
10/11/2019 7:49:02 AM
Metadata
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Template:
CC Index
CC Index - Document Type
Resolution
Meeting Type
Joint
Agency Type
City Council and Public Finance Authority
Date
5/20/2013
Description
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING TO THE REFINANCING AND FINANCING OF CERTAIN WATER FACILITIES, APPROVING ISSUANCE AND SALE OF BONDS BY THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY, APPROVING AN OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTIONS
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as a condition of the continued enjoyment of each and every franchise, right or privilege now <br /> owned or hereafter acquired by it, including their right to exist and carry on their respective <br /> businesses, to the end that such franchises, rights and privileges shall be maintained and <br /> preserved and shall not become abandoned,forfeited or in any manner impaired. <br /> Section 5.03. Prosecution and Defense of Suits. The Authority will promptly, upon <br /> request of the Trustee or any Owner, take such action from time to time as may be necessary or <br /> proper to remedy or cure any cloud upon or defect in the lien on the Revenues or any part thereof, <br /> whether now existing or hereafter developing, will prosecute all actions, suits or other <br /> proceedings as may be appropriate for such purpose and will indemnify and save the Trustee and <br /> every Owner harmless from all cost, damage, expense or loss, including attorneys' fees, which <br /> they or any of them may incur by reason of any such cloud, defect, action, suit or other � <br /> proceeding. <br /> Section 5.04. Accounting Records and Statements. The Trustee will keep proper <br /> accounting records in which correct entries shall be made of all transactions of the Trustee <br /> relating to the receipt, deposit and disbursement of the Installment Payments, and such <br /> accounting records shall be available for inspection by the Authority or any Owner or his or her <br /> agent duly authorized in writing on any Business Day upon reasonable notice at reasonable hours <br /> and under reasonable conditions prescribed by the Trustee. So long as any Bonds aze <br /> Outstanding, the Trustee will furnish each month to the Authority and any Owner,who may so <br /> request in writing (at the expense of such Owner) a statement covering the receipts, deposits and <br /> disbursements of the Installment Payments for the preceding monthly period; provided, that the � <br /> Trustee shall not be obligated to deliver an accounting for any fund or account that (i)has a <br /> balance of zero,or(ii)has not had any activity since the last reporting date. <br /> Section 5.05. Further Assurances. Whenever and so often as requested to do so by the <br /> ' Trustee or any Owner, the Authority will promptly execute and deliver or cause to be executed <br /> and delivered all such other and further assurances,documents or instruments and promptly do or <br /> cause to be done all such other and further things as may be necessary or reasonably required in <br /> order to further and more fully vest in the Trustee and the Owners all advantages, benefifs, <br /> interests, powers, privileges and rights conferred or intended to be conferred upon them by this <br /> Indenture. <br /> Section 5.06. A�ainst Encumbrances. The Authority hereby covenants that there is no <br /> pledg� of or lien on Revenues senior to the pledge and lien securing the Bonds. The Authority <br /> will not make any pledge of or place any lien on the Revenues, provided that the Authority may <br /> at any time, or from time to time, pledge or encumber the Revenues in connection with the <br /> issuance or execution of Additional Bonds as permitted by Section 2.12 hereof. <br /> Section 5.07. Punctual Pa ment. The Authority shall punctually pay or cause to be paid <br /> the principal of and interest on all the Bonds,in strict conformity with the terms of the Bonds and <br /> of this Indenture, according to the true intent and meaning thereof,but only out of Revenues and <br /> other assets pledged for such payment as provided in this Indenture. <br /> -28- <br /> 338471 1.DOC <br />
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