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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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being expressly understood that the Trustee shall only receive and hold such documents as <br /> repository for examination and copying by any owner at such Owner's expense during business <br /> hours on Business Days. <br /> Section 5.12. Protection of Security and Ri�hts of Authority. <br /> The City will preserve and protect the security and the rights of the Authority to <br /> the Installment Payments hereunder and wilt warrant and defend such rights against all claims <br /> and demands of all persons. In connection therewith, the Authority and the City shall not amend <br /> this Installment Purchase Contract except as set forth in Section 8.11 hereof <br /> Section 5.13. Payment of Taxes and Compliance with Governmental <br /> Regulations. <br /> The City will pay and dischazge all taxes, assessments and other governmental <br /> charges, if any, which may hereafter be lawfully imposed upon the Enterprise or any part thereof <br /> or upon the Gross Revenues when the same shall become due. The City will duly observe and <br /> conform with all valid regulations and requirements of any governmental authority relative to the <br /> operation of the Enterprise or any part thereof, but the City shall not be required to comply with <br /> any regulations or requirements so long as the validity or application thereof shall be contested in <br /> good faith. <br /> Section 5.14. Amount of Rates and Char�es. <br /> (a) The City will, at all times while any of the Bonds remain Outstanding,fix, <br /> prescribe and collect rates, fees and charges in connection with the Entecprise so as to yield <br /> Gross Revenues at least sufficient, after making reasonable allowances for contingencies and <br /> errors in the estimates, to pay the following amounts in the order below set forth: <br /> (I) All Maintenance and Operation Costs of the Enterprise; <br /> (2) The Installment Payments and all payments (including payments of <br /> interest and under reimbursement agreements) with respect to <br /> related Parity Obligations issued or incurred after the date hereof <br /> as they become due and payable; <br /> (3) Amounts necessary to bring the amount of funds in the Reserve <br /> Fund or in reserve funds established for Parity Obligations up to <br /> the respective Reserve Requirement within one year of a draw <br /> thereon; and <br /> (4) All payments required to meet any other obligations of the City <br /> which aze charges, liens, encumbrances upon, or which are <br /> otherwise payable from the Gross Revenues during such Fiscal <br /> Yeaz. <br /> 17 <br /> 338529_1.DOC <br />
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