Ord98 2137 - Laserfiche WebLink

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Section 10. Trust A~reement. In the discretion of the City Council, any Bonds issued under the provisiom of this Ordinance may be secured by a trust agreement or indenture by and between the City and a corporate trustee or trustees, which may be any trust company, corporation or bank having the powers of a trust company within or without the State. Such trust agreement or the indenture may pledge or assign the Revenues to be received or proceeds of any contract or contracts pledged, and may convey or mortgage any property. Such trust agreement or indenture may contain such provisions for protecting and enforcing the rights and remedies of the Bondholders as may be reasonable and proper and not in violation of law, including such provisions as are permitted to be included in any resolution or resolutions of the City Council authorizing the issuance of Bonds hereunder. Any such trust agreement or indenture may set forth the rights and remedies of the Bondholders and of the trustee or trustees, and may restrict the individual right of action by Bondholders. In addition to the foregoing, any such trust agreement or indenture may contain such other provisions as the City Council may deem reasonable and proper for the security of the Bondholders. Section 11. Personal Liability. Neither the members of the City Council nor any officer, employee or agent of the City or any person executing the Bonds shall be liablepersonally on the Bonds or be subject to any personal liability or accountability by reason of the issuance thereof. Section 12. ~. The City Council may l~rovide for the issuance of Bonds any portion of which is to be used for the purpose of refunding outstanding Bonds, including the payment of the principal thereof and interest and redemption premiums, if any, thereon. The proceeds of Bonds issued to refund any outstanding Bonds may, in the discretion of the City Council, be applied to the retirement of such outstanding Bonds at maturity, or the redemption (on any redemption date) or purchase of such outstanding Bonds prior ~o maturity, upon such terms and subject to such conditions as the City Council shall deem advisable. Section 13. Re a ent of Bonds. Revenues shall be the sole source of funds pledged by the City for repayment of Bonds issued hereunder. Bonds issued hereunder shall not be deemed to constitute a debt or liability of the City or a pledge of the faith and credit of the City but shall be payable solely from Revenues. All Bonds shall contain on the face thereof a statement to the following effect: "Neither the City, the State of ~'alifornia nor any other political subdivision of the State of California shall be obligated to pay the prindpal of or the interest on this Bond except from Revenues and all other amounts pledged therefor pursuant to the tnmt agreement or indenture and neither the faith and credit nor the taxing power of the City of Redwood City, the State of C~lifornia or any political subdivision thereof is pledged to the payment of the principal of or interest on ~ Bond." The ismmnce of Bonds shall not directly, indirectly or contingently obligate the City Council to levy or pledge any form of taxation or to make any appropriation for their payment. Section 14. Authority. to Assist Pro.iects. The City may provide financing to any Participating Party for, or otherwise ass'.rst the Acqu~_' ition, of,.dul,.y app.ro.ved .Pr. ojects purs.u,an,t to this Ordinance. At the discretion ot the City Council, the nnanom assistance prowoeu hereunder may take any form deemed advisable for the successful financing of the Project, inducting without limitation in the form of a loan, lease or insl~llment sale. Section 15. Financin_~ A_~reements. The City may enter into agreements with any Participating Party with respect to the financing of a Project, which agreemen~ may .pro.vide that the architectural and engineering design of the Project shall be subject to sucn stanclarcls as