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may be established by the City and that the Acquisition of the Project shall be subject to such
<br />supervision as the City deems necessary. The terms and conditions of such agreements may be
<br />as mutually agreed upon, but shall not be inconsistent with the provisions of this Ordinance.
<br />Any such agree~nent may provide the means or methods., by which any mortgage taken by,the
<br />City shall be discharged, and it may contain a covenant by the Participating Party to complete
<br />the Project whether or not Bond proceeds are sufficient therefore, and such other terms and
<br />conditions as the City may require. The City is authorized to fix, revise, charge, and collect
<br />interest and principal and all other rates, fees, rents, installment purchase payments and
<br />charges with respect to the financing of a Project. Such rates, fees, rents, installment purchase
<br />payments, charges, and interest shall be fixed and adjusted so that the aggregate thereof will
<br />provide funds sufficient with other revenues and moneys which it is anticipated will be
<br />available therefor, if any, to do all of the following:
<br />
<br /> A. Pay the principal of and interest on outstanding Bonds issued to finance such
<br />Project, as the same shall become due and payable.
<br />
<br /> B. Create and maintain reserves required or provided for in any resolution authorizing
<br />such Bonds. A sufficient amount of the Revenues derived from the Project may be set aside at
<br />such reg-I~r intervals as may be provided by the resolution or trust agree, re. en.t or inden .mre,'.m. a
<br />sinking or other similar fund, which shall be pledged to, and charged wath, the payment ot .me
<br />principal of and interest on such Bonds as the same shall becom, e due, and the redemption Ps~a~
<br />or the purchase price of Bonds retired by c~ll or purchase as therein provided. Such pledg, e s.
<br />be valid and binding from the time the pledge is made. The rates, fees, interest, anti otl~er
<br />charges, revenues, or moneys so pledged and thereafter received by the City shall immedla, t.ely
<br />be subject to the lien of such pledge without any physical delivery thereof or further act, aha t~e
<br />lien of any such pledge shall be valid and binding as against, all ,part~.having, clain~., o~, any
<br />kind in tort, contract, or otherwise against the City, irrespective o~ whether SUCh parues nave
<br />notice thereof. Neither the resolution, the trust agreement or indenture nor any agreement by
<br />which a pledge is created need be filed or recorded except in the records of the City. The use
<br />and disposition of moneys to the credit of such sinking or other s'unilar fund shall be subject to
<br />the provisions of the resolution or trust agreement or indenture authorizing the issuance of such
<br />Bonds.
<br />
<br /> C. Pay Admires' trative Expenses to the extent not paid from Bond proceeds.
<br />
<br /> Section 16. ~. All moneys received pursuant to the provisions of this
<br /> Ordinance, whether proceeds from the sale of Bonds or Revenues, shall be deemed to be trust
<br /> funds to be held avxi applied solely for the p _~ses of this Ordinance. Any, ban.k., corporation,
<br /> or trust company in which such moneys are deposited shall act as trustee ot SUCh moneys ano
<br />sM ho d and apply for the..p . ..ses s in ce, sub to the
<br /> of the resolution o~ tax~ agreement or indenture authonzmg me ~onos.
<br />
<br /> Section 17. ~ ~ Ordinance, being nscessaty for the health, welfare
<br /> and safety of the City a~xi its residents and famih'es, sHall be liberally construed to effect its
<br /> purposes. Fua'tl~oro, the City Council hereby declares that this Ordinance is an exercise of
<br /> the power granted to the City by the City Charter and the Constitution of the State and is an
<br /> exercise by the City of its powers as to municipal affairs and its police powers, and this
<br /> Ordinance shall be liberally construed to uphold its validity under the laws of the State.
<br />
<br /> Section 18. Supplemental and Additional Powers. ~ Ordinance shall b.e deemed to
<br /> provide a complete, additional, and alternative ,m. ethod ~or doing the things authorized thereby,
<br /> and shall be regarded as supplemental and additional to the powers con~erred by other laws.
<br /> The issuance o~ Bonds under the provisions of this Ordinance need not comply with the
<br /> requirements of any other law applicable to the issuance o~ bonds.
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