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BILL NO. l r •� R to -'
t; / ORDINANCE NO. 2: Z-
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $10,000,000 PRINCIPAL `S°'Y``
AMOUNT OF SEWERAGE SYSTEM REVENUE BONDS (STATE REVOLVING
rxn; FUND — LEVERAGED LOAN PROGRAM) SERIES 2001A, OF THE CITY OF
JEFFERSON MISSOURI FOR THE PURPOSE OF EXTENDING AND
IMPROVING THE CITY'S SEWERAGE SYSTEM; PRE,SCRIBING THE FORM
AND DETAILS OF THE BONDS AND THE AGREEMENTS MADE BY TIE
CI'T'Y TO FACILITATE AND PROTECT THEIR PAYMENT AND
} PRESCRIBING OTHER RELATED MATTERS
1'r ,{it y fry,.��•[I,�*��.+'�;',iY::':'<}.f
'.il f'C r•JP;.`ls fide f'+,''�..
•''''r, �r`f”"'%:,+fit%. {
WHEREAS, the City of Jefferson, Missouri (the"City") is a constitutional charter city organized � 17
and existing under the constitution and laws of the State of M issouri; and
WHEREAS, the City now owns and operates a revenue producing sewerage system, serving the
City, its inhabitants and others within its service area, including connected and related appurtenances and
y facilities and extensions, improvements, additions and enlargements made or acquired by the City after �5�
the date of this Ordinance (the"System"); and
WHEREAS, the City desires to extend and improve its System, such extensions and
Y P 5
.Y. improvements to be financed in whole or in part by the issuance by the City pursuant to this Ordinance of �,;,,,
its Sewage System Revenue Bonds (State Revolving Fund —Leveraged Loan Program) Series 2001A (the .
"Bonds") in the original P principal amount of$1U, l 000 000(/the "Original Principal \
P al Amount /, and
WHEREAS, to provide for the most cost-effective financing of the extensions and improvements
:..
i( of the System the City desires to participate in the Missouri Leveraged Loan State Water Pollution y'=•�ct` :�s-its
Control Revolving Fund Program (the SRF Leveraged Loan Program ) of the Missouri Department of �zi
Natural Resources ("DNR") and the Clean Water Commission of the State of Missouri (the
ti''' "Conlinission"); and
•r. WHEREAS, the City is authorized under the provisions of Chapter 250 of the Revised Statutes of
� ?
d'„)M Missouri (the Act ) to issue and sell revenue bands for the purpose of paying all or part of the cost of ,r.�:,•r,.•�;
extending and improving the System, with the cost of operation and maintenance of the System and the
'•f, '
principal of and interest oil revenue bonds payable solely from the Revenues as defined below'; and ,
u
WHEREAS, pursuant to the Act, a special bond election was duly held in the City on November 7, ! r ;'
sF� 2000 on the following question:
§'° c QUESTION
y. ' Shall the City of Jefferson, Missouri, issue its sewerage system revenue bonds in
`l tll.e amount of$52,000,000 for the purpose of improving and extending the City's sewerage
system, the cost of operation and maintenance of said sewerage system and the principal of
and interest on said revenue bonds to be payable solely from the revenues derived by the
r,..e
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City from the operation of its sewer, c system, including all future im rovements and
g Y p
extensions thereto?
and it was found and determined that more than a simple majority ofthe qualified electors of the City voting
on the question had voted in favor of the question, the v ote having been 14,406 votes for the question and _
g
votes
2 687 against the question; and
s' WHEREAS, the City Council (the "Governing Body") of the City has caused plans and1 .
.; specifications for extensions and improvements to the System and a cost estimate to be made by the r'• ' �;s;
a: Consulting Engineer(as defined below); and °'/,>! • Y'' '
,S,"rJl' I}tAz
WHEREAS, the plans and specifications and the cost estimate,re accepted and approved and are
' on file in the office of the City Clerk, the amount of the estimated cost being not less than the Original
.
Principal Amount; and r` * '
..
'
WHEREAS, none of the bonds so authorized have been issued and the City finds and determines 4;V4 _,t!
that it is necessary and advisable and in the best interest of the City nd of its inhabitants to issue the °>'�'� �
y .
'? Bonds in the Original Principal Amount; and
WHEREAS, the City, upon the issuance of the Bonds,will not have outstanding any other bonds
' or other obligations payable from the Net Revenues other than the Bonds; and
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WHEREAS, it is hereby found and determined that it is necessary and advisable and in the best
interest of the City and its inhabitants that revenue bonds be issued and secured in the form and manner
provided in this Ordinance and be sold to DNR under the SIZF Leveraged Loan Program, and to provide
the remainder of costs of extending and improving the System which may be required from subsequent 1. ^
s ,.
-•,�� issues of bonds or funds of the City otherwise available.
"s NOW, THEREFORE, BE IT ORDAINED BY THE CI'T'Y COUNCIL. OF THE CITY OF
, " it yt
JEFFERSON, MISSOURI AS FOLLOWS:
' a.g.
ARTICLE Ii
rs DEFINITIONS ,it��
Section 101. Definition of Words and Terms. Capitalized words and terms not otherwise Kt
defined in this Ordinance have the meanings set forth in the Purchase Agreement and Escrow Agreement
(each as identified below). In addition to the foregoing and words and terms defined in the Recitals and rx :
elsewhere in this Ordinance,capitalized words and ter this Ordinance:
ms have the following meanings in
ction 4 of the Escrow ' f `
"Account" means any of the funds or accounts established by Se —
A Y +
Y tYj p.
Agreement. '`�`
"Additional Interest" means additional interest on the Bonds prior to the Completion of a.
Disbursements, equal to the actual earnings on moneys in the Construction Loan Fund less earningsrf;
?a` calculated at the interest rate on the Bonds, computed by the Paying Agent on each Interest Payment
3,
R
Date. All references in this Ordinance to the payment of interest on the Bonds includes the Additional
Interest.
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'r Administrative Expense Fund means the fund designated as such and established by Section 4
of the Escrow Agreement. The Administrative Expense Fund does not constitute part of the SRF s � cl, •r
Leveraged Loan Program. ?
Administrative Fee means the annual administrative fee of DNR equal to 0.50% of the ;. <•
aggregate amount of the Bonds Outstanding as of each Administrative Fee Calculation Date (including '
the final maturity date of the Bonds), payable to the Paying Agent within 30 days after the City's receipt
4 of a statement from the Paying Agent for deposit to the Administrative Expense Fund and subsequent
transfers to DNR as described in Section 9 of the Escrow Agreement.
"Administrative Fee Calculation Date” means the Business Day preceding each Principal ..'G.,
Payment Date. �•{ ��,;,. ,,
"Authority" means the State Environmental Improvement and Energy Resources Authority, a ,`' a"
body corporate and politic and a governmental instrumentality of the State.
"Authority Program Bonds" means any bonds of the Authority issued under the SRF Leveraged
Loan Program, all or a portion of the proceeds of which are loaned to the City pursuant to the SRF 'i°",, �tf;'`:
tF Leveraged Loan Program. `'.
Authorized Representative means the representative of the City designated as such by the City
r in accordance with the Regulations. }
•,. Bond Debt Service means the amount of the principal of and interest due on the Bonds on the
`r date of calculation required in this Ordinance. ' '
" t t,
Bondowner" means DNR.
"Bond Register" means the books for the registration, transfer and exchange of Bonds kept at the
office of the Paying Agent. r`
Bonds means the Sewerage System Revenue Bonds (State Revolving Fund —Leveraged Loan
'i
Program) Series 2001A in the original rinci al amount of $10,000,000 authorized herein and issued
�u g• ) � principal
hereunder. r" ;
r'w
"
Consultant,) means the Consulting Engineer or an independent certified public accountant or
I+•Y ,
•'�i;r� firm of independent certified public accountants.
A`: t ,4.t
"Consulting Engineer" means each independent engineer or engineering firm with experience in
? designing and constructing wastewater treatment, sanitary sewerage or water pollution control facilities,
or, if applicable, water production and transmission facilities, and retained by the City.
"Construction Loan Fund" means the Construction Loan Fund established by Section 4 of the ,r
.%° Escrow Agreement. t:?a
v "Costs of Issuance" means the costs of issuance or the Bonds as certified by the City on the date tw*
( of issuance of the Bonds. '
AYr�I r
"Current Expenses" means all reasonable and necessary expenses of ownership, operation, j t ;
maintenance and repair of the System and keeping the System in good repair and working order,
{r `� determined in accordance with generally accepted accounting principles, including current maintenance !
3 {
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charges, expenses of reasonable upkeep and repairs, salaries, wages, costs of materials and supplies,
k 4+ Paying Agent tees and expenses, annual audits, periodic Consultants reports, properly allocated share of
charges 1'or insurance the. cost of purchased water, gas and power, obligations (other than for borrowed x',h
f' money or for rents payable under capital leases) incurred in the ordinary course of business, liabilities
p
y
incurred b endorsement for collection or deposit of checks or drafts received in the ordinary course of
,fix
business, short-term obligations incurred and payable within a particular Fiscal Year,obligations incurred
}? for the purpose of leasing (pursuant to a true or operating lease) equipment, fixtures, inventory or other '
P ersonal property, and all other expenses incident to the ownership and operation of the System, but <r
:.
� 7 excluding interest paid on System Revenue Bonds, depreciation and amortization charges,and all general
4� administrative expenses of the City not related to the operation of the System. .t!'
t 6
y , Debt Service Fund means the Debt Service Fund established by Section 4 of the Escrow z
Agreement. rr, 1M,c
"Defeasance Securities" means: ,.,.
,,fit •'>~ ; I,
VJ
'r,
(a) Federal Securities;
,;. b obligations of the Resolution Funding Corporation or any successor, but only if r r
the use of the obligations to pay and discharge Bonds pursuant to Article X will cause the g ,
discharged Bonds to be rated in the highest long-term category by the Rating Agency; or
(c) obligations of any state of the United States of America or of any agency, �..
i
instrumentality or local government unit of any state that: f . =
i; r �
are not callable at the option of the obligor prior to maturity or for which
irrevocable instructions have been given by the obligor to call on the date specified in the r� r
instructions, andt':=''.
1,
n= (ii) are fully secured as to principal, redemption premium and interest by a
'.' fund,consisting of cash or Federal Securities,that:
!"`tG
R sti'��h1
(A) may be applied only to the payment of principal, redemption
`
premium and interest on the obligations, and "°£s
;; p E g
(B) is sufficient as verified by a nationally recognized independent
certified public accountant,to pay the principal,redemption premium and interestt:;,
l t
on the obligations.
"Escrow Agreement" means the Escrow Trust Agreement by and between the City and the
Paying Agent, as supplemented, modified or amended in accordance with its terms, related to the Bonds.
"Federal Securities" means any direct obligation of, or obligation the timely payment of the
principal of and interest on which is unconditionally guaranteed by, the United States of America and
' backed by its frill faith and credit. tt
t .
"Interest Payment Date" means each July 1 and January 1 of each year, commencing January 1,
200' r I
' "Investment Securities" means any of the following securities legal for the investment of hinds of .
y' r the City at the time of purchase:
t 4
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4"
(a) Federal Securities; �1�.
5` (b) Direct and general obligations of the State, t he
."
payment of the principal of and � �
t ci
+ Interest on which the full faith and credit of the State is pledged,
(c) Deposits which are fully insured by the Federal Deposit Insurance Corporation
("FDIC") in one or more of the following institutions: banks, trust companies or savings and loan
F associations (including without limitation, the Paying Agent or any bank affiliated with the t r
;r
z' Paying Agent)organized under the laws of the United States of America or any state thereof; *�, 1r
O Federal funds, unsecured certificates of deposit, lime, deposits and bankers ��;ir'r `�' •¢'�:
acceptances (having maturities of not more than 365 days) of any bank, the short-term obligations
of which are rated MIG 1 or equivalent by the Rating Agency; � {�
:41
,�s 4 � t' t
°f< (e) Unsecured promissory notes of any bank, trust company, national banking
Wj
!M association or bank holding company equal in quality to such institutions outstanding unsecured !
long-term debt which is rated in the highest rating category Db the Rating Agency; and
Shares in money market mutual funds rated in the highest or second highest rn ` I Try}k
applicable rating category by the Rating Agency.
,k "Net Revenues"means Revenues less Current Expenses.
Operation and Maintenance Account means the fund or account designated as such and createdt;rr;
or ratified and confirmed by Section 401.
p '�rry�lz,tJ,
cc
Ordinance cc means this Ordinance as from time to time amended in accordance with its terms. tf ,
"Outstanding" means, as of the date of determination, all Bonds issued and delivered under this
` Ordinance,except:
O Bonds canceled b the Pa in> A ent or delivered to the I a in* A lent for vt' t
Y Y b g Paying b �,.
t cancellation; '''
t�
.rr1{ (2) Bonds for the payment of the principal or redemption price of and interest one
which money or Defeasance Securities are held under Section 1001; ' }�Ki,,
(3) Bonds in exchange for which, or in lieu of which, other Bonds have been
registered and delivered pursuant to this Ordinance; and
(4) Bonds allegedly mutilated, destroyed, lost, or stolen and paid under Section 208. a ;
at
"Owner"means the Bondowner. q>�t
, 7 "Parity Bonds" means the Bonds, and any other parity bonds issued under Section 802• payable
1 .
.i� from the Revenues on a parity basis with the Bonds, ,
;art,
"Parity Ordinances" means this Ordinance and the ordinances under which any other Parity
.1 Bonds are issued. .
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` f�'R:{fi��pR�ta�r�'gts���.'tr���5?!1•if•�.'�f•r,t'.P' '}�l iflf 4"'r,��'t+e'tt�+� 'r!(!7Siv1.h�3:ti{�u..F1Y� r� t �a`, :•s �t.;'4t i j S.1r Gl�� t. '
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,tt t' ift
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•�`••�, t���ea r�.-mot
"Paying Agent” means UMB Bank & Trust, N.A., the paying agent and escrow agent, and its
Jt 4
y successors and assigns acting at any time as Paying Agent and Escrow Agent under this Ordinance and
the Escrow Agreement. "g=' ;"••'
"Person" or "person" means any individual, corporation, partnership,joint venture, association
,joint-stock company, tnrst, unincorporated organization, or government or any agency or politicalw'i r
subdivision thereof'. j1
"Principal Payment Date" means each January 1, commencing .lanuary 1, 2004, and any date one
`? which the Bonds are tendered for purchase in accordance with Section 302(c) or the Bonds are optionally
t
redeemed in accordance with Section 301.
r, "Purchase Agreement" means the Purchase Agreement, by and between the City and DNR, r ;i;°
related to the Bonds. If . �• ;?°i;`:
i "Rating Agency"means Moody's Investors Service or Standard and Poor's Rating Service,
{' �
Record Date„ for the interest payable on any Interest Payment Date means the 15th day(whether s�rRa .,tajrf,
r'
or not a Business Day) of the calendar month next preceding such Interest Payment Date.
"Repayment Fund”means the fund designated as such and established by Section 4 of the Escrow
x: Agreement. The Repayment Fund shall not constitute part of the SRF leveraged Loan Program. >tAP
"Revenue Fund"means the fund or account created or ratified by Section 401.
"Revenues" means all income and revenues derived by the City from the System including � i
investment and rental income, net proceeds from business interruption insurance sales tax revenues ��
which have been annually appropriated by the City or which are limited solely to the payment of
improvements to or expenses of the System and any amounts deposited in escrow in connection with the
acquisition, construction, remodeling, renovation and equipping of facilities to be applied during the z '
;-
period of determination to pay interest on System Revenue Bonds, but excluding any profits or losses on
the early extinguishment of debt or on the sale or other disposition of investments or fixed or capital
assets not in the ordinary course of business.
"SRF Leveraged Loan Program" means the Missouri Leveraged State Water Pollution Control
Revolving Fund Program.
"SRF Leveraged Loan Program Bonds" means the Bonds and any other bonds of the City issued
in connection with the City's participation in the SRF Leveraged Loan Program.
r
„j SRF Subsidy means the amount of investment earnings which will accrue on the Reserve ;
:J Account during each Fiscal Year (taking into account scheduled transfers from the Reserve Account
which will occur upon the payment of principal on the Authority Program Bonds and assuming that the t1t `•
construction for the applicable project has been completed), if the Reserve Security is equal to the
Reserve Percentage of the principal amount of the SRF Leveraged Loan Program Bonds outstanding, the
4 Reserve Account is invested in an investment agreement at a fixed rate during the calculation period and
earnings are reduced by the Administrative Fee payable to DNR. Administrative Fee, Reserve Account s�
and Reserve Percentage as used in this definition have the respective meaning set forth in the bond
indentures for the applicable Authority Program Bonds..,
State means the State of Missouri.
6
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G�rY�,ryz t c
"Surplus Account" means the fund or account created or ratified and confirmed in Section 401
hereof.
"System Revenue Bonds" means, collectively, the Bonds, the Parity Bonds and all other revenue
bonds which are payable from the Revenues. t,
ARTICLE II
i CC
AUTHORIZATION OF BONDS
Section 201. Authorization of Bonds. The Bonds are authorized and directed to be issued in qta��/ r
the principal amount of$10,000,000 for the purposes of this Ordinance. i h�tt � �4
Section 202. Security for Bonds. The Bonds are special, limited obligations of the City +
{{ payable solely from, and secured by a pledge of the Net Revenues. The taxing power of the City is not
p the payment
pledged to
8 ofthe Bonds. The Bonds do not constitute a general obligation of the City or an
7 indebtedness of the City within the meaning of any constitutional, statuto ry or
charter provision,
limitation or restriction.
Section 203. Description of Bonds. The Bonds consist of fu
Ily registered bonds without
coupons, numbered from R-I consecutively upward, in the denomination of $5,000 or any integral
multiple thereof. The Bonds will be issued in substantially the form of Exhibit B and will be registered,
' transferred and exchanged as provided in Section 206 hereof. Tile Bonds are dated the date of
original
delivery as set forth on the Bonds. The Bonds shall mature and become due on January 1, 2023 (subject '
to optional and mandatory redemption and tender prior to maturity as provided in Article II1) and shall
bear interest at an annual rate equal to 30%of the Twenty-Five Revenue Bond Index as published in The "'b`t• '�' . '.f'.
Bond Bu er most recentl s,; ly'.` i
y prior to the issuance and delivery of the Bonds, rounded to the nearest 0.1°/u lr '
(computed on the basis of a 360-day year of twelve 30-day months) from the Datcd Date or from the most
recent Interest Payment Date to which interest has been paid or provided for plus Additional Interest.
Interest (other than Additional Interest) is payable on each Interest Payment Date. Additional Interest is
payable in arrears on each Principal Payment Date prior to the Completion of Disbursements and on the
Interest Payment Date immediately following the Completion of Disbursements. �1
Section 204. Designation of Paying Agent. The City has
1 designated the Paying Agent as the paying agent for the payment of the principal of and interest on the Bonds bond registrar with
respect p
�
}'
to the registration, transfer and exchange of Bonds and escrow agent with respect to the funds r�
established with the Paying Agent under the Escrow Agreement. 4
Section 205. Method and Place of Payment of Bonds. r AT
kr:
(a) Payment of the Bonds will be made with any coin or currency that is legal tender t�
for the payment of debts due the United States of America on the payment date.
(b) The principal of and redemption premium, if any, payable oil each Bond will be
made by check or draft at maturity or upon earlier redemption to the Owner shown in the Bond °
Register at the maturity or optional redemption date of each Bond, upon presentation and
surrender of the Bond at the principal corporate trust office of the Paying Agent. The interest
F r
I
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t+ ': ., t•�K$,) i,�}}jrr�}„9.h`,•,+. .F7.fJ 4i�i;• #.*7. ;., t,l” ;��.,,,s �, tU�',.1.,. ,.1. x >!lY t7.v.I .r `,'. t r,f (,..n,M�7: 'it, '�' n�':a4• �(7 .r� r•' h• Vr .Y
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i�� � t �'*�<� :k� yr!'t, .� :.7;1�Y' s , , 't.Y: k.j .4 f :�,•P t �,�+�'•�5} � '+7'•�
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�� �'. � .bry, rr u�r..•.�gi. F .� �"t n �T��}'�'s�'�.�Y�: }t'�."���'�i�i�%It ,'V#��� Y � �� } ''t t t��.�f s� s z$$h��`"•�'i�r]T��7!t ;',�;"iz�`�F.,1.�tt..gFL�', C''`>p t�� W
b.* f cn�t i .� a ..7. ... r .. b."rKl ,•Y'
payable on each Bond on any Interest Payment Date will be made by check or draft mailed by the
Paying Agent to the address of the Owner shown in the Bond Register. The principal of and .
redemption premium, if any, and interest on the Bonds is also payable by electronic: transfer in 's '`4{
immediately available federal funds to a bank in the continental United States of' America
pursuant to the signed written instructions from any Owner received by the Paying Agent not less
than 15 days prior to the Record Date, which instructions shall include the name and ABA �, ' ;• 'n '';
routing number of the bank the account number and an acknowledbmient that a transfer fee will
• g �
be payable by the Owner. R �
O The Paying Agent will keep a record of payment of principal of, redemption :;jA
premium, if any, and interest on all Bonds and, at least annually at the request of the City, will
i forward a co or summa of the record of payments to the City. t t'
copy D' P Yn -
Section 206. Registration, Transfer and F,rch_ anQe of Bonds.
(a) The City will cause the Paying Agent to keep the Bond Register. Each Bond ': k<
i when issued will be registered in the name of the Owner on the Bond Register. Bonds will he
transferred and exchanged only upon the Bond Register.
(b) Upon surrender of any Bond at the principal corporate trust office of the Paying `
Agent, the Paying Agent will transfer or exchange the Bond for a new Bond or Bonds in any
authorized denomination of the same maturity and in the same aggregate principal amount as the
Bond which was presented for transfer or exchange. All Bonds presented for transfer or ri$
,•.,::.
i exchange must be accompanied by a written instrument of transfer or authorization for exchange,
i in a form and with guarantee of signature satisfactory to the Paying Agent, duly executed by the t>
a'.•,.Yr Owner or by the Owner's authorized agent. All Bonds presented for transfer or exchange must be
�' surrendered to the Paying Agent for cancellation. x
(c) For every exchange or transfer of Bonds the City or the Paying Agent may levy a
charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid
for the exchange or transfer. The charge must be paid by the person requesting the exchange ory`'
transfer. Payment of the charge is a condition precedent to the exchange or transfer. ht the event
any Owner fails to provide a correct taxpayer identification number to the Paying Agent, the �,• AM�
Paying Agent may make a charge against the Owner sufficient to pay any governmental charged`':, '.>`", '`;j�;"
required to be paid as a result of such failure. In compliance with Section 3406 of the Code, this
r irk �•�,�,
amount may be deducted by the Paying Agent from amounts payable to the Owner under the
Ordinance and the Bonds.
d) The City and the Paying Agent will treat the person in whose name any Bond is
registered as the absolute owner of the Bond, whether or not payment of the Bond is overdue, for €.V
the purpose of receiving payment of the principal of, redemption premium, if any, and interest on ? "
the Bond and for all other purposes. All payments made to any Owner or upon the Owner's order •` y +� ;,�,�';
will be valid and effectual to satisfy and discharge the City's liability for payment of the Bond to
the extent of the sum or sums paid. Neither the City nor the Paying Agent will be affected by any t ,
notice to the contrary. '±
ys; 1
(e) At reasonable times and under reasonable rules established by the Paying Agent, e
the Owners of 2501/0 or more in principal amount of the Outstanding Bonds, or their representative
designated in a manner satisfactory to the Paying Agent, may inspect and copy the Bond Register.
Rt,
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;i (f) Notwithstanding anything herein contained to the contrary, without the prior
consent of City, Bonds shall be transferable only to any successor to DNR or its assigns,
y 4�2aq lilt
Section 207. Lxecutiotl Authentication and Delivery
� 3
(a) Each Bond must.be signed by the manual or facsimile signature of the Mayor and ��•� '.�� r
,11 attested by the manual or facsimile signature of the City Clerk., and have the official seal of the
City affixed or imprinted. If any officer whose manual or facsimile signature appears on any E ;
` } Bond ceases to be an officer before the delivery of any Bond signed by the officer, the manual or `' ;:
facsimile signature on the Bond will be valid and sufficient for all purposes of this Ordinance.
(b) The Mayor and the City Clerk are directed to prepare and execute the Bonds asp' .;:.,;
Y Y p p `f�,�xr tai:°• ,�.
specified in this Article, and when executed, to deliver the Bonds to the Paying Agent for
aut lien(ication. Upon authentication, the Paying Agent will deliver the Bonds to the Bondowner,
;'- upon payment of the purchase price for the Bonds. `i, ski;
- Y+2l'Ji' 3,1'1.1:•+''
f (c) Each Bond will be authenticated by any authorized signatory of the Paying ;4±1cr : ;�;'4
Agent. No Bond is entitled to any security or benefit under this Ordinance or be valid or k, ?
r. obligatory for any purpose until authenticated by the Paying Agent. ��m3 ,f tl'
4 n Section 208. Mutilated, Destroyed, Lost and Stolen Bonds. 0.1 i .
(a) If(i) any mutilated Bond is surrendered to the Paying Agent or the Paying Agent +,
receives evidence to its satisfaction of the mutilation, destruction, loss or theft of any Bond, and Ye !f
(ii) there is delivered to the City and the Paying Agent security or indemnity as required to save
each of them harmless, in the absence of notice to the City and Paying Agent that the Bond has
been acquired by a bona fide purchaser, the City will execute and the Paying Agent will register
and deliver, in exchange for or in lieu of any mutilated, destroyed, lost or stolen Bond, a new
Bond of the same maturity and of like tenor and principal amount. If the Bond has become or is
about to become due,the Paying Agent may pay the Bond instead of delivering a new Bond.
(b) Upon the issuance of any new Bond under this Section, the City or the Paying
Agent may require the payment by the Owner of a sum sufficient to cover any tax or others,
governmental charge imposed and any other expenses (including the fees and expenses of the
Paying Agent) connected with the issuance of the Bond.
(c) Every new Bond issued pursuant to this Section in lieu of any mutilated,
destroyed, lost or stolen Bond will constitute a replacement of the prior obligation of the City, rn
whether or not the mutilated, destroyed, lost or stolen Bond is enforceable by anyone at any time,
ei7,`yi
,' and will be entitled to all the benefits of this Ordinance equally and ratably with all other ¢ :
rr Outstanding Bonds.
Section 209. Cancellation and Destruction of Bonds Upon Payment. All Bonds which have 1`
been paid or redeemed or which have otherwise been surrendered to the Paying Agent, either at or before
Fx maturity, will be canceled immediately upon the payment or redemption and the Paying Agent's receipt
{yr
of the Bonds. Canceled Bonds will be periodically destroyed by the Paying Agent, The Paying Agent . '
F will execute a certificate in duplicate describing the destroyed Bonds and file an executed counterpart of
t{yy� the certificate with the City. ;
04
9
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! Section 210, Sale of the Bonds: Authorization and Execution of Documents,
MA
(a) The Bonds will be sold to the Bondowner at the purchase price of 100% of the , ,: zt';'hr
principal amount of the Bonds, plus accrued interest thereon, if any. � �z ',;a
(b) The City is authorized to enter into the Purchase Agreement and the Escrow ,n''
'ts ' Agreement, in substantially the forms presented to the City Council, The Mayor is authorized to t,
execute the Purchase Agreement and the Escrow Agreement for and on behalf of and as the act +<°
a'%:
and deed of the City, with changes approved by the Mayor, which approval will be conclusively
>l evidenced by the Mayor's signature. The Mayor is further authorized and directed to execute
other documents, certificates and instruments that are necessary or desirable to carry out the ;,���,,,.�,ti�;•a
k intent of this Ordinance. The City Clerk is authorized and directed to aitcst the execution of the
•�'.� Purchase Agreement and the Escrow Agreement and any other docutncnts, certificates and
'p,.�.. instruments that are necessary or desirable to carry out the intent of this Ordinance.
Section 211. Administrative Fee and Paying A re—nts Fee. Subject to Section 502, the City
will pay to the Paying Agent for deposit in the Administrative Expense Fund, within 30 days after receipt �,��+-`' •''�%+:�'?4;r,z�;
of a statement from the Paying Agent, (i) the Administrative Fee, and (ii)an amount equal to the Paying
Agents fees and expenses as provided in the Escrow Agreement. If the Bonds are tendered for purchasef1 ! kG�i `rp:
by the Bondowner and purchased by the City prior to May 1, 2002, no Administrative lice is payable.
` ARTICLE III
Y �•�c:a�`f,
REDEMPTION OF BONDS
Section 301. Optional Redemption. At the option of the City, Bonds may be called for F+
redemption and payment prior to maturity in whole or in art at an time at the redemption rice of 100%
1 p Yn I Y P Y p p ._,,.
. of the principal amount thereof plus accrued interest thereon to the date of redemptions ' s'
Section 302. Mandatory Redemption and Tender Provisions.
(a) The Bonds are subject to mandatory redemption in part at a redemption price equal to to{'4 `a3 -
'?'' 100% of the principal amount thereof plus accrued interest to the redem tion date on the Principal
r;) Payment Dates and in the principal amounts as set forth on the following schedule. 1r t ''4f
Redemption Principal Redemption Principal
Date Amount Date Amount
:t 2004 $455,000 2014 $500,000
pra 2005 460,000 2015 505,000 +:
;4. 2006 465,000 2016 510,000 ,• ' c;' f
2007 465,000 2017 520,000
2008 470,000 2018 525,000
j. r,"s,Ly.rs
2009 475,000 2019 530,000
?. 2010 480,000 2020 535,000
2011 485,000 2021 540,000 p:r;1tN
'+• 2012 490,000 2022 545,000 .
'? 2013 495,000 2023 550,000 �y
IV
If Bonds are redeemed in part other than pursuant to the sinking fund requirements of this paragraph(a), '
the foregoing principal installments will be reduced on a proportionate basis. The City must designate the
amount of the reduction of each principal installment by written notice to the Paying Agent and the ✓'
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S1. t " �4I 1a ".;�?�sti,. ' t' '.+� !
,,
Bondowner. The amount of the reduction is subject to verification by the Bondowner and other
F7'`fipR1't
verification requirements as may be reasonably established by the Paying Agent. L y�¢ 3`r
(b) The Bonds are subject to mandatory redemption in part, in an amount equal to the sum of
the amount remaining on deposit in the Construction Loan Fund upon the Completion of Disbursements ' +
on the earliest practicable date for which notice may be given, at a redemption price equal to 100%of the �x
- ! principal amount thereof plus accrued interest to the redemption date. tyy4 1
(c) The Bonds are subject to tender by the Bondowner for purchase b the City '
P Y y and the Cityr �' i ,'*}
shall be obligated to purchase all of the Outstanding Bonds from DNR upon not less than 10 days riora4 .."
written notice to the City but solely from proceeds of SRF Leveraged Loan Program Bonds issued to ' + ' ,ti�sr'fs;•,• '
�:���•�
refinance the Pro j ect, at a purchase price equal to the principal amount of the tendered Bonds plus accrued
� • .;����ar
'• ,t and unpaid interest to the tender date. Upon purchase by the City, the Bonds will be cancelled and {i•�1a5��1!:•�,(;*;':'��•.
discharged. }rk ,cr �'j
Section 303. Selection of Bonds to Be Redeemed. If all Outstanding Bonds are held by the s.,q,,, ;, ;;�:,.u,•
Bondowner, the redemption of the Bonds in art will be reflected in the records maintained b the Paying `�y''• a. .3�.,;L
P Y
s Agent. If the Bonds are held by any person other than the Bondowner, the City, with the prior written �'K`', •aY°+wt` ?.
consent of the Paying Agent and the Owners, will establish procedures for the selection Bonds upon
partial redemption.
Section 304. Notice and Effect of Call for Redemption.
}y y���yg.r 1• + i4 J15t
`• (a) If all Outstanding Bonds are held by the Bondowner, no notice of the mandatory sinking
fund redemption of Bonds is required to be
y P • q given. If the Bonds are held by any Owner other than the ,, -• j. +,.i�;1
Bondowner or if Bonds are being optionally redeemed, notice of redemption will be J1#
f�a' :{,s',•`'_" P given in t11C:manner
described below. Unless waived by any Owner of Bonds to be redeemed, the Paying Agent, on behalf of
✓r
the City, will give notice by mailing a redemption notice by registered or certified mail, at least 45 days
,. prior to the date fixed for redemption, to the Owner of Bonds to be redeemed at the address shown on the
Bond Register.
(b) All redemption notices will be dated and include the following information:
the redemption date;
the redemption price, consisting of the principal amount, redemption premium, if
any,and interest to the redemption date; , ;^
�' ht•y
(iii) if less than all Outstanding Bonds are to be redeemed, the identification number, ,
maturity date and, in the case of partial redemption, the respective principal amounts of the Bonds
to be redeemed; K.
Y
."rt kt�Y
<► (iv) a statement that on the redemption date the redemption price will become due
{ and payable upon each Bond or portion of a Bond called for redemption, and that interest ceases
to accrue on the redeemed amount from and after the redemption date; and
(v) the address of the office of the Paying Agent where the Bonds must be
surrendered for payment of the redemption price,
(c) If notice of redemption has been given or waived, the Bonds or portions to be redeemed 4
r: will become due and payable on the redemption date at the redemption price specified in the notice.
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l' '� ��� � �btk$��t�'� •t5?7?E�t+.�t7�'9t�,�i id1'�Rt�Z�*ruL���Sti7��j� 4 s 1;i: ,1, i+. yY :� .,� �'�,{' I
r,- From and after the redemption date (unless the City defaults in the payment of the redemption price), thet.
Upon d B
called will cease to bear interest. U tl
} is surrender of'Bonds for payment of the x'• redemption in accordance with the notice, the Paying Agent will pay t he redemption en p ice to the applicable Uwncrs Upon flu Paying Agent's reecipt
:
of any Bond being partially redeemed, the Paying Agent will
prepare a new Bond or Bonds of the same maturity in the amount of the unpaid principal,
�•, r rM..
1 ARTICLE IV
ESTABLISHMENT OF FUNDS AND ACCOUNTS
YzYt�
Section 401. Establishment of Funds and Accounts.
kr t
(a) Separate funds and accounts to be known respectively as the:
O Sewerage System Revenue Fund (the Revenue Fund") �
I t�' '
2
O Sewerage System Operation and Maintenance Account (the "Operation and
Maintenance Account")
(3)
Sewerage System Surplus Account(the"Surplus.Account")
are established in the treasury of the City.
�4ii'
54;1tu "�,?f
+drrs (b) The City hereby establishes the following special funds and accounts with the Paying '' .
'T Agent under the Escrow Agreement: :at
•'J< �r'
>
(i) Debt Service Fund;
+tYii
(2) Construction Loan Fund; '"'`
(3) Repayment Fund, consisting of a Principal Account and an Interest Account; and
• .r ,�r .
(4) Administrative Expense Fund.
f.2.
Section 402. Administration of Funds and Accounts. The funds and accounts described in
Section 401(a) will be maintained and administered by the City under this Ordinance while any of the
Bonds are outstanding. The funds and accounts described in Section 4 0� will be maintained and + 4"
1J administered by the Paying Agent pursuant to the Escrow Agreement while the Bonds remain 1
Outstanding hereunder. '
Section 403. Deposit of Bond Proceeds. The proceeds received from the sale of the Bonds ,°'.3
J ($10,000,000) will be deposited upon the delivery of the Bonds into the Construction Loan Fund,
ARTICLE V
APPLICATION OF REVENUES
. Section 501. Revenue Fund. The City covenants and agrees that from and after the delivery of `' r
the Bonds and so long as any of the Bonds remain outstanding and unpaid, all Revenues derived and '
tY .
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�.,` - :' t'Stp•6 "'jl y%"{f. /'t,1}Hi"*Yr�.4�'"f 1`Ll �Y .�f Y ., s.. sy -f :+., ;a. ,�.,,..:' s .r fil'r,t�a'r al'�4',}Y.aat`��';{��kEi,�t.•drii-YSf'•t;Ui;�lysr. >,y��s`{i. yp' �s7;r {t
4` �! t}�' 1j.+.J�fY N�J'j,N �j•, r .' ..i ",. � 1` r �t .4 Y i '£��!,.'2 � {�,V� �}���1 �ti�-• t 1
j collected by the City will be deposited into the Revenue Fund when received. The Revenues will be sy
segregated from all other moneys, revenues, funds and accounts of the City, The Revenue Fund will be {
administered and applied solely for the purposes and in the manner provided in this Ordinance and any
Parity Ordinance.
1 Section 502. Application of Moneys in Funds and Accounts.
(a) All moneys deposited in the Revenue Fund will be held and applied on the dates and in
the amounts and order as follows:
On the first day of each month there; shall be deposited to the Operation and
Maintenance Account an amount sufficient to pay the estimated cost of operating and maintaining
the System(luring the ensuing;30-day period;
,` n• �
l (ii) On the 20th day of each month, the following amounts shall be transferred to the n`;��`�t'y'"A
Paying Agent for credit to the Interest Account and the Principal Account in the Repayment
Fund:
fA} on Jul 10 2001 to and includin r
Y -- b December 20, 2001, to the Interest t•
Account 1/6 of the amount of interest on the Bonds due on January 1, 2002, and on
January 20, 2002, and each monthly payment date thereafter 1/6 of the amount of interest
due on the Bonds on the next Interest Payment Date, with these monthly payments to be
Y P Y
ti reduced as follows: k
1r�
(1) the balance in the Debt Service Fund oil an Interest Payment
? ; Date after the payment of the principal of and interest due on the Bonds on the ''
Interest Payment Date will be credited against the next succeeding monthly e;r`$ `
payment or payments; and
£ W.
(2) the investment earnings on the Construction Loan Fund (other k ?+
than the amount of Additional Interest.) for the preceding Interest Period, as set
r forth in the Paying Agent's semiannual notice to the City, will be credited in �� '• ,t��;
,y
equal installments against the monthl y payments due p rior to the next Interest
�'�;�r` ��>.•�:"�r„
Payment Date; and
(3) the investment earnings on the Construction Loan Fund equal to
Additional Interest will be credited on an Interest Payment Date to the payment
s of Additional Interest due on the Interest Payment Date.
ESyi��5,
'r (B) on January 20, 2003, to and including December 20, 2003, to the �f��,;�•+
Principal Account 1/12 of the amount of the principal due on the bonds on January 1,
M1'+ 2004, and on January 20, 2004 and each monthly payment date thereafter, to the Principal
Account 1/12 of the principal due on the Bonds on the next succeeding Principal Payment ;
Date, whether at maturity or upon mandatory sinking fund redemption. If the Initiation
of Operation specified in the certificate delivered by the City under Section 3.4 of the r I'
j :
Purchase Agreement is earlier than the expected Initiation of Operation, (i)the first
monthly installment of principal will be paid no later than the monthly payment date '
which is not more than 12 months after the Initiation of Operation, and (ii) on the
monthly payment date which is not more than 20 years after the Initiation of Operation, r r'
t r� all remaining unpaid principal installments will be paid.
13
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;1 ..............
On the dates required by Section 211, to the Paying Agent, for deposit to the ' ",?; '}E :'7 '
Administrative Expense Fund, the amount required to pay the Administrative Pee and the Paying ir` i,. `
Agents fees and expenses; and i
(iv) On the first day of each month the remaining balance to the Surplus Account,
(b) Moneys in rile Surplus Account are to be expended for the following purposes as b `
determined by the Governing Body: r rf4p�
if
• (i) Paying the cost of the operation, maintenance and repair of the System to then ,'•r' i
extent necessary after the application of the moneys held in the Operation and Maintenance +'$'�`t �°ti
Account; p �
0.
(ii) Paying the cost of extending, enlarging or improving the System;
(iii) Preventing default in, anticipating payments into or increasing the amounts in the
accounts established in Section 401,the Principal Account, the Lnterest Account or establishing or
increasing the amount of any principal and interest account or debt service reserve account
created by the City for the payment of any System Revenue Bonds subsequently issued; or
l ' `•� G
i (iv) Redeeming and paying prior to maturity, or, at the option of the City, purchasing
' in the open market at the best price obtainable not exceeding the call price (if any bonds are
callable), the Bonds or any other system revenue bonds of the City hereafter issued under the
irl
conditions Hereinafter specified and superior to or standing on a parity with the Bonds, including '��•fi;. ,,���iit
principal,redemption premium, if any, and interest. gL 3'•,�+
(c) All amounts paid and credited to the Operation and Maintenance Account will be
expended solely for the purpose of paying the Current Expenses of the System. ;` ``
Section 503. Deficiency of Pa menu into Funds and Accounts.
(a) If the Revenues are insufficient to make any payments specified in this Article and b any
p Y
Parity Ordinance when such payment shall be due to be made, the City will apply available Revenues pro '
rata among the Bonds and any additional Parity Bonds on the basis of the principal amount thereof then
outstanding and will make good the amount of the deficiency by making additional payments out of the
first available Revenues for application in the order specified in Section 502.
z fs
(b) If the moneys in the Principal Account and the Interest Account are not sufficient to pay
the principal of and interest on the Bonds as and when the same become due, the City will apply moneys : , �!' : F•
Y ij
in the Surplus Account to prevent any default in the payment of the principal of and interest on the Bonds.
Section 504. Transfer of Funds to Paying Agent. The Mayor of the City or the City
Administrator are authorized and directed to make the payments to the Principal Account and the Interest
Account as provided in Section 502, and, to the extent necessary to prevent a default in the payment of t :
any System Revenue Bonds, from the Surplus Account as provided in Sections 502 and 503, sums
sufficient to pay the System Revenue Bonds when due, and to forward amounts to the Paying Agent in a y r
manner which ensures the Paying Agent will have sufficient available fiords on or before the second r'•
Business Day immediately preceding the dates when payments on the Bonds are due. Upon the payment ''
of all principal and interest on the Bonds, the Paying Agent will return any excess funds to the City. �" w
Except as otherwise provided in the Escrow Agreement, all moneys deposited by the City with the Paying
re
Agent subject to the provisions of this Ordinance.
s.�. g J
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"t.+r�+;fry. C.tA.2 l�.,t,i�;W.Yr��.C:JIj};t>:a�:#ll�!HT�SITY:•'�F'Cfivi{,kM1Sa.?'1!!•fT�1^vr,c��.tfN.')��lkhr 2 �i 1. �,� 'N 1F
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Section 505. Business Days. If any date for the payment of principal of or redemption
premium, if any, or interest on the Bonds or the taking of any other action hereunder is not 4tte'i<`,�,?
a Business
Day, then such payment shall be due, or such action shall be taken, on the first Business Day thereafter
With the same force and cff'cct as if made on the date fixed for payment or performance. `:A ''::.`:?
ARTICLE V 7 ( t ..r
:,. ART[ 1
DEPOSIT AND INVEST'ME'NT OF MONEYS
Section 601. Investment of Moms. Moneys held in any fund or account referred to in this
Ordinance may be invested in Investment Securities; provided, however, that any Fund held by the
Paying Agent shall be invested upon the Paying Agent's receipt of written directions from the Authorized AM,
Representative. No such investment shall be made for a period extended longer than the date when the rF�Y� �,-�•;.���r;':,
money invested may be needed for the purpose for which such fund or account was created. All earnings
on any investments held in any fund or account shall accrue to and become a part of such fund or account. hr'
•:+,i In determining the amount held in any fund or account under any of the provisions of this Ordinance,
t# obligations shall be valued at the lower of the cost or the market value thereof. If and when the amount
held in any fund or account held within the Treasury of the City shall be in excess of the amount required
f, by the provisions of this Ordinance, the City shall direct that such excess be paid and credited to thee,;' ; ;
Revenue Fund. �s t��'�����
ARTICLE VII ' '•ty Es.y!
PARTICULAR COVENANTS
i tT(r3.f . ANTS OF THE CITY
Section 701, Efficient and Economical Operation; User Charge Ordinance and Sewer Use ^ ti� r`'f`"?
Ordinance. Tile City will continuously own and will operate the System in an efficient and economical
x � to
manner and will keep and maintain the same in good repair and working order. The City has duly
approved the User Charge Ordinance and the Sewer Use Ordinance and will enforce the provisions
thereof. The City will not amend, modify, supplement or restate the User Char ge Ordinance or the Sewer ,•; 1� t�„�.
Use Ordinance unless the City shall have received the prior written consent of DNR. ��� � , ''>:
.� ilQ
Section 702. Rate Covenant, The City will fix, establish, maintain and collect such rates and �';� . s,sw,y •+
charges for the use and services furnished by or through the System including all extensions and .fi,t yr•, f
t r..tr k r�••�`'�
improvements thereto hereafter constructed or acquired by the City, as will produce revenues sufficient to
(a)pay the costs of the operation and maintenance of the System; (b)pay the principal of and interest on
the Bonds as and when the same become due; (c) enable the City to have in each Fiscal Year Net
Revenues in an amount not less than 110% of the amount required to be paid by the City in such Fiscal
! ry. , ,
r Year on account of both principal of and interest on all System Revenue Bonds at the time outstanding, ;;'
provided that interest on any SRF Leveraged Loan Program Bonds shall be reduced by the ST U` Subsidy,
if any; and (d)provide reasonable and adequate reserves for the payment of the Bonds and the interest ”
thereon and for the protection and benefit of the System as provided in this Ordinance. The City will
jrequire the prompt payment of accounts for service rendered by or tl rough the System and will promptly
take whatever action is legally permissible to enforce and collect delinquent charges,
Section 703. Reasonable Charges for all Services. None of the facilities or services provided ;
' by the System will be furnished to any user (excepting the City itself) without a reasonable charge being
{ a lyf made therefor. In the event that the revenues derived by the City from the System shall at any time be <
insufficient to pay the reasonable expenses of operation and maintenance of the System and also to pay all
f
15
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interest on and principal of the Bonds as and when the same become due, then the City will thereafter pay
into the Revenue Fund a fair and reasonable payment in accordance with effective applicable rates and
charges for all services or other facilities furnished to the City or any of its departments by the System,
and such payments will continue so long as the same may be necessary in order to prevent or reduce the
amount of an default in the payment of the interest on or principal of the Bonds. k t;
..f� Y p Y p I. �
Section 704. Annual Budget. Prior to the commencement of each Fiscal Year, the chief v "`1
f 4�
financial officer of the City or other representative of the City designated by the City Council of the City '
a :...
will cause to be prep,red and filed with the City Clerk a budget setting forth the estimated receipts and
' Y t7 6
expenditures of the System for the next succeeding Fiscal Year. The City Clerk within 30 days after the
Y f �y
end of the current Fiscal Year, will mail a copy of said budget to the Bondowner. Said annual budget
shall be prepared in accordance with the requirements of the laws of the State and shall contain all
4 tk j
..� information as shall be required by such laws.
fi Section 705. Annual Audit. ' 5 "t
0 5?f- $ i,:
•' ,I (a) Annually, promptly after the end of the Fiscal Year, the City will cause an audit to be
i made of the System for the preceding Fiscal Year by a certified public accountant or firm of certified ;T1i.�.f t;
public accountants to be employed for that purpose and paid from the revenues of the System. TheJy1L'
armual audit must cover in reasonable detail the operation of the System during the Fiscal Year and be
conducted in accordance with the provisions of the User Charge Ordinance and Sewer Use Ordinance.
(b) Within 120 days after the end of the City's Fiscal Year,a copy of the annual audit will be ;a
filed in the office of the City Clerk, and a duplicate copy of the audit will be mailed to the Bondowner.
The audits must at all times during the usual business hours be open to the examination and inspection b "s
-. g 1
P Y '•'' ,
any taxpayer, any user of the services of the System, the Bondowner or by anyone acting for or on behalf'
.. :�3
of any taxpayer or user or the Bondowner. �r t, ,•fil~f
(c) As soon as possible after the completion of such annual audit the governing body of the JJ
City shall review such audit, and if any audit shall disclose that rovision ro er has not been made for all
P P P
of the requirements of this Ordinance and the law under which the Bonds are issued, the City covenants
i'.
and agrees that it will promptly cure such deficiency and will promptly proceed to increase the rates and
charges to be charged for the use and services furnished b the System as may be necessary to adequately
s:• �,, �., y y.' y ry i �.,�.•f r.
provide for such requirements. `
Section`1! 706. Performance of Duties. The City will faithfully and punctually perform all duties ��a; .t � :•�,;�",
and obligations with respect to the operation of the System, including all extensions and improvements
,.r thereto, now or hereafter imposed upon the City by the constitution and laws of the State of Missouri and
by the provisions of this Ordinance. 1
;? ARTICLE VIII b '`s
l r
,. ADDITIONAL BONDS
y:
Section 801. Prior Lien Bonds. The City covenants and agrees that from and after the
t issuance of the Bonds and so long as any of the Bonds remain Outstanding, the City will not issue any n
'`• debt obligations payable out of the revenues of the System or any!; P Y y y part thereof which are superior in lien,
rsecurity or otherwise to the Bonds. ''
J r Section 802. Paritv Bonds or Obligations. The City covenants and agrees that so long as any ,
r 4 of the Bonds remain Outstanding, the City will not issue any additional bonds or other long-term
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A,
obligations payable out of the net income and revenues of the System or any part thereof which stand on a
parity or equality with the Bonds unless the following conditions are met: F
(a) The City shall not be in default in the payment of principal of or interest on any
Bonds or any Parity Bonds or in making any payment at the time required to be made into the
rte. respective funds and accounts created by and referred to in this Ordinance or any Parity
Ordinance; and
(b) The City shall obtain a certificate showing either of the following:
the average annual Net Revenues derived by the City from the operation sV
fGSS` of the System as set forth in the last available audit, for the two Fiscal Years immediately
E:
preceding the issuance of additional bonds, shall have been equal to at least 110% of the
�.2
,j.•� .. � �i t�d4,
average annual amount required to be paid out of said Net Revenues in succeeding.Fiscal
Years on account of both principal (a t maturity or upon mandatory redemption) and
•1�(y� f�:},�j•.;�
y2.;r
interest becoming due with respect to all System Revenue Bonds of the City, including
the additional bonds proposed to be issued, provided that interest on any SRF Leveraged ' '
Loan Program Bonds shall be reduced by the SRF Subsidy, if any. In determining the
y� Net Revenues for the purpose of this subsection, the City may adjust said Net Revenues
by adding thereto, in the event the City shall have made any increase in rates for the use ' u' r
V and services of the System and such increase shall not have been in effect during all of
s>
the two Fiscal Years immediately preceding the issuance of additional bonds, the amount
r.; of the additional Net Revenues which would have resulted from the operation of the Y,
System during said two preceding Fiscal Years had such rate increase been in effect for
the entire period, as certified by the Consultant; or
h
the estimated average annual Net Revenues derived by the City from the
operation of the System for the two Fiscal Years inunediately following the Fiscal Year a. '
� ;.
in which tine improvements to the System, the cost of which is being financed by such
additional bonds, are to be in commercial operation, as certified by the Consultant, shall �' '�°
be equal to at least 110% of the average annual amount required to be paid out of said
revenues in succeeding Fiscal Years following such commercial operation on account of 4 ;
both principal (at maturity or upon mandatory redemption) and interest becoming due
• with respect to all System Revenue Bonds of the City, including the additional bonds
proposed to be issued,provided that interest on any SRF Leveraged Loan Program Bonds
shall be reduced by the S12F Subsidy, if any. In determining the amount of estimated Net
Revenues for the purpose of this subsection, the Consultant may adjust said estimated net >�t
•s. Rt r:Yiy;�.
revenues by adding thereto any estimated increase in Net Revenues resulting from any �:u7
r,.
increase in rates for the use and services of the System which have been approved by the J.
•�v' City.
' Additional revenue bonds or other obligations of the City issued under the conditions set forth in this
Section shall stand on a parity with the Bonds and shall enjoy complete equality of lien on and claim ( T,
nrt.
�L. against the net revenues of the System with the Bonds, and the City may make equal provision for paying
P said bonds and the interest thereon out of the Revenue Fund and the Surplus Revenue Account and may
likewise provide for the creation of reasonable system debt service funds and system debt service reserve r
funds for the payment of such additional bonds and the interest thereon out of moneys in the Revenue
Y. Fund and the Surplus Revenue Account.
,., Section 803. Junior Lien Bonds. Nothing in this Article contained shall prohibit or restrict the
' right of the City to issue additional revenue bonds or other revenue obligations for the purpose of
i
YS.
` 17
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>t � � tear,+t�, �r���f'� ,},j,:� ,;.r.,t �+tE,i. :t! >1,a..t:+ tir r, .. :.,,'.}e':r y : ,' . c,�.•.Y{J �4`+ f�rrx.6x� 7•{ �
"11�� �t�",yp le�,i�y4�rY U Slyrd�'t .�,..1! ;� ,d,} ° �t S�ti}.;r s„ ,t,,, t Tt t.,s,:;7'•„?�9r,�,1�`'J�=o�+' �'� ”„'� i"El,y�� j r'
tt4. . );,,`:}i"+,n �i': k. "d p,h"rT j ry.'ir•7
,,i'
::r, 5 �tt, .!a #�?�,s.;`4l•i E�r,� 7�I � �+{'� ,�+ y
.�ti'i���?'��tbJid� �i#t �'.�`fa�?'Fi '.'.,.� nTMf a'��}"':?t.��5�.�.�i;>...it'ctM��':Ft2"f! e.�.� >}`+'K4����1 �4.��� ,f�'t•�'�i�����t",, 4�'.
k ,.rt-
..... extending, improving, enlarging, re airing or altering the System and to provide that the principal of and
�+ P b, repairing g Y p
. interest on said revenue bonds or obligations shall be payable out of the revenues of tite System provided
t at the time of the issuance of such additional revenue bonds or obligations the City shall not be in default
.iY in the performance of qtly covenant Or agreement contained 111 this OCditlaIlCe, and provided further that
such additional revenue bonds or obligations shall be junior and subordinate to the Bonds so that if at any �%;�;9,-�• •�;i�4.,,,
time the City shall be in default in paying either interest on or principal of the Bonds, or if the City shall ; ,�';+. '.• ,�'f"'`tM
be in default in makinb an y payments required to be made b y i t under tfte provisions of paragraphs (a)(i),
(iii) and(iv) of Section 502 of this Ordinance, the City shall make no payments of either principal of
7; or interest on said junior and subordinate revenue bonds or obligations until said default or defaults be
rl cured, In the event of the issuance of any such junior and subordinate revenue bonds or obligations, the
, .., g
City, subject to the provisions aforesaid, may make provision for paying the principal of and interest on
;l said revenue bonds or obligations out of moneys in the Revenue Fund. TOO
Section 804. Refunding Bonds. The City shall have the right, if it shall find it desirable,
trLf 1� 7j
' without complying with the provisions of Section 302 hereof to refund any of the Bonds in a manner
which provide present value debt service savings to the City and the refunding bonds so issued shall enjoy
t, complete equality of pledge with any of the Bonds upon the revenues of the System. If the Bonds areF?� ;i
r;# refunded in part and the refunding bonds bear a higher average rate of interest or become due on a date 1,.•N,;p ':�.��;fr;+`:!
earlier than that of the Bonds which are refunded, the City must obtain the prior written consent of the
aR;a
Bondowner and DNR to the issuance of the refunding bonds.
?. ARTICLE IXw j•a. . '-t�r.
t r s �s �`"•±;i
DEFAULT AND REMEDIES
fit•
x Section 901. Acceleration of Maturity in Event of Default. '''
{ (a) The City covenants and agrees that if(i) it shall default in the payment of the principal of � Jr"
or interest on any of the Bonds as the same shall become due, or(ii) if the City or its governing body or M :>J`?
any of the officers, agents or employees thereof shall fail or refuse to comply with any of the provisions
of this Ordinance, the constitution or statutes of the State of Missouri or the Purchase Agreement andf' �
( such default shall continue for a period of 60 days after written notice specifying such default shall have
been given to the City by the Paying Agent, DNR or the Owner of any Bond then Outstanding, then, at
o
any time thereafter and while such default shall continue, the Owners of 25% in principal amount of the
Bonds then Outstanding ma b written notice to the City filed in the office of the City Clerk or 'Y
:y
Outstanding y' y Y Y
delivered in person to said City Clerk, declare the principal of all Bonds then Outstanding to be due and t� j t�i,cPf
payable inimediately, and upon any such declaration given as aforesaid all of said Bonds shall become %s '��hlt �;:t;•.
a and be immediately due and payable, anything in this Ordinance or in the Bonds contained to the contrary
notwithstanding. This provision, however, is subject to the condition that if at any time after the principal ". :
of said Outstanding Bonds shall have been so declared to be due and payable, all arrears of interest upon
all of said Bonds, except interest accrued but not vet due on such Bonds, and all arrears of principal upon
all of said Bonds and penalties (as provided in paragraph(b) of this Section) shall have been paid in full F7f
and all other defaults, if any, by the City under the provisions of this Ordinance, the constitution and
statutes of the State of Missouri, and the Purchase Agreement shall have been cured, then and in every
such case the Owners of a majority in principal amount of the Bonds then Outstanding, by written notice r�? ,
to the City given as hereinbefore specified, may rescind and annul such declaration and its consequences,
but no such rescission or annulment shall extend to or affect any subsequent default or impair any rights
consequent thereon,
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i (b) In the event of a default as described in paragraph (a) of this Section, the City shall pay to ,` ti
DNR such penalties as are assessed by DNR in accordance with its Regulations, ��t5,'y ' °`••
ref'+'
Section 902. Remedies. The provisions of this Ordinance, including the covenants and
agreements herein contained, shall constitute a contract between the City and the Owners of the Bonds,
and the Owner or Owners of not less than 10% in principal amount of the Bonds at the time Outstanding
is
ay shall have the right for the equal benefit and protection of all Owners of Bonds similarly situated:
(a) by mandamus or other suit, action or proceedings at law or in equity to enforce
the rights of such Owner or Owners against the City and its officers, agents and employees, and
to require and compel duties and obligations required by the provisions of this Ordinance or by
the constitution and laws of the State of Missouri including, without limitation to the extent
st
't permitted by law, Section 644.125, RSMo,; #w {• at
(b) by suit, action or other proceedings in equity or at law to require the City, its
officers agents and employees to account as if they were the trustees of an express trust' and
+. (c) by suit,action or other proceedings in equity or at law to enjoin any acts or things ;±
.4 which may be unlawful or in violation of the rights of the Owners of the Bonds. '�l �' ''tia
y�r��t_fa��•,
1`; An amounts aid on the Bonds to the Owners thereof shall be applied first to interest and second toT' t� ''"`
Y p pp � ��;s�Mnx,.
principal, to the extent due and payable. ,.. ij .s
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Section 903. Limitation on Rights of Bondowners. No one or more Bondowners secured
hereby shall have any right in any manner whatever by his or their action to affect, disturb or prejudice . .
the security granted and provided for herein, or to enforce any right hereunder, except in the manner
herein provided, and all proceedings at law or in equity shall be instituted, had and maintained for the
equal benefit of all Owners of such Outstanding Bonds.
Z•.
?; Section 904. Remedies Cumulative. No remedy conferred herein upon the Bondowners is
intended to be exclusive of any other remedy,but each such remedy shall be cumulative and in addition to
p, every other remedy and may be exercised without exhausting and without regard to any other remedy
conferred herein. No waiver of any default or breach of duty or contract by the Owner of any Bond shall
fiTS j f^t"''•I
y; extent to or affect any subsequent default or breach of duty or contract or shall impair any rights ort
remedies thereon. No delay or omission of any Bondowner to exercise any right or power accruing upon .
any default shall impair any such right or power or shall be construed to be a waiver of any such default
' or acquiescence therein. Every substantive right and every remedy conferred upon the Owners of the
Bonds by this Ordinance may be enforced and exercised from time to time and as often as may be deemed znw
expedient, In case any suit, action or proceedings taken by any Bondowner on account of any default or
:} to enforce any right to exercise any remedy shall have been discontinued or abandoned for any reason, or
shall have been determined adversely to such Bondowner, then, and in every such case, the City and the
Owners of the Bonds shall be restored to their former positions and rights hereunder, respectively,and all (t {
rights, remedies, powers and duties of the Bondowners shall continue as if no such suit, action or other ;
K proceedings had been brought or taken.
Section 905. No Obligation to Lev: Taxes, Nothing contained in this Ordinance shall be
construed as imposing on the City any duty or obligation to levy any taxes either to meet any obligation �}
�` incurred herein or to pay the principal of or interest on the Bonds.
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ARTICLE X
O DEF EASANCE
Section 1001. Defeasance. When all of the Bonds shall have been paid and discharged,then the ,�'r� `•, y:
:>
requirements contained in this Ordinance and the pledge of revenues made hereunder and all other rights
r,. granted hereby shall terminate. Bonds shall be deemed to have been paid and discharged within the
r!'Y meaning of this Ordinance if there shall have been deposited with the Paying Agent, or other bank or trust a r6�;rt
company located in the State of Missouri having full trust powers and meeting the requirements of a
a,y
?. successor Paying Agent (as set forth in the Escrow Agreement) impressed with a first lien to the Paying
µ# Agent for the benefit of the Bondowners, at or prior to the maturity or redemption date of said Bonds, in
gs, trust for and irrevocably appropriated thereto, moneys and/or non-callable Defeasance Securities which, ��; t,<• Kz`,;;,r'
together with the interest to be earned on any such obligations, as evidenced by the written report of an ,,, r�!s,�,�,,;;•;
tt�>
t. ., independent certified public accountant and delivered to the Paying Agent, will be sufficient for the
NY
payment of the principal of said Bonds and interest to accrue to the date of maturity redemption,as they 1t``
t. ;
Y or p
3.
= case ma be or if default in such payment shall have occurred on such date, then to the date of the tender
Y t pa Y
of such payments, provided, however, that if any such Bonds shall be redeemed prior to the maturity ;• S=ri.-';'
thereof, (i)the City shall have elected to redeem such Bonds and II either notice of such redemption .�� � • "`'.;
shall have been given or the City shall have given irrevocable instructions to the Paying Agent to redeem
< ;, such Bonds; and provided further, however, there shall be filed with the City and the Paying Agent an
opinion of Bond Counsel to the effect that the conditions for the deeasance of Bonds pursuant to this
f f th Bp
Section 1001 have been complied with. Any moneys and obligations which at any time shall be Ftsi
deposited
de osited with the Paying Agent, or other bank by or on behalf of the City, for the purpose of paying and �kt
•h. s� ,:. • � ;
discharging any of the Bonds shall be and are hereby assigned, transferred and set over to the Paying
Agent or other bank in trust for the respective Owners of the Bonds, and such moneys shal l be and are t i
hereb . t,r;.
.,,• r.t�,;.,,��, y irrevocably appropriated to the payment and discharge hereof. All moneys deposited with the ;a ;�a�'r.;v•
s" Paying Agent or other bank shall be deemed to be deposited in accordance with and subject to all of the
provisions contained in this Ordinance.
_kt
ARTICLE XI
AMENDMENTS
t'r
Section 1101. Amendments. The rights and duties of the City and the Bondowner, and the
terms and provisions of the Bonds or of this Ordinance, may be amended or modified at any time in any qtr'
respect by Ordinance of the City with the prior written consent of the Bondowner, DNR and the Paying
Agent (if such amendment or modification would amend, modify or otherwise affect the rights or duties
of the Paying Agent), such consent to be evidenced by an instrument or instruments executed by such Yt4'
.t: parties and duly acknowledged or proved in the manner of a deed to be recorded, and such instrument or
instruments shall be filed with the City Clerk,provided that no amendment or modification shall:
k"
t` (a) extend the maturity of any payment of principal or interest due upon any Bond; t'
M.
. ,• (b) effect a reduction in the amount which the City is required to pay by way of
4;((Y
principal of or interest on any Bond;
Y
k (c) permit the creation of a lien on the revenues of the System prior or equal to the
tg lien of the Bonds or additional bonds hereafter issued on it parity with the Bonds as hcreinbefore
provided;
(d) penrnit preference or priority ofnny Bonds over tiny other Bonds; or
5
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�: -'� ,;• (e) reduce the percentage in principal amount of Bonds required for the written
consent to any modification or altcration of the provisions of this Ordinance;
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unless the City shall have first submitted such amendment or modification to the Commission and the ;.
Commission shall have made a recommendation to DNIt.
Notwithstanding anything to the contrary in this Section, before the City enters into any
s amendment or modification of this Ordinance, there shall have been delivered to the Bondowner, the
Paying Agent and DNR a copy of such amendment and to the Bondowner, the Paying Agent, DNR and A ;
.gip. the City an opinion of Bond Counsel stating that such amendment of or modification of this Ordinance is
authorized or permitted by this Ordinance and the Act, complies with their respective terms, and will,
upon the execution and delivery thereof, be valid and binding upon the City in accordance with its terms.
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Any and all modifications made in the manner hcreinabove provided shall not become effective
until there has been filed with the City Clerk a copy of the Ordinance of the City hereinabove provided • }' ���"�'
fir, duly certified, as well as proof of any required consent to such modification by the Bondowner. Its " � � '
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shall not be necessary to note on any of the Outstanding Bonds any reference to such amendment or
modification. f7T. .f
ARTICLE XII
MISC.ELLANEOUS PROVISIONS
<" Section 1201. Further Authority. The officers of the City, including the Mayor, the Cit °l
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Administrator and the City Clerk, shall be, and they hereby are, authorized and directed to execute the '
�s Escrow Agreement and all documents and take such actions as they may deem necessary or advisable in ;
order to carry out and perform the purposes of this Ordinance and to make ministerial alterations, changes
Fez, or additions in the foregoing agreements, statements, instruments and other documents herein approved, • • r
authorized and confirmed which they may approve and the execution or taking of such action shall be 4"`{
r�r` conclusive evidence of such necessity or advisability. ,
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Section 1202. Severability. If any section or other part of this Ordinance, whether large or
of
small, shall for any reason be held invalid, the invalidity thereof shall not affect the validity of the other
provisions of this Ordinance.
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Section 1203. Governing Law. This Ordinance shall be governed exclusively by and
:? constructed in accordance with the applicable laws of the State.
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Section 1201. Effective Date. This Ordinance shall take effect and be in full force from and
after its passage b the City Council of the City.
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EXHIBIT A
n.. FORM OF BOND Ir;
°�y}yxrir,
[THIS BOND IS TRANSFERABLE ONLY TO ANY SUCCESSOR TO THE }'
MISSOURI DEPARTMENT OF NATURAL RESOURCES OR ITS ASSIGNS] •' }� ;,
,F{ Registered Registered
L;< No. R- $10,000,000
UNITED STATES OF AMERICA
STATE OF MISSOURI ”
CITY OF JEFFERSON,MISSOURI
SEWERAGE SYS'T'EM REVENUE BOND
(STATE REVOLVING FUND—LEVERAGED LOAN PROGRAM)
SERIES 2001A
Dated Date Interest Rate Maturity Date
x: 2001 % js',
REGISTERED OWNER: MISSOURI DEPARTMENT OF NATURAL RESOURCES
PRINCIPAL AMOUNT: TEN MILLION DOLLARS �;,:i!
' The CITY OF JEFFERSON, y corporate and politic of the State of Missouri
MISSOURI a bad
(the "City"), for value received, hereby promises to pay to the Registered Owner shown above, or € �• '
registered assigns, the Principal Amount shown above on the Maturity Date shown above, and to pa
R�d4 interest thereon at the Interest Rate per annum shown above plus Additional Interest as described in the
herein defined Ordinance (computed on the basis of a 360-day year of twelve 30-day months from the V
n.,�. Dated Date shown above or from the most recent interest payment date to which interest has been paid or
duly provided for, payable semiannually on July 1 and January 1 in each year (except as otherwise
+�`r!
provided in Section 203 of the hereinafter described Ordinance), commencing January 1, 2002, until said {
Principal Amount shall have been paid.
,ltz The principal of this Bond shall be paid by check or draft at maturity or upon earlier redemption r,
}' to the person in whose name this Bond is registered on the Bond Register at the maturity or redemption s.
date thereof, upon presentation and surrender of this Bond at the principal corporate trust office of UMB ''' ^
BANK& TRUST, N.A. in the city of St. Louis, Missouri (the"Paying Agent"). The interest payable on
#"- this Bond of any interest payment date shall be paid by check or draft mailed by the Paying Agent to the ^ '
person in whose name this Bond is registered on the Bond Register maintained by the Paying Agent at the
close of business on the Record Date for such interest, which shall be the fifteenth day(whether or not a
£ business day) of the calendar month next preceding such interest payment date, The principal of and
interest on this Bond shall be payable in lawful money of the United States of America. `
A-1 f
$ 4
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ff �'+� tiq Y
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�NfHV'j � `''tt' .4,i'.a�Y,?;}'y,r4�.,�_L:u�`j b �(r t,+� � � i i F t t.,, ., .. .3 .s,•! Sti� 3C3'S.: d.yt.,;}y,2'A���,.,'.'i,x �"tn�'+ �t� Yi
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• I ,��ir{A�i{��ti ri r,r
This Bond is one of a duly authorized series of bonds of the City designated "Sewerage System
s ? : Revenue Bands (State Revolving Fund — Leveraged Loan Program) Series 2001 A" aggregating the
' 1 yaF
1 `i principal amount of $10,000,000 (tile "Bonds"), issued by the City for the purpasc of extending and
improving the sewerage system owned and operated by the City (said sewerage system, together with all } 4t,i r r
future improvements and extensions thereto hereafter constructed or acquired by the City, being herein
t,f• called the "System"), under the authority of and in full compliance with Clra t.er 250 of the Revised
p $Jr-
Statutes of Missouri, as amended, and pursuant to an election duly held in the City and an ordinance duly
rein
adopted b the over Win=bod of the City(herein called the"Ordinance"). Capitalized terms used herein
and not otherwise defined shall have the meaning given to them in the Ordinance. _a ,>' : ',3
'a'
At the option of the City, the Bonds may be called for redemption and payment prior to maturityt{y}}� `;';= y
in whole or in part as provided in the Ordinance.
Certain Bonds are subject to mandatory redemption and payment prior to maturity pursuant to the
mandatory redemption requirements of the Ordinance, at a redemption price equal to 100 0 r0 of the
.•r`'1 44r�t�13 C�:t�,�rjstt_:.t 4.
' principal amount plus accrued interest to the redemption date. . A
.I
1j r1 {f r r a •.. ..,.
The Bonds shall be subject to mandatory redemption in part, in an amount equal to the sum of the
f`y,'•n'mot 42.
amount remaining on deposit in the Construction Loan Fund upon the Completion of Disbursements, ont
the earliest practicable date for which notice may be given, at the redemption price of 100% of the
zsJ principal amount thereof plus accrued interest thereon to the elate of redemption,
+�Y h 7s t�•.,
Except as otherwise provided in the Ordinance, notice of redemption, unless waived, is to be
given by the Paying Agent by mailing an official redemption notice by registered or certified mail at least
45 days prior to the date faxed for redemption, to the Registered Owner of the Bond or Bonds to be . ' .::.
redeemed at the address shown on the Bond Register or at such other address as is furnished in writing b
such Registered Owner to the Paying Agent. Notice of redemption having been given or waived as
aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become clue �n�4�, :1
° �
y
'4;.•,, and payable at the redemption price therein specified, and from and after such date (unless the Cit shall
default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to ear
interest. `'�2
The Bands are subject to tender by the Bondowner for purchase by the City and the City shall beh` aft '
g p ,.,
•,.t t
obligated to purchase all outstanding Bonds upon not less than ten (10) drys prior written notice to the
City, but solely from proceeds of SRF Leveraged Loan Program Bands issued to refinance the Project.
Y pay Y payment
'I'trc Bonds are limited obligations of the City payable solely from, and secured as to the
of principal and interest by a pledge o£, the net revenues derived by the City from the operation of the
' System after providing for the costs of operation and maintenance of the System, and the taxing power of
is not led Ted to the payment of the Bonds either as to principal or interest.,The Bonds shall not
,,..914 the City p g
�`; 7cneral obli ation of the City, nor shall they constitute an indebtedness of the City
be or constitute a g' g s'..
.�',<•�
within the meaning of any constitutional, statutory or charter provision, limited or restriction.
4 ,, tinder the conditions set Earth in the Ordinance, the City has the right to issue additional parity
bonds payable from the same source and secured by the same revenues as the Bonds; provided, however,
tiir. A
that such additional bonds may be so issued only in accordance with and subject to the covenan s,
.j.•• kill,
conditions and restrictions relating thereto set i'orth in the Ordinance.
,r The City hereby covenants with the Owner of this Bond to keep and perform all covenants and ,V
ra t I,. ,.;..
� ,.. agreements contained in the Ordinance, and the City will fix, establish, maintain and collect such rates, {�r
cis r fees and charges for the use and services furnished by or through the System, as will produce revenues
( ,} r
A-2
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sufficient to pay
a the costs of operation and maintenance of the System, pay the principal of and interest on ��..�'�,fN,�k r}�:
_'. the Bonds as and when the same become clue, and provide reasonable and adequate reserve funds. I�`
Reference is made to the Ordinance for a description of the covenants and agreements made by the City j.- .t
with respect to the collection, segregation and application of the revenues of the System, the nature and 4"{3 ??tt,
extent of the security of the Bonds, the rights, duties and obligations of the City with respect thereto, andAau � s`:,:
the rights of the Owners thereof. ,��S�,•��:;;��,���'t::'
+�s The Bonds are issuable in the form of fully registered Bonds without coupons in the
!}; denomination of$5,000 or any integral multiple thereof.
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This Bond may be transferred or exchanged, as provided in the Ordinance, only upon the � • 1 a ' `''
registration books kept for that purpose at the above-mentioned office of the Paying Agent, upon l
surrender of this Bond together with a written instrument of transfer or exchange satisfactory to the
,+ Paying Agent duly executed by the Registered Owner or the Registered Owner's duly authorized agent,
and thereupon a new Bond or Bonds in any authorized denomination of the same maturity and in the same
aggregate principal amount shall be issued to the transferee in exchange therefor as provided in the
:1 Ordinance, and upon payment of the charges therein prescribed. The City and the Paying Agent may
deem and treat the person in whose name this Bond is registered on the Bond Register as the absolute
owner hereof for the purpose of receiving payment of, or on account of the principal or redemption rice ''
hereof and interest due hereon and for all her purposes. � p p p p
This Bond shall not be valid or become obligatory for any purpose or be entitled to any security
or benefit under the Ordinance until the Certificate of Authentication hereon shall have been executed by
r the Paying Agent.
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IT IS HEREBY CERTIFIED AND DECLARED that all acts conditions and things required � � � ''
to exist, happen and be performed precedent to and in the issuance of the Bonds have existed, happened :a
and been perfonned in due time, form and manner as required by law, and that before the issuance of the
Bonds provision has been dui made for the collection and segregation of the revenues of the System and „¢' ajrf{
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for the application of the same as hereinbefore provided. �� ;: '
IN WITNESS WHEREOF, the City of Jefferson Missouri has executed this Bond by causing it
to be signed by the manual or facsimile signature of the Mayor of the City and attested by the manual ort' '
' r 5
facsimile signature of its City Cleric, and its official seal to be affixed hereto or imprinted hereon and this
Bond to be dated the Dated Date shown above. f;f. �
CERTIFICATE OF AUTHENTICATION CITY OF JEFFERSON MISSOURI h�r"�tx °k
This Bond is one of the Bonds , v?
4' of the issue described in the r.�s
within-mentioned Ordinance. By
VIA
Mayor .`
"� Registration Date:
V,, UMB BANK&TRUST,N.A., Paying Agent (Seal)
ATTEST:
Y
t, By —
fit' � Authorized Signatory City Clerk '
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