ERMU RES 16-7 - Laserfiche WebLink

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Moneys on deposit in the Refunding Account may be disbursed by the Commission to pay costs of issuance of the Series 2016B Bonds and costs of refunding the Refunded Bonds. Pending such disbursement, moneys on deposit in the Refunding Account may be invested in Government Obligations maturing or subject to redemption at the option of the holder thereof not later than the date on which such moneys are expected to be needed. 13.02. The pledges and covenants of the City made by the resolution awarding the sale of the Refunded Bonds, are restated and confirmed in all respects until the date the Refunded Bonds are no longer Outstanding. The provisions of such Refunded Resolution are hereby supplemented to the extent necessary to give full effect to the provisions of this Resolution. Section 14. Refunding; Findings; Redemption of Refunded Bonds. 14.01. Purpose of Refunding. The Refunded Bonds are callable on February 1, 2016 and on the date thereafter. It is hereby found and determined that based upon information presently available from Springsted, the issuance of the Bonds is consistent with covenants made with the holders thereof and is necessary and desirable for the reduction of debt service cost to the City. 14.02. Application of Proceeds of Bonds. It is hereby found and determined that the proceeds together with other funds of the City irrevocably appropriated hereunder, including any outstanding balance in the debt service fund for the Refunded Bonds, will be sufficient to prepay all of the principal of, interest on and redemption premium (if any) on the Refunded Bonds. 14.03. Redemption, Date of Redemption, Notice of Redemption. The Refunded Bonds maturing on August 1, 2017 and thereafter will be redeemed and prepaid on September 1, 2016. The Refunded Bonds will be redeemed and prepaid in accordance with their terns and in accordance with the terms and conditions set forth in the forms of Notice of Call for Redemption attached hereto as Exhibit C which terms and conditions are hereby approved and incorporated herein by reference. The Registrar for the Refunded Bonds is hereby authorized and directed to send a copy of the Notice of Redemption to the registered holder of the Refunded Bonds. Section 15. Amendments. The provisions of this Resolution shall constitute a contract between the City, the Commission and the Holders of the Outstanding Bonds and after the issuance of any of the Series 2016B Bonds, no change, variation or alteration of any kind in the provisions of this Resolution shall be made in any manner, except as herein provided, until such time as all of the Series 2016B Bonds and interest thereon have been paid in full. However, the Holders of a majority in principal amount of the Outstanding Bonds shall have the right to consent to, and approve the adoption of resolutions or other proceedings modifying or amending any of the terms or provisions contained in this Resolution, except that without the consent of 100% of the Holders of Outstanding Bonds this Resolution shall not be modified or amended in any manner that may adversely affect the rights of any Holders of the Outstanding Bonds or reduce the percentage of the number of Holders whose consent is required to effect a further modification. Section 16. Defeasance. When any Series 2016B Bond has been discharged as provided in this section, all pledges, covenants and other rights granted by this Resolution to the 17 479283v3 JSB EL185-42