RES 67055 - Laserfiche WebLink

12 ties, interest rates and other provisions, all issued and to be issued pursuant to the Constitution and laws of the State of California, including the Revenue Bond Law of 1941 (herein called the "Law"), and pursuant to Resolution No. 6?-$5 adopted by the City Council of the City on March 27, 1967 (herein called the "Resolution"), and the vote of the qualified voters of the City voting at a special election duly called and held for that purpose, author- izing the issue of the Bonds. Reference is hereby made to the Resolution, to any resolutions supplemental thereto and to the Law for a description of the terms on which the Bonds are issued and to be issued, the provisions with regard to the nature and extent of the Revenues, as that term is defined in the Resolution, and the rights of the holders and registered owners of the Bonds and of the bearers of the appurtenant coupons; and all the terms of the Reso- lution and the Law are hereby incorporated herein and constituted a contract between the City and the holder or registered owner from time to time of this Bond, and to all the provisions thereof the bolder or registered owner of this Bond, by his acceptance hereof, consents and agrees. Eacb taker and subse- quent holder hereof and of said coupons, whether said coupons are attached hereto or detached herefrom, shall have recourse to all of the provisions of the Law and the Resolution and shall be bound by all of the terms and conditions thereof. The Bonds are issued to provide funds for the acquisition, construction, improvement and financing of improvements to an Enterprise, consisting of the municipal water isystem of the City as more particularly des~ibed in the Resolution. The Bonds are special obligations of the City and are payable, as to the principal thereof, interest thereon and any premiums upon the redemp- tion of any thereof, from the gross revenues of said Enterprise (which, as more particularly defined in the Resolutio~n, are therein and herein called the "Revenues"). All of the Bonds are.equally secured by a pledge of, and charge and lien upon, all of.'the Revenues, and the Revenues constitute a trust fund for the security and payment of the interest on and principal of the Bonds. Additional Bonds payable from the Revenues may be issued on a parity with the Bonds of this authorized issue, but only subject to the conditions and llmi- tations contained in the Resolution. ~-~ The principal of and interest on this Bond are payable solely from the Revenues, and the City is not obligated to pay it except from the Revenues. The general fund of the City is not liable, and the credit or taxing power of the City is not pledged, for the payment of the Bonds or their interest. The Bonds are not secured by a legal or equitable pledge of, or charge, lien or encumbrance upon, any of the property of the City or any of its income or receipts, except the Revenues. The City covenants that, so long as any of the Bonds are outstanding, it will fix, prescribe and collect rates, fees and charges in connection with the