RES 02047 - Laserfiche WebLink

(ii) Notwithstanding the foregoing provisions. there shall be no limitations on the abilitv of the City to execute any Contract or to issue any Parity Bonds at any time (a) to finance the completion of any uncompleted improvements to the Enterprise. or (b) to refund any outstanding Bonds, Parity Bonds or any outstanding Contract. (iii) The City may at any time execute contracts or issue bonds or other indebtedness payable from Net Revenues or the Revenue Fund payable on a subordinated basis to the payment of the Bonds. (iv) In order to maintain the parity relationship of the payment of the Bonds to all Parity Bonds and Contracts permitted hereunder, the City covenants that all payments in the nature of principal. interest or reserve account replenishment with respect to any Parity Bonds or Contracts will be structured to occur on the Due Dates. and to otherwise structure the terms of such Parity Bonds or Contracts to ensure that they are in all respects payable on a parity with the payment of the Bonds and not prior thereto. ARTICLE III PROCEEDS OF BONDS; PLEDGE OF NET REVENUES Section 3.01. Deliverv of Bonds: Pavment of Debt Service. The Trustee is hereby authorized to authenticate the Bonds and upon receipt of the proceeds of sale thereof deliver the Bonds to the initial purchaser thereof upon receipt ofa Certificate of the City. The City shall pay Debt Service Payments. without offset or deduction of any kind. by payment in immediately available funds which constitute legal tender of the United States of America. The obligation of the City to make Debt Service Payments from Net Revenues is absolute and unconditional. and until such time as all Debt Service Payments shall have been fully paid and the Bonds are no longer Outstanding (or provision for the payrnent thereof shall have been made pursuant to Article IX). the City will not. under any circumstances. discontinue. abate or suspend any payment due hereunder when due. whether or not the Enterprise is operating or operable or has been completed. or whether or not the Enterprise is condemned. damaged. destroyed or seized or its use is suspended. interfered with. reduced or curtailed or terminated in whole or in part. and such payments shall not be subject to reduction whether by offset. counterclaim. defense. recoupment. abaternent. suspension. deferment or otherwise and shall not be conditional upon the performance or nonperformance by any party of any agreement or covenant contained herein for any cause whatsoever. In order to provide for the timely payment of Debt Service Payrnents. the City agrees and covenants that it will. from Net Revenues on deposit in the Revenue Fund. on each Due Date. deposit with the Trustee. an amount equal to the principal and interest due on the imrnediately succeeding Interest Payrnent Date. The City will rnake such deposits without preference or priority over any payment due on any Parity Bonds or Contracts. and in the event of any -J 8- Pleasanton Cross Town Indenture (2).DOC