Ordinance No. 19551 - Laserfiche WebLink

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SECTION 2. FLEDGE; BLINDS GENERALLY 2.1. Authorization of Bonds and Notes. 2.1.1. The City may issue obligations which are payable from Revenues only under the conditions provided in this Ordinance. 2.1.2. Bond principal, interest and premium, if any, and the Series 1988 Note and Series 1988 Credit Agreement, shall be payable solely from and be secured solely by the Net Revenues, and money deposited in the funds and accounts created hereunder. 2.2. Pled e. The Net Revenues and all amounts on credit to the Bond Fund, the Airport Construction Fund, and the Airport Fund except far amounts required to pay Operation and Maintenance Expenses are hereby pledged to pay the Bonds and all amounts due under the Series 1988 Note and Series 1988 Credit Agreement, This pledge of the Net Revenues shall be valid and binding from the date this Ordinance is adopted. The Net Revenues shall be immediately subject~to the lien of the pledge without physical delivery, filing or other act, and, except as provided in Section 2,6 hereof, the lien of the pledge shall be superior to all other claims and liens of any kind whatsoever. 2,3. Special Obligations. The Bonds shall not in any manner or to any extent be a general obligation of the City nor a charge upon the tax revenues of the City, nor a charge upon any other revenues or property of the City not specifically gledged thereto by this Ordinance, 2.4. Bonds E wall Secured. The Bonds shall be equally and ratably secured hereunder without priority by reason of series, number, dating, or otherwise, by a co-equal lien on the Net Revenues. The covenants and agreements herein set forth to be performed by the City shall be for the equal and proportionate benefit, security and protection of all Owners, without preference, priority,or distinction as to payment or security or otherwise except as to maturity, dates of interest payment and redemption, which may be established for the Bonds of any series authorized hereunder of any of the Bands over any of the others for any reason or cause whatsoever, except as expressly provided therein or herein ar in the Bonds, and all Bonds shall rank sari passe and shall be secured equally and ratably without discrimination or preference whatsoever. 2.5. Bondowners Not Res onsible for Use of Proceeds. No Owner shall be required to see that the moneys derived from the Bonds are applied to the purpose or purposes far which the Bonds are issued. The validity of the Bonds shall neither be dependent upon nor affected by the validity or Page 16 - Ordinance