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Ordinance No. 19551
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Ordinance No. 19551
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Last modified
6/10/2010 3:45:24 PM
Creation date
2/27/2009 1:32:51 PM
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Council Ordinances
CMO_Document_Number
19551
Document_Title
Authorizing the issuance of revenue bonds to pay costs of airport imp., prescribing terms of bonds & terms under which bonds payable from airport revenues may be issued in future; pledging & limiting use of revenues; & declaring emergency.
Adopted_Date
4/27/1988
Approved Date
4/27/1988
CMO_Effective_Date
4/27/1988
Signer
Brian B. Obie
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regularity of any proceedings or contracts relating to the <br />acquisition, purchase, construction, reconstruction, restoration, <br />addition, expansion, improvement, betterment, extension, renewal <br />or replacement of the Airport or other facilities of the City, <br />nor the use~and~application of the proceeds of the Bands. <br />~.6. Subordinate <br />Lien. The lien of the Bonds <br />on <br />the Net Revenues, and the pledge~~of the Net Revenues for the <br />Bonds, shall be subordinate to the lien of the City's General <br />Obligation Airport Development Bonds, Series 1978, which are <br />currently outstanding in the principal amount of $50,O~D, and <br />which mature on June 1, 1988. In Section 5.~.1~.1 of this <br />ordinance, the City has covenanted not to issue any other <br />obligations which have a lien on the Net Revenues which is <br />superior to the lien of the Bands. <br />Page 1? - Ordinance <br />
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