Ordinance No. 19551 - Laserfiche WebLink

Home Browse Search

the Airport Fund except from the operating Account under circumstances described in Section 4.2.3,5 hereof} the Bond Fund, the Operating and Capital Reserve Account or the Capital Improvements Account. So long as the Series 1988 Bonds are Outstanding; no~such obligations may be subject to acceleration without the prior written consent of BIG. The City shall not issue obligations, evidences of indebtedness, bands or notes superior to or on a parity with the :~ ~ 5er,~~~s~~~ 1;88 Credit Agreement and Series 1988 Note exce t for .~ ~ p . ..Additional Bonds and Reserve Equivalents in accordance with this ordinance. 5.2.11. Not To Encumber or Dispose of Airport Properties; Condemnation. 5.2.11.1. The City shall not create or give, or cause to be created or given, or permit to be~created or given, any mortgage, lien, pledge, charge or other encumbrance upon any real or personal property constituting the Airport or upon the Revenues and the money on deposit in the fund and accounts created hereunder, other than the liens, pledges and charges specifically created herein or specifically permitted hereby. 5.2.11.2, ,The City shall not sell, lease or otherwise dispose of all, or substantially all, of the properties constituting the Airport without simultaneously with such sale, lease or other disposition depositing with the Trustee, pursuant to and in accordance with the provisions of Section 11 hereof, cash or Governmental Securities tas defined in Section 11} in an amount sufficient so that no Bonds are any longer deemed outstanding hereunder as provided by and in accordance with said Section 11. 5.2.11.3. The City may, however, execute leases, licenses, easements and other agreements of or pertaining to properties constituting the Airport with any person or entity in connection with the operation of the Airport and in the normal and customary course of business thereof, according to the rentals, fees and charges of the City, which rates, rentals, fees and charges shall be part of the Revenues and which properties shall. remain part of the Airport, but any such leasing shall not be inconsistent with the provisions of this Ordinance, and no lease shall be entered into by which the rights of the Owner of any Bond might be impaired or diminished. The City may also enter into Net Rent Leases, 5.2.11.4. The City also may from time to time sell, lease or otherwise dispose of any portion of the Airport properties which the City has determined have become unserviceable, inadequate, obsolete, worn out or unfit to be used, or no longer required for use at the Airport or which have Page 37 ~- Ordinance