HomeMy WebLinkAboutOrdinance #0764~...s^
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ORDINANCE N0.
ORDINANCE amending Indenture of Mortgage
and Deed of Trust.
Be It Ordained by the City Council of the City of Canton,
Fulton County, Illinois, as follows:
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Section 1. Definitions.
§1.01. "Bond" or "Bonds," "Initial Bond" and "Term Bond"
shall have the meanings as defined in the Indenture.
§1.02. "Bond Ordinance" means ordinance number 711 of
the City, passed April 18, 1979.
§1.03. "Bank" means The Northern Trust Company, Chicago,
Illinois.
§1.04. "City" means the City of Canton, Fulton County,
Illinois.
§1.05. "Indenture" means that certain Indenture of
Mortgage and Deed of Trust dated as of March 1, 1979, by and
between the City and Continental Illinois National Bank and Trust
Company of Chicago, as trustee, providing for the issuance of the
Bonds.
Section 2. Findings and Recitals.
§2.01. The Indenture provides for the Bank as holder
of the Initial Bond to present the same for reissue on or before
March 31, 1980.
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§2.02. Due to a delay in the fulfillment of requirements
for the purchase by Aetna Casualty and Surety Company of Term
Bonds, it is necessary and desirable for the Bank to continue to
hold the Initial Bond for a period of time.
§2.03. The Initial Bond is the only Bond outstanding
under the Indenture, and the Bank, as holder thereof, and the
City may agree to amend the terms of the Indenture.
Section 3.
Amendment of the Indenture.
§3.01. The time for presentment of the Initial Bond
as stated in Section 401 (a) of the Indenture is hereby amended to
be not later than , 1980.
§3.02. Section 4~01(a) of the Indenture is hereby
amended to read as follows:
Section 401. Issuance of Term Bonds. (a) If, as
and when but in no event later than , 1980)
the Holder of the Initial Bond shall pres t t e same
to the Trustee for reissue together with a certificate
as described in Section 401(b) hereof, the Trustee will
authenticate, in exchange for the Initial Bond, new
Bonds previously executed by the City (herein generally
called "Term Bonds") in an aggregate principal sum of
$1,720,000 as Priority Bonds and Subordinate Bonds (as
further described in Article V hereof), which Term Bonds
shall have the characteristics set forth in Section 402
hereof. The entire Initial Bond shall be reissued as
Term Bonds and after such reissuance no part of the
Initial Bond may remain outstanding.
§3.03. The amendment to the Indenture provided herein
shall be effective upon approval by the Bank.
§3.04. The City Clerk is hereby ordered to file the
text of this Amendatory Ordinance with the Continental Illinois
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National Bank and Trust Company of Chicago, as trustee.
Section 4. Saving Clause, Repealer, Effective Date.
§4.01. If any section, paragraph, clause or provision
of this ordinance shall be held invalid, the invalidity of such
section, paragraph, clause or provision shall not affect any of
the other provisions of this ordinance.
§4.02. All ordinances, resolutions or orders, or parts
thereof, in conflict with the provisions of this ordinance are
to the extent and only to the extent of such conflict hereby
repealed.
X4.03. This ordinance will become effective upon its
passage and approval as provided by law.
AYES: Aldermen Selfridge, Carl, Grant, Clarke, Danner,
Motsinger and Churchill
NAYS: Aldermen Williams and Horr
ABSENT: Alderman Kovachevich
APPROVED: M~r..`~ ~,~, 1980.
Mayor
Attest:
it Clerk
Passed: {~ ter- ~ ~ ~~ 1980.
Recorded in City Records: (~ Q ~- ~ h ~~ , 1980.
Filed with Trustee: /~ ~, r. '~ ~ ~ 1980.
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