THE LAKEWOOD CITY COUNCIL CHAMBERS OCTOBER 18 2010 ...

their failure to perform adverse tax opinions the issuance by the Internal Revenue Service of
proposed or final determinations oftaxability nofices of proposed issues
other material notices or
determinations with respect tothetax status ofthe Bonds or other material events affecting the tax
exempt status ofthe Bonds modifications torights ofowners or beneficial owners ofthe Bonds if
material Bond calls if material and tender offers defeasances release subsfitution or sale of
property securing repayment ofthe Bonds if material and rating changes bankruptcy insolvency
receivership or similar event ofthe City merger consolidation or acquisition ofthe City or the sale
ofall or substantially all ofthe assets ofthe City otherthan in the ordinary course ofbusiness entry
into a definitive agreement to undertake such action or the ternunation of a definitive agreement
relating to any such actions other than pursuant to its terms if material and appointment of a
successor Bond Registrar or a change of name ofBond Registrar if material The repayment
ofthe Bonds is not secured by a lien on any property capable ofrelease or sale or for which other
property maybe substituted
Term Bonds means those Bonds if any designated as such and maturing on the Principal
Payment Dates set forth in the Certificate ofAward
The captions and headings in this Ordinance are solely for convenience ofreference and in
no way define limit or describe the scope or intent of any Sections subsections paragraphs
subparagraphs or clauses hereof Reference to a Section means a section ofthis Ordinance unless
otherwise indicated
Section 2 Authorized Principal Amount andPur ose Application ofProceeds It is
sbest interest to issue bondsof this Cityin an aggregate
000 the Bonds torefund the Outstanding Bonds issued to
necessary and determined to be in the City
principal amount not to exceed4550
pay costs of the hnprovement and to pay costs of issuing the Bonds The aggregate principal
amount of Bonds to be issued not to exceed4550 000 shall be detemuned by the Director of
Finance inthe Certificate ofAwardto be the aggregate principal amount ofBonds that is requiredto be issued at this time for the purpose statedin this Section 2
A portionoftheproceeds ofthe Bonds sufficient together with othermoney available tothe
City to refund the Outstanding Bonds shall be deposited into the Escrow Fund in accordance with
the Escrow Agreement A portion of the proceeds ofthe Bonds sufficient together with other
moneys availabletothe City shall be deposited into an appropriate fund ofthe City and usedto pay
costs ofissuance ofthe Bonds Any proceeds ofthe Bonds not spent 120 days after the issuance of
the Bonds shall be transferred to the Bond Retirement Fund and usedto pay principal ofor interest
onthe Bonds when due All interest earned on amounts on deposit in each ofthose funds derived
from tine proceeds ofthe Bonds including interest earned on such interest shall be credited to the
fund and used for the purposes setforth above and shallnot be transferred to the General Fund All
oftheproceeds ofthe Bonds and interest earned onthose proceeds and the interest on suchinterest
are hereby appropriated for the purposes set forth above
Section 3 Denominations Datin Principal and Interest Payment and Redemption
Provisions The Bonds shall be issued in one lot and only as fully registered bonds in the
Authorized Denominations but in no case as to a particular maturity date exceeding the principal
amount maturing on that date TheBonds shall be dated the Closing Date
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