Resolutions - Jersey City

Continuation of ResolutionCity Clerk File No. Res. 09-766Agenda No.. 10.Z.38Pg. # '-TITLE: SEP 0 9 2009any manner decrease or satisfy the obligations of the City. J'he principal of and interest on theBonds may also be accelerated by the Trustee by notice to the City if one or more of thefollowing shall have occurred or be continuing:1) Any misrepresentation of the City in the Bond Purchase Agreement with theAuthority;2) Any bankptcy or act of insolvency of the Çity;3) Any acceleration of the Authority's Program Bonds;4) Any other Events of Default which are provided for in the Authority Resolution;5) Any default in the obligations of the City hereUnder;6) Any other event which is set forth in Section 3.02(b )(viii) of the Letter of Credit. and Reimbursement Agreement.The principal of a~d interest on the Bonds are payable in lawful money of the UnitedStates of America and in immediately available funds.SECTION 4. The Bonds may be issued in the form of one or more certificates registeredin the name of The Hudson County Improvement Authority, cloThe Bank of New York Mellon,WoodlandPark, New Jersey, as Trustee. The Bonds wil be on deposit with the Trustee. TheBonds shalliie executed on behalf of the Çity by the mánual or facsimile signatures of the Mayorand the Chief Financial Offcer under theoffcial seal or facsimile thereof affxed, printed,engrved or reproduced thereon and attestedby the manual signature of its City Clerk.SECTION 5. Subject to the provisions of this resolution, the Bonds shall be insubstantially the form set forth in Exhibit A hereto, with such omissions, insertions,endorsements and variations as may be required by the circumstances and be required orpermitted by this resolution or as may be consistent with this resolution and necessary orappropriate to conform to the rules and requirements of any governental authority or any usageor requirement of law withrespect thereto.SECTION 6. The Bonds are hereby authorized to be sold to the AuthoritY in accordancewith a purchae contrct to be entered into by and between the Authority and the City. TheMayor or the Business Administrator or the Chief Financial Offcer; are hereby authorized toexecute and, on behalf of the City, negotiate a purchase contrct substantially in the formattched hereto as Exhibit B (the "PlIchaseContrct") with the Authority in the form satisfactoryto bond counel and upon. ter satisfactory to the Mayor or the Business Administrtor or theChief Financial Offcer for the sale of the Bonds to the Authority in accordance with theprovisions of this. resolution, provided that, the terms ofthe sale of the Bonds are in accordace