Resolutions - Jersey City

ISSUANCE AND SALE OF QUALIFIED GENERAL IMPROVEMENT BONDS, SERIES2009 OF THE CITY OF JERSEY CITY, IN THE COUNTY OF HUDSON, NEW JERSEY TOTHE HUDSON COUNTY IMPROVEMENT AUTHORITY AND PROVIDING FOR OTHERDETAILS OF SAID BONDS", and the bond ordinance referred to therein, each in all respect,sduly approved and published as required by law.This Bond is entitled to the benefits of the Municipal Qualified Bond Act, N.J.S.A.40A:3-1 et seq.,The full faith and credit of the City are hereby irrevocably pledged for the punctualpayment ofthe principal of and interest on, and all other amounts due under, this Bond accordingto its terms.The principal of the Bonds may be declared due and payable whether or not in advance ofmaturity, and any such declaration and its consequences may be annulled, as provided in the Act,the Authority Resolution and the Letter of Credit and Reimbursement Agreement.The City hereby consents to the transfer of this Bond to the Bank for any reasonauthorized under the terms of the Authority Resolution and any related financing documentsexecuted in connection with the authorization, issuance and delivery of the ImprovementAuthority's Program Bonds and any transfer by the Bank to any other person or entity.The City, if requested by the Bank or such transferee, shall register this Bond in the nameof the Bank or such transferee or their respected designees, all at the expense of the City. ThisBond is not subject to prior redemption or prepayment, except as otherwise provided inaccordance with the Resolution.It is hereby certified and recited that this Bond constitutes a legal and valid debt of theCity for which the City has pledged its full faith and credit and unlimited ad valorem taxingpower.It is hereby certified and recited that all conditions, acts and things required by theConstitution or statutes of the State of New Jersey or the Authority Resolution to exist, to havehappened or to have been performed precedent to or in the issuance of this Bond exist, havehappened and have been performed and that said issue of Bonds, together with all otherindebtedness of the City, is within every debt and other limit prescribed by said Constitution orstatutes.The City agrees to pay all costs and expenses (including legal fees) in connection withthe administration and enforcement of this Bond.