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HomeMy WebLinkAboutORDINANCES-1992-039-O-92ORDINANCE NO. 39-0-92 AN ORDINANCE authorizing and providing for the issue of $3,600,000 Water Revenue Bonds, Series 1992, of the City of Evanston, Cook County, Illinois, for the purpose of defraying the cost of improving and extending the present waterworks system of said City, prescribing all the details of said bonds, and providing for the collection, segregation and distribution of the revenue of the waterworks system of said City. WHEREAS the City of Evanston, Cook County, Illinois (the "City"), has a population in excess of 25,000 as determined by the last official census and, accordingly, pursuant to the provisions of the 1970 Constitution of the State of Illinois and particularly Article VII, Section 6(a) thereof, the City is a home rule unit and as such may exercise any power or perform any function pertaining to its government and affairs, including, but not limited to, the power to tax and to incur debt; and WHEREAS the City has adopted an updated Capital Improvement Plan for the years • 1992 through 1996, and it is deemed by the City Council to be necessary and advisable and in the best interests of the inhabitants of the City to obtain funds to pay a portion of the costs of certain capital projects for the waterworks system of the City set forth in the Plan as hereinafter noted and subject to amendment for such other waterworks system purposes as the City Council may determine as hereinafter provided; and WHEREAS it is deemed advisable, necessary and for the best interests of the City that the improvements and extensions to its municipally -owned waterworks system be constructed and installed, as shown in the Plan, together with all necessary pipes, valves, fittings, connections, ancillary facilities and appurtenances, costs of engineering, legal and financing services, and contingencies, and the total estimated cost of such project (the "Project") is the sum of $3,600,000, plus the estimated amount of investment earnings available prior to expenditure of said sum of $3,600,000, all in accordance with the Plan, 40 heretofore approved by the City Council and now on file in the office of the City Clerk for public inspection; and WHEREAS the City does not have funds available for the purpose of paying the cost of the Project, and it will be necessary for the City to borrow the principal sum of $3,600,000 and in evidence thereof issue its revenue bonds therefor; and WHEREAS pursuant to the provisions of Division 129 of Article 11 of the Illinois Municipal Code, as amended, and its powers as a home rule unit (collectively, such code and constitutional powers being the "Act"), the City is authorized to issue water revenue bonds for the purpose of paying the cost of said improvements and extensions; and WHEREAS the City Council (the "City Council") of the City has heretofore issued water revenue bonds, as follows: 0- • • -2- .• NAME AND ORIGINAL PURSUANT TO CURRENTLY DATE DATE AMOUNT ($) ORDINANCE OUTSTANDING ($) Water Revenue Bonds May 1, 1964 4,080,000 40-0-64 660,000 Water Revenue Bonds, Series 1973 May 1, 1974 1,400,000 76-0-72 125,000 Water Revenue Bonds, Series 1980 May 1, 1980 5,000,000 25-0-80 4,350,000 Water Revenue Bonds, Series 1982 October 1, 1982 5,000,000 99-0-82 4,300,000 Water Revenue Bonds, Series 1984 December 1, 1984 3,300,000 119-0-84 2,700,000 • Water Revenue Bonds, Series 1988 October 1, 1988 1,000,000 60-0-88 925,000 Water Revenue Bonds, Series 1990 11,055,000 92-0-90 11,055,000 all which said currently outstanding bonds aggregate the principal amount of $24,115,000 (such bonds being the "Currently Outstanding Bonds"); and WHEREAS pursuant to the provisions of said ordinances (the "Currently Outstanding Bond Ordinances") adopted by the City Council authorizing the Currently Outstanding Bonds, while the Currently Outstanding Bonds are outstanding, no additional bonds shall be a issued to share ratably and equally in the income derived from the operation of the water- works system (as hereinafter more specifically defined, the "System") of the City unless the revenues for the fiscal year then next preceding were sufficient to comply with the specific restrictions set forth in each of the Currently Outstanding Bond Ordinances; and C10 -3- WHEREAS the City Council has caused an audit of the earnings of the System to be 0. made for the last preceding fiscal year, and the City Council has heretofore determined and does hereby determine that the earnings of the System for the last preceding fiscal year comply with the covenants and restrictions provided for in and by each of the Currently Outstanding Bond Ordinances, and that the earnings for such last preceding fiscal year are sufficient to permit the issuance of $3,600,000 additional Water Revenue Bonds, Series 1992, herein provided for, to share ratably and equally in the income derived from the operation of the System with the Currently Outstanding Bonds; NOW, THEREFORE, Be It Ordained by the City Council of the City of Evanston, Cook County, Illinois, in the exercise of its home rule powers, as follows: Section 1. Definitions. The following words and terms used in this Ordinance shall have the following meanings unless the context or use clearly indicates another or different meaning is intended: • "Act" means the Illinois Municipal Code, as supplemented and amended, and the home rule powers of the City under Section 6 of Article VII of the Illinois Constitution of 1970. In the event of conflict between the provisions of said code and home rule powers, the home rule powers shall be deemed to supersede the provisions of said code. "Bond" or "Bonds" means one or more, as applicable, of the $3,600,000 Waterworks Revenue Bonds, Series 1992, authorized to be issued by this Ordinance. "Bond Order" means the Bond Order as authorized to be executed by the Designated Officials of the City as set forth in Section 16 of this Ordinance and by which the final terms of the Bonds will be established. "Bond Register" means the books of the City kept by the Bond Registrar to evidence the registration and transfer of the Bonds. -4- • "Bond Registrar" means American National Bank and Trust Company of Chicago, a national banking association, with principal corporate trust offices located in Chicago, Illinois, in its capacity as bond registrar and paying agent hereunder, or successor thereto or designated hereunder. "City" means the City of Evanston, Cook County, Illinois. "City Council" means the City Council of the City. "Code" means the Internal Revenue Code of 1986. "Currently Outstanding Bonds" means the bonds described and defined as such in the preambles hereto. "Currently Outstanding Bond Ordinances" means the ordinances described and defined as such in the preambles hereto. "Designated Officials" means the City Manager and Finance Director of the City, • acting together. L' "Financial Advisor" means R.V. Norene & Associates, Inc., the financial advisor to the City for the sale of the Bonds. "Fiscal Year" means a twelve-month period beginning January 1 of the calendar year and ending on December 31 of such year or such other fiscal year as the City may select in accordance with the limitations herein set forth. "Maximum Annual Debt Service" means an amount of money equal to the highest future principal and interest requirement of all Outstanding Bonds required to be deposited into the Bond and Interest Account continued and maintained by this Ordinance in any Fiscal Year, including and subsequent to the Fiscal Year in which the computation is made. Any Outstanding Bonds required to be redeemed pursuant to mandatory redemption from said Bond and Interest Account shall be treated as falling due on the date required to be -5- 0- redeemed (except in the case of failure to make any such mandatory redemption) and not on the stated maturity date of such Outstanding Bonds. "Net Revenues" means Revenues minus Operation and Maintenance Costs. "Operation and Maintenance Costs" means all costs of operating, maintaining and routine repair of the System, including wages, salaries, costs of materials and supplies, taxes, power, fuel, insurance, purchase of water or sewage treatment services (including all pay- ments by the City pursuant to long term contracts for such services to the extent provided in such contracts); but excluding debt service, depreciation, or any reserve requirements; and otherwise determined in accordance with generally accepted accounting principles for municipal enterprise funds. "Outstanding Bonds" means Currently Outstanding Bonds, Bonds and Parity Bonds which are outstanding and unpaid; provided, however, such term shall not include, for purposes of this Ordinance, any such Currently Outstanding Bonds, Bonds or Parity Bonds • (i) which have matured and for which moneys are on deposit with proper paying agents, or are otherwise properly available, sufficient to pay all principal thereof and interest thereon, or (ii) the provision for payment of which has been made by the City by the deposit in an irrevocable trust or escrow of funds, which may be invested in direct, full faith and credit obligations of the United States of America, the principal of and interest on which will be sufficient, with any funds left uninvested, to pay at maturity or. as called for redemption all the principal of and interest on such Currently Outstanding Bonds, Bonds or Parity Bonds; subject to, however, and provided, further, that this clause (ii) applies only to such of the Currently Outstanding Bonds as shall have been authorized by ordinances providing for a definition of "Outstanding" for such Bonds substantially as is provided herein for the Bonds. • IN _ • "Parity Bonds" means a bond or bonds or any other obligation to be issued subsequent in time to the Bonds and which will share ratably and equally in the earnings of the System with the Currently Outstanding Bonds and the Outstanding Bonds. "Project" means the project described and defined as such in the preambles hereto. "Rebate Fund" means the Rebate Fund authorized to be established and as defined in Section 19 of this Ordinance. "Revenues" means all gross revenues or income from whatever source derived from the System, including (i) investment income; (ii) connection, permit and inspection fees and the like; (iii) penalties and delinquency charges; (iv) capital development, reimbursement, or recovery charges and the like; (v) annexation or pre -annexation charges insofar as desig- nated by the City Council as paid for System connection or service; but excluding expressly (a) non -recurring income from the sale of property of the System; (b) governmental or is other grants; (c) advances or grants made from the City; and as otherwise determined in accordance with generally accepted accounting principles for municipal enterprise funds. "System" refers to all property, real, personal or otherwise owned or to be owned by the City or under the control of the City, and used for waterworks purposes, and any and all further extensions, improvements and additions to the System. "Tax-exempt" means, with respect to the Bonds, the status of interest paid and received thereon as not includible in the gross income of the owners thereof under the Code for federal income tax purposes except to the extent that such interest will be taken into account in computing an adjustment used in determining the alternative minimum tax for certain corporations, in computing the environmental tax imposed on certain corporations and in computing the "branch profits tax" imposed on certain foreign corporations. "Water Fund" means the "Water Revenue Fund of the City of Evanston." ba Section 2. Incorporation of Preambles. The City Council hereby finds that the recitals contained in the preambles to this Ordinance are true and correct and does incorporate them into this Ordinance by this reference. Section 3. Determination To Issue Bonds for Project. It is necessary and in the best interests of the City to issue the Bonds to acquire and construct the Project for the public health, safety and welfare. Section 4. Determination of Use Life. The City Council does hereby determine the period of usefulness of the System and the Project to be 40 years from the date of the Bonds. Section S. Bond Details. For the purpose of paying a part of the costs of the Project, there shall be issued and sold the Bonds in the principal amount of $3,600,000. The Bonds shall each be designated "Water Revenue Bond, Series 1992" and be dated as of July 1, 1992 (the "Dated Date"), and shall also bear the date of authentication thereof. The Bonds shall be in fully registered form, shall be in denominations of $5,000 and authorized integral multiples thereof (but no single Bond shall represent principal maturing on more than one date), shall be numbered in such reasonable fashion as may be selected by the Bond Registrar, and shall mature serially on January 1 of the years and in the amounts as follows (subject to the right of prior redemption hereinafter stated): YEAR AMOUNT ($) YEAR AMOUNT ($) 1995 120,000 2004 195,000 1996 125,000 2005 205,000 1997 135,000 2006 220,000 1998 140,000 2007 230,000 1999 145,000 2008 245,000 2000 155,000 2009 265,000 2001 165,000 2010 280,000 2002 175,000 2011 300,000 2003 185,000 2012 315,000 0- • 1.0 • • Each Bond shall bear interest at a rate not to exceed 9% per annum from the later of its Dated Date as herein provided or from the most recent interest payment date to which interest has been paid or duly provided for, until the principal amount of such Bond is paid or duly provided for, such interest (computed upon the basis of a 360-day year of twelve 30-day months) being payable on July 1, 1993, and semiannually thereafter on January 1 and July 1 of each year. Interest on each Bond shall be paid by check or draft of the Bond Registrar, payable upon presentation in lawful money of the United States of America, to the person in whose name such Bond is registered at the close of business on the applicable record date. The applicable record date is the 15th day of the month preceding any regular interest payment date and the 15th day preceding any other interest payment date which may be occasioned by a redemption of Bonds on a day other than a regular interest payment date. The principal of the Bonds shall be payable upon presentation in lawful money of the United States of America at the principal corporate trust office of the Bond Registrar in the City of Chicago, Illinois, or at successor Bond Registrar and locality. Section 6. Redemption: Those of the Bonds due on or after January 1, 2001, are subject to redemption and payment prior to their maturity, at the option of the City, in whole or in part, from any available funds, on any date on or after January 1, 2000, and if in part, in integral multiples of $5,000, in such order of maturity as determined by the City and within any maturity selected by lot by the Bond Registrar as hereinafter provided, at a redemption price of par plus accrued interest to the date fixed for redemption. Unless waived by the Bond Registrar, the City shall notify the Bond Registrar of the redemption of Bonds (by maturity and amount per maturity, if less than .all Bonds of a maturity are to be redeemed) not less than 45 days prior to the date of redemption. In the event of a partial redemption of Bonds of a given maturity, the particular Bonds or portions 0 thereof to be redeemed edee ed shall be selected by lot not more than 60 days prior to the redemp- tion date by the Bond Registrar. With respect to partial redemptions, the Bond Registrar shall select the Bonds or portion thereof to be redeemed by such method of lottery as the Bond Registrar shall deem fair and appropriate; provided that such lottery shall provide for the selection for redemption of Bonds or portions thereof so that any $5,000 Bond or $5,000 portion of a Bond shall be as likely to be called for redemption as any other such $5,000 Bond or $5,000 portion. The Bond Registrar shall promptly notify the City in writing of the Bonds or portions of Bonds selected for redemption and, in the case of any Bond selected for partial redemption, the principal amount thereof to be redeemed. Unless waived by the registered owner of Bonds to be redeemed, official notice of any such redemption shall be given by the Bond Registrar on behalf of the City by mailing the redemption notice by registered or certified mail not less than 30 days and not more than 60 • days prior to the date fixed for redemption to each registered owner of the Bond or Bonds to be redeemed at the address shown on the Bond Register or at such other address as is furnished in writing by such registered owners to the Bond Registrar. All official notices of redemption shall include the name of the Bonds and at least the information as follows: (1) the redemption date; (2) the redemption price; (3) if less than all of the Bonds of a single maturity are to be redeemed, the identification (and, in the case of partial redemption of any Bonds, the respective principal amounts) of the Bonds to be redeemed; -10- • (4) a statement that on the redemption date the redemption price will become due and payable upon each such Bond or portion thereof called for redemption and that interest thereon shall cease to accrue from and after said date; and (5) the place where such Bonds are to be surrendered for payment of the redemption price, which place of payment shall be the principal corporate trust office of the Bond Registrar. Prior to any. redemption date, the City shall deposit with the Bond Registrar an amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds which are to be redeemed on that date. Official notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the City shall is default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Neither the failure to mail such redemption notice, nor any defect in any notice so mailed, to any particular registered owner, shall affect the sufficiency of such notice with respect to other Bonds. Notice having been properly given, failure of a Bondholder to receive such notice shall not be deemed to invalidate, limit or delay the effect of the notice or redemption action described in the notice. Such notice may be waived in writing by the registered owner entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by regis- tered owners shall be filed with the Bond Registrar, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds shall be paid by the Bond Registrar at the redemption price. The procedure for pay- ment of interest due on or prior to the redemption date shall be as herein provided for pay- ment of interest otherwise due. Upon surrender for any partial redemption of any Bond, there shall be prepared for the registered owner a new Bond or Bonds of like tenor, of authorized denominations, of the same maturity and bearing the same rate of interest in the amount of the unpaid principal. If any Bond or portion of Bond called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest from the redemption date at the rate borne by the Bond or por- tion of Bond so called for redemption. All Bonds which have been redeemed shall be cancelled and destroyed by the Bond Registrar and shall not be reissued. In addition to the foregoing notice, further notice shall be given by the Bond Registrar on behalf of the City as set out below, but no defect in said further notice nor any failure to give all or any portion of such further notice shall in any manner invalidate, limit or delay the redemption action if notice thereof is given as above prescribed. Each further notice of redemption given hereunder shall contain the information • required above for an official notice of redemption plus (a) the CUSIP numbers of all Bonds being redeemed; (b) the date of issue of the Bonds as originally issued; (c) the rate of inter- est borne by each Bond being redeemed; (d) the maturity date of each Bond being redeemed; and (e) any other descriptive information needed to identify accurately the Bonds being redeemed. Each further notice of redemption shall be sent at least 35 days before the redemption date by registered or certified mail or overnight delivery service to all registered securities depositories then in the business of holding substantial amounts of obligations of types comprising the Bonds (such depositories now including Depository Trust Company of New York, New York, Depository Trust Company of Philadelphia, Pennsylvania, and Midwest -12- 41 Securities Trust Company of Chicago, Illinois) and to one or more national information services, chosen in the discretion of the Bond Registrar, that disseminate notice of redemption of obligations such as the Bonds. Each such further notice shall be published one time in The Bond Buyer, New York, New York or, if such publication is impractical or unlikely to reach a substantial number of the registered owners of the Bonds, in some other financial newspaper or journal which regularly carries notices of redemption of other obligations similar to the Bonds, such publi- cation to be made at least 30 days prior to the date fixed for redemption. Upon the payment of the redemption price of Bonds being redeemed, each check or other transfer of funds issued for such purpose shall bear the CUSIP number identifying, by issue and maturity, the Bonds being redeemed with the proceeds of such check or other transfer. • As part of its duties hereunder, the Bond Registrar shall prepare and forward to the City a statement as to notice given with respect to each redemption together with copies of the notices as mailed and published. • Parity Bonds hereinafter issued pursuant to the terms hereof may be redeemable at such times and upon such terms as may be determined at the time of authorization thereof. Section 7. Amendment. The rights and obligations of the City and of the regis- tered owners of Outstanding Bonds may from time to time be modified or amended by a supplemental ordinance adopted by the City Council with the written consent of the holders and registered owners of not less than two-thirds of the principal amount of all Outstanding Bonds (excluding any of said bonds owned by or under the control of the City); provided, however, that no such modification or amendment may become effective until all of the outstanding Water Revenue Bonds, dated May 1, 1964, of the City have been paid in full, -13- both as to principal and interest, or provision made for the payment thereof; and, provided • further, that no such modification or amendment shall extend or change the maturity of or date of redemption prior to maturity, or reduce the interest rate on, or permit the creation of a preference or priority of any Outstanding Bond or Outstanding Bonds over any other Outstanding Bond or Outstanding Bonds, or otherwise alter or impair the obligation of the City to pay the principal of, interest on and redemption premium (if any) on any of the Outstanding Bonds at the time, place, rate, and in the currency provided therein, or alter or impair the obligations of the City with respect to registration, transfer, exchange or notice of redemption of Bonds, without the express consent of the holders and registered owners of all the Outstanding Bonds affected; nor shall any such modification or amendment reduce the percentage of the holders and registered owners of Outstanding Bonds required for the written consent of such modification or amendment without the consent of the holders and owners of all of the Outstanding Bonds. 49 Ownership of Bonds for purposes of consent by the registered owners thereof shall be conclusively proved by the Bond Register. In obtaining or receiving the consents of regis- tered owners, the City may establish reasonable rules of procedure including, without limi- tation, rules relating to (i) a record date to fix the registered owners who are entitled to vote, (ii) solicitation of proxies and (iii) a meeting of the registered owners for the taking of actions. The registered owners of Bonds may vote their Bond interest in fractional shares. In the event that Bonds are registered in the name or names of nominees or depositories, consent of such owners by proxy in accordance with the applicable customs of the securities industry or rules of the Securities Exchange Commission, Municipal Securities Rulemaking Board or other association or agency having jurisdiction shall be sufficient. -14- • • Section 8. Execution; Authentication. The Bonds shall be executed on behalf h if of • the City with the manual or duly authorized facsimile signature of the Mayor and attested with the manual or duly authorized facsimile signature of the City Clerk, as they may determine, and shall have impressed or imprinted thereon the corporate seal or facsimile thereof of the City. In case any officer whose signature shall appear on any Bond shall cease to be such officer before the delivery of such Bond, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. All Bonds shall have thereon a certificate of authentication substantially in the form hereinafter set forth duly executed by the Bond Registrar as authenticating agent of the City and showing the date of authentication. No Bond shall be valid or obligatory for any pur- pose or be entitled to any security or benefit under this ordinance unless and until such certificate of authentication shall have been duly executed by the Bond Registrar by manual signature, and such certificate of authentication upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this ordinance. The certificate of authentication on any Bond shall be deemed to have been executed by it if signed by an authorized officer of the Bond Registrar, but it shall not be necessary that the same officer sign the certificate of authentication on all of the Bonds issued hereunder. Section 9. Registration of Bonds; Persons Treated as Owners. The City shall cause books (the Bond Register) for the registration and for the transfer of the Bonds as provided in this Ordinance to be kept at the principal corporate trust office of the Bond Registrar, which is hereby constituted and appointed the registrar of the City for the Bonds. The City is authorized to prepare, and the Bond Registrar or such other agent as the City may desig- -15- nate shall keep custody of, multiple Bond blanks executed by the City for use in the transfer • and exchange of Bonds. Any Bond may be transferred or exchanged, but only in the manner, subject to the limitations, and upon payment of the charges as set forth in this Ordinance. Upon surrender for transfer or exchange of any Bond at the principal corporate trust office of the Bond Registrar, duly endorsed by or accompanied by a written instrument or instruments of trans- fer or exchange in form satisfactory to the Bond Registrar and duly executed by the regis- tered owner or an attorney for such owner duly authorized in writing, the City shall execute and the Bond Registrar shall authenticate, date and deliver in the name of the transferee or transferees or, in the case of an exchange, the registered owner, a new fully registered Bond or Bonds of like tenor, of the same maturity, bearing the same interest rate, of authorized denominations, for a like aggregate principal amount. The Bond Registrar shall not be required to transfer or exchange any Bond during the period from the close of business on the Record Date for an interest payment to the opening • of business on such interest payment date or during the period of 15 days preceding the giving of notice of redemption of Bonds or to transfer, or exchange any Bond all or a portion of which has been called for redemption. The execution by the City of any fully registered Bond shall constitute full and due authorization of such Bond, and the Bond Registrar shall thereby be authorized to authenti- cate, date and deliver such Bond; provided, however, the principal amount of Bonds of each maturity authenticated by the Bond Registrar shall not at any one time exceed the authorized principal amount of Bonds for such maturity less the amount of such Bonds which have been paid. -16- 0 • The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of the principal of or interest on or premium on any Bond shall be made only to or upon the order of the registered owner thereof or said owner's legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. No service charge shall be made for any transfer or exchange of Bonds, but the City or the Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds except in the case of the issuance of a Bond or Bonds for the unredeemed portion of a Bond surrendered for redemption. Section 10. Form of Bond. The Bonds shall be in substantially the form hereinafter • set forth; provided, however, that if the text of the Bonds is to be printed in its entirety on • the front side of the Bonds, then the second paragraph on the front side and the legend "See Reverse Side for Additional Provisions" shall be omitted and the text of paragraphs set forth for the reverse side shall be inserted immediately after the first paragraph. -17- [Form of Bond - Front Side] • REGISTERED REGISTERED NO. $ UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF COOK CITY OF EVANSTON WATER REVENUE BOND SERIES 1992 See Reverse Side for Additional Provisions Interest Maturity Dated Rate: Date: Date: July 1, 1992 CUSIP Registered Owner: Principal Amount: KNOW ALL PERSONS BY THESE PRESENTS that the City of Evanston, Cook County, Illinois, a municipality, home rule unit and political subdivision of the State of Illinois (the "City") hereby acknowledges itself to owe and for value received promises to pay to the Registered Owner identified above, or registered assigns as hereinafter provided, solely from the Water Revenue Fund of the City as hereinafter provided and not otherwise, on the Maturity Date identified above, the Principal Amount identified above and to pay interest (computed on the basis of a 360-day year of twelve 30-day months) on such Principal Amount from the later of the Dated Date of this Bond identified above or from the most recent interest payment date to which interest .has been paid or duly provided for at the Interest Rate per annum identified above, such interest to be payable on July 1, 1993, and -18- • • semiannually thereafter on January 1 and July 1 of each year until said Principal Amount is paid or duly provided for, and except as the provisions hereinafter set forth with respect to redemption prior to maturity may be and become applicable hereto. Principal of this Bond is payable in lawful money of the United States of America upon presentation hereof at the principal corporate trust office of American National Bank and Trust Company of Chicago, Chicago, Illinois, as bond registrar and paying agent (the "Bond Registrar"). Payment of interest shall be made to the Registered Owner hereof as appearing on the registration books of the City maintained by the Bond Registrar at the close of business on the applicable Record Date (the "Record Date"). The applicable record date is the 15th day of the month preceding any regular interest payment date and the 15th day preceding any other interest payment date which may be occasioned by a redemption of Bonds on a day other than a regular interest payment date. Interest shall be paid by check or draft of the Bond • Registrar, payable upon presentation in lawful money of the United States of America, n U mailed to the address of such Registered Owner as it appears on such registration books or at such other address furnished in writing by such Registered Owner to the Bond Registrar. Reference is hereby made to the further provisions of this Bond set forth on the reverse hereof, and such further provisions shall for all purposes have the same effect as if set forth at this place. It is hereby certified and recited that all acts, conditions and things required to be done precedent to and in the issuance of this Bond have been done and have happened and have been performed in regular and due form of law and that provision has been made for depositing into the Water Fund the entire Revenues received from the operation of the System to be applied in the manner as herein set forth; and the City hereby covenants and agrees that it will fix and maintain rates for the use and service of the System and collect and IMT account for the Revenues derived therefrom sufficient at all times to pay Operation and • Maintenance Costs, to promptly pay principal of and interest on all bonds issued by the City which are payable solely from the Revenues of the System, and to provide an adequate depreciation fund, and to comply with all the covenants of and to maintain the accounts created by the Ordinance. The City covenants that in each Fiscal Year the Net Revenues shall be adequate to produce an amount sufficient to provide not less than 125% of the prin- cipal and interest requirements of all Outstanding Bonds for such Fiscal Year. This Bond shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Bond Registrar. IN WITNESS WHEREOF the City of Evanston, Cook County, Illinois, by its City Council, has caused this Bond to. be executed with the manual or duly authorized facsimile signature of its Mayor and attested by the manual or duly authorized facsimile signature of its City Clerk and its corporate seal or a facsimile thereof to be impressed or reproduced • hereon, all as appearing hereon and as of the Dated Date identified above. ATTEST: City Clerk, City of Evanston Cook County, Illinois [SEAL] M or, City of Evanston Cook County, Illinois -20- • .• • r-7 LJ Date of Authentication: CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds described in the within mentioned Ordinance and is one of the Water Revenue Bonds, Series 1992, having a Dated Date of July 1, 1992, of the City of Evanston, Cook County, Illinois. American National Bank and Trust Company of Chicago as Bond Registrar Lo Authorized Officer Bond Registrar and Paying Agent: American National Bank and Trust Company of Chicago Chicago, Illinois [Form of Bond - Reverse Side] City of Evanston, Cook County, Illinois Water Revenue Bond, Series 1992 This bond and the bonds of the series of which it forms a part ( "Bond" and "Bonds" respectively) are of an authorized issue of Three Million Six Hundred Thousand Dollars ($3,600,000) of like Dated Date and tenor except as to maturity, rate of interest and privilege of redemption. The Bonds are payable solely from the Revenues derived from the operation of the waterworks system of the City (the "System") after payment of Operation and Maintenance Costs, and not otherwise, and are issued under authority of the provisions of Division 129 of Article 11 of the Illinois Municipal Code, as supplemented and amended, and as further supplemented and, where necessary, superseded, by the powers of the City as a home rule unit under the provisions of Section 6 of Article VII of the Illinois Constitution of 1970 (such code and powers being the "Act"), for the purpose of paying a part of the cost of a Project for the improvement and extension of the System as more fully described in the -21- 0- Ordinance herein defined. The Bonds are issued pursuant to Ordinance Number 39-0-92, passed by the City Council of the City on the 18th day of May 1992 (the "Ordinance"), to which reference is hereby expressly made for further definitions and terms and to all the provisions of which the holder and registered owner by the acceptance of this Bond assents. This Bond does not constitute an indebtedness of the City within the meaning of any constitutional or statutory provision or limitation. Under the Act and the Ordinance, the Revenues from the operation of the System shall be deposited into the Water Fund, which shall be used only and is hereby pledged for paying Operation and Maintenance Costs, paying the principal of and interest on all bonds of the City that are payable by their terms only from the Revenues of the System, providing an adequate depreciation fund, and in making all payments required to maintain the accounts established under the terms of the Ordinance. Parity Bonds may be issued pursuant to the terms of the Ordinance. • Outstanding Bonds issued and authenticated pursuant to the Ordinance are coequal as to the lien on the Revenues of the System for their payment and share ratably, without any preference, priority, or distinction, the one over the other, as to the source or method of payment and security of the Outstanding Bonds. The rights and obligations of the City and of the holders and registered owners of the Bonds may from time to time be modified or amended by a supplemental ordinance adopted by the City Council with the written consent of the holders and registered owners of not less than two-thirds of the principal amount of all Outstanding Bonds (excluding any of said bonds owned by or under the control of the City); provided, however, that no such modifi- cation or amendment may become effective until all of the outstanding Water Revenue Bonds, dated May 1, 1964, of the City have been paid in full, both as to principal and inter - is -22- est, or provision made for the payment thereof; and, provided further, that no such modifi- cation or amendment shall extend or change the maturity of or date of redemption prior to maturity, or reduce the interest rate or premium on, or permit the creation of a preference or priority of any Outstanding Bond or Outstanding Bonds over any other Outstanding Bond or Outstanding Bonds, or otherwise alter or impair the obligation of the City to pay the principal of, interest on and redemption premium (if any) on any of the Outstanding Bonds at the time, place, rate and in the currency provided therein or alter or impair the obliga- tions of the City with respect to registration, transfer, exchange or notice of redemption of Bonds, without the express consent of the holders and registered owners of all the Outstanding Bonds affected; nor shall any such modification or amendment reduce the percentage of the holders and registered owners of Outstanding Bonds required for the written consent to such modification or amendment without the consent of the holders and • owners of all of the Outstanding Bonds. • Those of the Bonds due on or after January 1, 2001, are subject to redemption at the option of the City, in whole or in part, on any date on or after January 1, 2000, in integral multiples of $5,000, in such order of maturity as determined by the City and within any maturity selected by lot by the Bond Registrar in the manner provided in the Ordinance, at a redemption price of par plus accrued interest to the date fixed for redemption. Unless waived by the Registered Owner of Bonds to be redeemed, notice of any such redemption shall be given by the Bond Registrar on behalf of the City by mailing the redemption notice by registered or certified mail not less than 30 days and not more than 60 days prior to the date fixed for redemption to each Registered Owner of the Bond or Bonds to be redeemed at the address shown on the Bond Register or at such other address as is furnished in writing by such Registered Owner to the Bond Registrar. Neither the failure to -23- 0- mail such redemption notice, nor any defect in any notice so mailed, to any particular Registered Owner of a Bond, shall affect the sufficiency of such notice with respect to other Registered Owners. Notice having been properly given, failure of a Registered Owner of a Bond to receive such notice shall not be deemed to invalidate, limit or delay the effect of the notice or redemption action described in the notice. Such notice may be waived in writing by a Registered Owner of a Bond entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and . from and after such date (unless the City shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds shall be paid by the Bond Registrar at the redemption price. The procedure for the payment of interest due on or • prior to the redemption date shall be as herein provided for payment of interest otherwise due. Upon surrender for any partial redemption of any Bond, there shall be prepared for the Registered Owner a new Bond or Bonds of like tenor, of authorized denominations, of the same maturity, and bearing the same rate of interest in the amount of the unpaid principal. This Bond may be transferred or exchanged, but only in the manner, subject to the limitations, and upon payment of the charges as set forth in the Ordinance. Upon surrender for transfer or exchange of this Bond at the principal corporate trust office of the Bond Registrar in the City of Chicago, Illinois, duly endorsed by or accompanied by a written instrument or instruments of transfer or exchange in form satisfactory to the Bond Registrar and duly executed by the Registered Owner or an attorney for such owner duly authorized • -24- • in writing, the City shall execute and the Bond Registrar shall authenticate, date and deliver in the name of the transferee or transferees or, in the case of an exchange, the Registered Owner, a new fully registered Bond or Bonds of like tenor, of the same maturity, bearing the same interest rate, of authorized denominations, for a like aggregate principal amount. The Bond Registrar shall not be required to transfer or exchange any Bond during the period from the close of business on the Record Date for an interest payment to the opening of business on such interest payment date or during the period of 15 days preceding the giving of notice of redemption of Bonds or to transfer or exchange any Bond all or a portion of which has been called for redemption. The City and the Bond Registrar may deem and treat the Registered Owner hereof as the absolute owner hereof for the purpose of receiving payment of or on account of princi- pal hereof, premium, if any, hereon and interest due hereon and for all other purposes, and • neither the City nor the Bond Registrar shall be affected by any notice to the contrary. c -25- 0- ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto (Name and Address of Assignee) the within Bond and does hereby irrevocably constitute and appoint as attorney to transfer the said Bond on the books kept for registration thereof with full power of substitution in the premises. Dated: Signature Guaranteed: • NOTICE: The signature to this assignment must correspond with the name of the Registered Owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever. Section 11. Bonds Limited Obligations. The Bonds shall be.payable solely from the Net Revenues as derived from the operation of the System, and shall not constitute an indebtedness of the City within the meaning of any constitutional or statutory limitation. Section 12. Fiscal Year and Deposit of Revenues. Upon the issuance of any of the Bonds the entire System, for the purpose of this Ordinance and while any of the Bonds remain Outstanding, shall be operated on a Fiscal Year basis commencing the first day of January and ending the last day of December of each succeeding year; provided, however, that the City reserves the right to adopt a new Fiscal Year for the System at such time as the outstanding Water Revenue Bonds, dated May 1, 1964, and dated May 1, 1974 (Series • -26- 1973) have been paid in full, or provision made for their payment, both as to principal and interest. From and after the delivery of any of the Bonds, all of the Revenues shall be set aside as collected and be deposited into a bank account separate and apart from all other City accounts and heretofore designated, accounted for and defined herein as the "Water Fund." The Water Fund shall constitute a trust fund for the sole purpose of carrying out the covenants, terms and conditions of this Ordinance and of the Currently Outstanding Bond Ordinances. Said ordinances did establish, continue and maintain such fund; sufficient revenues derived from the operation of the System were thereby and are hereby required to be deposited to be used only in paying the cost of operation and maintenance of the System, providing an adequate depreciation fund, and paying the principal of and interest on all bonds of the City which are payable by their terms only from the Revenues, and for the . creation of and maintenance of the several respective accounts hereinafter named. Section 13. Accounts and Flow of Funds. The functions and obligations of the • Water Fund shall be continued and maintained by the maintenance in the Water Fund of separate special accounts designated severally the "Operation and Maintenance Account," "Depreciation Account," "Bond and Interest Account" and "Bond Reserve Account". In addition, there have been created and established and are hereby maintained separate special accounts designated the "Depreciation, Improvement and Extension Account" and "Surplus Revenue Account". Into said accounts, there shall be set aside on the first business day of each month without any further official action or direction all moneys held in the Water Fund of the City, in accordance with provisions of Ordinance Number 92-0-90 of the City (the "Series 1990 Bond Ordinance"), being the most recently adopted of the Currently -27- 0- Outstanding Bond Ordinances to incorporate all covenants for the Outstanding Bonds, and such provisions are hereby incorporated by reference herein. Section 14. General Covenants. The covenants and agreements of the City with the holders and registered owners of the Outstanding Bonds contained in the Series 1990 Bond Ordinance are hereby made for and incorporated by reference herein as to the holders and registered owners of the Bonds. Section 15. Parity Bonds. It is hereby covenanted and agreed that, while any of the Bonds issued hereunder are outstanding, the City will not issue any other bonds or obliga- tions of any kind or nature having a pledge on the Revenues which is prior to the lien on the Revenues of the Bonds herein authorized. As long as there are any Outstanding Bonds, no obligations or bonds of any kind shall be issued which are payable from the Revenues except upon compliance with the provisions as set forth in the Series 1990 Bond Ordinance, which are incorporated herein by reference. • Section 16. Sale of Bonds; Bond Order. The Designated Officials are hereby authorized to proceed, without any further authorization or direction whatsoever from the City Council, to sell and deliver the Bonds upon the terms as prescribed in this Ordinance. The Bonds shall be sold and delivered to the best bidder at public sale (the "Underwriter") at the price of not less than 98% of the par value of 'the principal amount thereof plus accrued interest to the date of delivery. Such sale shall be made upon the advice (in the form of a written certificate or report) of the Financial Advisor that the terms of the Bonds are fair and reasonable in view of current conditions in the bond markets. Nothing in this Section shall require the Designated Officials to sell the Bonds if in their judgment, aided by the Financial Advisor, the conditions in the bond markets shall have markedly deteriorated from the time of adoption thereof, but the Designated Officials shall 0 .• have the authority to sell the Bonds in any event so long as the limitations set forth in this Ordinance and the conditions of this Section shall have been met. Upon the sale of the Bonds, the Designated Officials, and ariy other officers of the City as shall be appropriate, shall be and are hereby authorized and directed to approve or execute, or both, such documents of sale of the Bonds as may be necessary, including, without limitation, the Bond Order, Preliminary Official Statement, Official Statement, Bond Purchase Contract (as hereinafter defined), and closing documents. Prior to the execution and delivery of any such Bond Purchase Contract, the Designated Officials shall find and determine that no person holding any office of the City, either by election or appointment, is in any manner interested either directly or indirectly, in his own name or in the name of any other person, association, trust or corporation in said contract with the Underwriter for the purchase of the Bonds, • The distribution of the Preliminary Official Statement relating to the Bonds presented before this meeting is hereby in all respects authorized and approved, and the proposed use by the Underwriter of an Official Statement (in substantially the form of the Preliminary Official Statement but with appropriate variations to reflect the final terms of the Bonds) is hereby approved. • A bond purchase contract for the sale of the Bonds to the Underwriter (the "Bond Purchase Contract"), as comprised of the Official Notice of Sale and Official Bid Form, is hereby in all respects authorized and approved. Upon the sale of the Bonds, the Designated Officials shall prepare a Bond Order, which shall include the pertinent details of sale as provided herein, and such shall be entered into the records of the City and made available to all City Council members at the next public meeting thereof. -29- W Section 17. Application of Proceeds to Funds. The proceeds derived from the sale of the Bonds shall be used as follows: A. Accrued interest shall be credited to the Bond and Interest Account. B. The remaining proceeds of the Bonds shall be deposited into the "Waterworks Construction Fund Account (1992)" of the City, hereby created. The money in the Construction Fund Account shall be held for the benefit of the City for the purposes of the Project (and including therein all incidental costs, including costs of issuance of the Bonds) as herein provided, and for the benefit of the registered owners of the Bonds hereby authorized as their interests may appear, and such money shall be withdrawn from the depository from time to time by the Comptroller of the City only upon submission to him of the following: (a) An order signed by the Mayor and City Clerk, or any such other officers that may from time to time be by law or ordinance authorized to sign and countersign • orders on the Comptroller of the City, staring specifically the purpose for which the order is issued and indicating that the payment for which the order is issued has been approved by the City Council; and (b) For each order for withdrawal of funds by the Comptroller for payment to a contractor or contractors for work done in connection with the construction of the Project, an accompanying certificate executed by the engineer in charge of the construction, stating the nature of the work completed and the amount due and payable thereon. The moneys deposited into the Construction Fund Account may be temporarily invested from time to time in accordance with the City's investment guidelines and having a maturity date not later than the date or dates on which such funds will be needed. All pay- -30- ,• ments received as principal or interest derived from such investment shall be credited to the Construction Fund Account. Upon completion of the Project or full depletion of the Construction Fund Account, such account may be closed. Any excess funds in the Construction Fund Account shall be transferred to such other fund or account of the Water Fund as the City Council may determine, upon advice of bond counsel for the Bonds or other recognized bond counsel. The costs of engineering, legal and financing services, the costs of surveys, designs, soundings, borings, rights -of -way, and all other necessary and incidental expenses, shall be deemed items of cost of construction of the Project. Section 18. Not Private Activity Bonds. None of the Bonds is a "private activity bond" as defined in Section 141(a) of the Code. In support of such conclusion, the City certifies, represents and covenants as follows: is A. Not more than 5% of the proceeds of the Bonds is to be used, and not more than 5% of either the Project or the System is to be used, directly or indirectly, in any trade or business carried on by any person other than a state or local governmental unit. B. No direct or indirect payments are to be made on any Bond with respect to any private business use by any person other than a state or local governmental unit. C. None of the proceeds of the Bonds are to be used, directly or indirectly, to make or finance loans to persons other than a state or local governmental unit. D. No user of the Project or the System other than the City or another local governmental unit will use the same on any basis other than the same basis as the general public; and no person other than the City or another local governmental unit will be a user of the Project or the System as a result of (i) ownership or (ii) actual or beneficial use pursuant to a lease, a management or incentive payment contract, or (iii) any other similar -31- • arrangement including a take or pay contract for use of service from the System (other than from another local government unit). Section 19. General Arbitrage Covenants. The City represents and certifies as follows with respect to the Bonds: A. The City has heretofore incurred, or within six months after delivery of the Bonds expects to incur, substantial binding obligations to be paid for with money received from the sale of the Bonds, said binding obligations comprising binding contracts for the Project in not less than the amount of $100,000. B. More than $3,060,000 of the proceeds of the Bonds are expected to be expended on or before July 1, 1995, for the purpose of paying the costs of the Project, said date being within three years following the date of issue of the Bonds. C. All of the principal proceeds of the Bonds, and investment earnings thereon, are expected to be used, needed and expended for the purpose of paying the costs of the Project, • including expenses incidental thereto. D. Work on the Project is expected to proceed with due diligence to completion. E. Except for the Bond and Interest Account of the Water Fund (the "Bond Fund") and the Bond Reserve Account of the Water Fund, the City has not created or established and will not create or establish any sinking fund, reserve fund or any other similar fund to provide for the payment of the Bonds. The Bond Fund has been established and will be funded in a manner primarily to achieve a proper matching of revenues and debt service, and will be depleted at least annually to an amount not in excess of 1/12th the particular annual debt service on the Bonds. Money deposited into the Bond Fund will be spent within a 13-month period beginning on the date of deposit, and investment earnings in the Bond -32- • Fund will be spent or withdrawn from the Bond Fund within a one-year period beginning on the date of receipt. F. Amounts of money related to the Bonds required to be invested at a yield not materially higher than the yield on the Bonds, as determined pursuant to such tax certifications or agreements as the City officers may make in connection with the issuance of the Bonds, shall be so invested; and appropriate City officers are hereby authorized to make such investments. G. The City has not been notified of any disqualification or proposed disqualification of it by the Commissioner of the Internal Revenue Service as a bond issuer which may certify bond issues under Treasury Regulations Section 1.103-13 (a)(2)(ii) (1979). The City further certifies and covenants as follows with respect to the requirements of • Section 148(f) of the Code, relating to the rebate of "excess arbitrage profits" (the "Rebate Requirement") to the United States: H. Unless an applicable exception to the Rebate Requirement is available to the City, the City will meet the Rebate Requirement. I. Relating to applicable exceptions, either of the Designated Officers is hereby authorized to make such elections under the Code as either such officer shall deem reasonable and in the best interests of the City. If such election may result in a "penalty in lieu of rebate" as provided in the Code, and such penalty is incurred (the "Penalty"), then the City shall pay such Penalty. J. The officers of the City shall cause to be established, at such time and in such manner as they may deem necessary or appropriate hereunder, a "Water Revenue .Bonds, Series 1992, Rebate Fund" (the "Rebate Fund") for the Bonds, and such officers shall -33- W. further, not less frequently than annually, cause to be transferred to the Rebate Fund the amount determined to be the accrued liability under the Rebate Requirement or Penalty. Said officers shall cause to be paid to the U.S., without further order or direction from the City Council, from time to time as required, amounts sufficient to meet the Rebate Requirement or to pay the Penalty. K. Interest earnings in the Construction Fund Account and any amounts on deposit to the credit of the Surplus Account of the Water Fund are hereby authorized to be transferred, without further order or direction from the City Council, from time to time as required, to the Rebate Fund for the purposes herein provided; and proceeds of the Bonds and other funds of the City are also hereby authorized to be used to meet the Rebate Requirement or to pay the Penalty, but only if necessary after application of investment earnings as aforesaid and only as appropriated by the City Council. The City also certifies and further covenants with the purchasers and registered • owners of the Bonds from time to time outstanding that moneys on deposit in any fund or account in connection with the Bonds, whether or not such moneys were derived from the proceeds of the sale of the Bonds or from any other source, will not be used in a manner which will cause the Bonds to be "arbitrage bonds" within the meaning of Code Section 148 and any lawful regulations promulgated thereunder, as the same presently exist or may from time to time hereafter be amended, supplemented or revised. Section 20. Registered Form. The City recognizes that Section 149 of the Code requires the Bonds to be issued and to remain in fully registered form in order for the inter- est thereon to be and remain Tax-exempt. In this connection, the City agrees that it will not take any action to permit the Bonds to be issued in, or converted into, bearer or coupon form. • -34- U Section 21. Further Tax Covenants. The City agrees to comply with all provisions of the Code which, if not complied with by the City, would cause the interest on the Bonds not to be Tax-exempt. In furtherance of the foregoing provisions, but without limiting their generality, the City agrees: (a) through its officers, to make such further specific covenants, representations as shall be truthful, and assurances as may be necessary or advisable; (b) to comply with all representations, covenants and assurances contained in certificates or agreements as may be prepared by counsel approving the Bonds; (c) to consult with such counsel and to comply with such advice as may be given; (d) to file such forms, statements and supporting documents as may be required and in a timely manner; and (e) if deemed necessary or advisable by its officers, to employ and pay fiscal agents, financial advisors, attorneys and other persons to assist the City in such compliance. Section 22. Opinion of Counsel Exception. The City reserves the right to use or • invest moneys in connection with the Bonds or operate the System in any manner, notwith- 11 standing the covenants in Sections 18 to 21 herein, provided it shall first have received an opinion from bond counsel for the Bonds or from an attorney or a firm of attorneys of nationally recognized standing as municipal bond counsel to the effect that such use or investment of such moneys or such operation of the System as contemplated will not result in loss of or otherwise adversely affect the Tax-exempt status of interest on the Bonds. Section 23. Reimbursement. None of the proceeds of the Bonds will be used to pay, directly or indirectly, in whole or in part, for an expenditure that has been paid by the City prior to the date hereof except architectural or engineering costs incurred prior to commencement of any part of the Project or expenditures for which an intent to reimburse it as properly declared under Treasury Regulations Section 1.103-18. This Ordinance is in -35- • itself a declaration of official intent under Treasury Regulations Section 1.103-18 as to all costs of the Project paid after the date hereof and prior to issuance of the Bonds. Section 24. Provisions a Contract. The provisions of this Ordinance shall constitute a contract between the City and the holders and registered owners of the Outstanding Bonds; and no changes, additions, or alterations of any kind shall be made hereto, except as herein provided, so long as there are any Outstanding Bonds. Section 25. Defeasance. Bonds which are no longer Outstanding Bonds as defined in this Ordinance shall cease to have any lien on or right to receive or be paid from Revenues and shall no longer have the benefits of any covenant for the holders or registered owners of Outstanding Bonds as set forth herein. Section 26. Severability. 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. • Section 27. Superseder. All ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this Ordinance are to the extent of such conflict hereby super - ceded. • -36- Section 28. Publication. This Ordinance within ten (10) days after its passage by the City Council shall be published once in pamphlet form by authority of the City Council, and shall thereupon be in full force and effect immediately. MA PASSED: May 18, 1992. AYES: Aldermen Rainey. Lanyon, Feldman,, Warshaw,; Fiske, _Newman.. Paden Drummer Davis., Brady_. Psch, Heydemann Washington Kent Moran_ Nelson, wollin ana Engelman NAYS: None ABSENT: None APPROVED: ATTEST: City Clerk (�� i//-V 1992 Mayor -37-