ORDINANCES & RESOLUTIONS 1981 - Laserfiche WebLink

Home Browse Search

I thereto except from the revenues and money pledged therefor. Neither the faith and credit nor the taxing power of the State of Indiana or any political subdivision thereof is pledged to the payment of the principal of the Series 1981 Bonds and the interest thereon or other costs incident thereto. Payments sufficient for the prompt payment when due of the principal of, premium, if any, and interest on the Series 1981 Bonds are to be paid to Trustee for the account of Issuer and deposited in a special account created by Issuer and designated "Town of Mooresville, Indiana, Economic Development Revenue Bond Fund (Nice-pak Products, Inc.)", and have been duly pledged and assigned for that purpose, and in addition the rights of Issuer under the Agreement and the Series 1981 Notes have been assigned to Trustee to secure payment of such principal, premium, if any, and interest under the Indenture. However, no covenant or agreement contained in the Bonds or the Indenture shall be deemed to be a covenant or agreement of any member of the Commission or of the legislative body of the Issuer or of any officer or employee of the Issuer or its legislative body in his or her individual capacity, and neither the members of the Commission or the legislative body of the Issuer nor any officer or employee of the Issuer executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issuance of the Bonds. The holder of this Series 1981 Bond shall have no right to enforce the provisions of the Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any event of default under the Indenture, or to institute, appear in or defend any suit or other proceedings with respect thereto, except as provided in the Indenture. In certain events, on the conditions, in the manner and with the effect set forth in the Indenture, the principal of all of the Series 1981 Bonds issued under the Indenture and then outstanding may become or may be declared due and payable before the stated maturity thereof, together with interest accrued thereon. The Indenture prescribes the manner in which it may be discharged, including a provision that the Series 1981 Bonds shall be deemed to be paid if Governmental Obligations, as defined therein, maturing as to principal and interest in such amounts and at such times as will provide sufficient funds to pay the principal of, premium, if any, and interest on the Series 1981 Bonds and all fees and expenses of Trustee and any paying agent, and all other liabilities of Company under the Agreement, sh~ll have been deposited