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Convention Center Hotel Revenue Obligations
FOR the purpose of authorizing and providing for the issuance, sale and delivery by the Mayor and City Council of Baltimore of its revenue bonds, notes or other obligations, to be designated "Convention Center Hotel Revenue Bonds" (the "Revenue Obligations"), in the aggregate principal amount not exceeding $305,000,000 pursuant to the provisions of Article II, Section (50) of the Charter (defined herein), in order to use the proceeds for the public purpose of (a) financing and refinancing, the acquisition, demolition, construction, renovation, expansion, improvement, furnishing and equipping of a convention center headquarters hotel in the City of Baltimore, (b) funding capitalized interest on the Revenue Obligations to the extent deemed necessary and in accordance with any limitation on the period for such funding established by law, (c) paying the costs of issuance and all other related costs of the Revenue Obligations, (d) funding any working capital or reserve funds, (e) paying the cost of any pre-opening expenses of such hotel or reimbursing the City or Hotel Corporation (defined herein) for such costs, and (f) paying the expenses of the Hotel Corporation; making certain legislative findings, among others, concerning the public benefit and purpose of the Revenue Obligations; defining certain terms used in this Ordinance; authorizing the creation of a nonprofit, nonstock corporation (the "Hotel Corporation") to own and operate such hotel, authorizing the Hotel Corporation to have certain rights and to take certain actions in connection with the issuance of the Revenue Obligations, and prescribing certain terms and conditions for the organization of the Hotel Corporation; providing that the net proceeds from the sale of the Revenue Obligations be loaned to the Hotel Corporation pursuant to a loan agreement between the City and the Hotel Corporation (the "Loan Agreement"); providing that the Revenue Obligations shall be nonrecourse obligations payable solely and only from (i) the Pledged Revenues (as defined herein), (ii) amounts in any reserve fund established to secure the Revenue Obligations, (iii) unexpended proceeds of the Revenue Obligations, and (iv) other amounts legally available therefor; providing that the Revenue Obligations shall not ever constitute, within the meaning of Article XI, Section 7 of the Constitution of Maryland or any other constitutional, statutory or charter provision or otherwise a debt or general obligation of the City, the State of Maryland, or any other subdivision of the State of Maryland or a pledge of the full faith and credit or the taxing powers of the City, the State of Maryland, or any other subdivision of the State of Maryland; authorizing and empowering the Board of Finance of the City by resolution to take certain actions and to make certain commitments on behalf of the City, including, without limitation, (a) to provide that, the City in each fiscal year in which any Revenue Obligations are outstanding shall use its best efforts to obtain the appropriation of Hotel Tax Revenues, Tax Increment Revenues and Personal Property Tax Revenues (each as defined herein) in the amounts specified in the trust agreement (the "Indenture") between the City and the bank or trust company appointed as trustee thereunder (the "Trustee"), (b) to determine certain matters pertaining to the Revenue Obligations, including (without limitation) the form, terms, provisions, and any and all other details of the Revenue Obligations, the manner or method of issuing and selling the Revenue Obligations, and the terms upon which the Revenue Obligations shall be sold, (c) to approve the terms and provisions of the Indenture, the Loan Agreement and any other documents the Board of Finance determines are necessary and appropriate in connection with the issuance of the Revenue Obligations; (d) to grant liens and encumbrances in the Hotel and related improvements to secure the Revenue Obligations to the extent permitted by applicable law; and (e) to determine certain other matters with respect to the Revenue Obligations; authorizing certain City officials to execute and deliver the Revenue Obligations, the Indenture, the Loan Agreement and every other document the Board of Finance considers necessary for the execution and delivery of the Revenue Obligations and to do all acts and things necessary to carry out the provisions of this Ordinance; authorizing and providing for the refunding, renewal or refinancing from time to time by the City of the Revenue Obligations in whole or in part, by the issuance of refunding bonds, notes or other obligations, as the case may be (collectively, "Refunding Obligations") and determining certain matters with respect to such Refunding Obligations; providing that the Revenue Obligations and Refunding Obligations may be issued in one or more series as the Board of Finance by resolution may provide; authorizing the City to enter into an interest rate exchange agreement to improve the management of debt service or interest rate risks on the Revenue Obligations and Refunding Obligations or reduce the cost of servicing the Revenue Obligations and Refunding Obligations; providing for a special effective date; and generally providing for and determining various matters in connection with the authorization, issuance, security, sale and payment of the Revenue Obligations and Refunding Obligations.
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