Ordinance 98-39 - Laserfiche WebLink

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evidence ownership of the right to the payment of the principal of, or interest on, such obligations. (w) "Utilities Tax" shall mean the tax imposed by the City on each and every purchase in the City of electricity (as defined in the Utilities Tax Ordinance). Said term shall also apply to all taxes imposed by the City on the purchase of electricity (as defined in the Utilities Tax Ordinance), whether levied in the amounts prescribed by the Utilities Tax Ordinance or in any other amounts and whether imposed either by amendment to the Utilities Tax Ordinance or otherwise. (x) "Utilities Tax Ordinance" shall mean all proceedings imposing the Utilities Tax, including Ordinance No. 97-3 of the City adopted on September II, 1997, as the same may be amended from time to time, and every supplementary ordinance or other ordinance in lieu thereof as may hereafter be adopted. Words importing singular number shall include the plural number and vice versa, as the case may be, and words importing persons shall include firms and corporations. SECTION 1.4 ORDINANCE CONSTITUTES CONTRACT. In consideration of the acceptance of the 1998 Bond authorized to be issued hereunder by those who shall own the same from time to time, this Ordinance shall be deemed to be and shall constitute a contract between the City and the Bondholder and the covenants and agreements herein and therein set forth to be performed by said City shall be for the benefit, protection and security of the Bondholders ARTICLEll AUTHORIZATION, TERMS, EXECUTION AND REGISTRATION OF 1998 BOND SECTION 2.1 AUTHORIZATION OF 1998 BOND. Subject and pursuant to the provisions of this Ordinance, an obligation of the City of Sunny Isles Beach, Florida, to be known as its "Utilities Tax Revenue Bond, Series 1998" is hereby authorized to be issued in the aggregate principal amount of not exceeding Four Million Nme Hundred Thousand Dollars ($4,900,000) for the purpose of financing the costs of the 1998 Project. SECTION 2.2 DESCRIPTION OF 1998 BOND. The text of the 1998 Bond shall be substantially in the form attached hereto as Exhibit A with such omissions, insertions and variations as may be necessary and desirable, as evidenced by the City's execution thereof The 1998 Bond (initially issued in one (I) typewritten certificate) shall be dated the date of initial issuance. Unless the interest rate on the 1998 Bond is converted to the Prime Rate or is otherwise subject to adjustment pursuant to the provisions of Section 2.7 hereof, the 1998 Bond shall bear interest on the outstanding principal amount of the 1998 Bond from time to time at the Interest Rate. Principal of and interest on the 1998 Bond shall be payable in equal installments on each quarterly Payment Date commencing October I, 1998, All previously unpaid principal of the 1998 Bond and all previously accrued and unpaid interest on the 1998 Bond shall be payable on the Maturity Date. The 1998 Bond shall be issued in registered form. In the event that the City shall determine that seasonal fluctuations in Pledged Revenues have made it impracticable for the City to make the quarterly payments of principal of and interest on the 1998 Bond at the times and in the amounts described in the preceding paragraph, the City may alter the schedule of such quarterly payments to correspond to such seasonal fluctuations, subject to the following conditions: (i) such altered schedule of payments shall not reduce the sum total of principal and interest 6