Ordinance 99-72 - Laserfiche WebLink

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Utilities Tax as shall become delinquent to the full extent permitted or authorized by law, and will maintain accurate records with respect thereof. (I) Budget and Other Financial Information. The City shall provide the Bank with a copy of its audited general purpose financial statements within 120 days of the close of each fiscal year during which the 1999 Bond shall remain outstanding. The City Manager or the Finance Director shall also certify to the Bank at that time that the City is not then in default of its obligations under this Ordinance or the 1999 Bond, or, if the City shall then be in default, shall explain in writing the nature of such default, the steps being taken by the City to cure such default and the estimated time by which such default will be cured. The City shall also provide the Bank with unaudited financial statements not less often than semiannually. Such unaudited statements shall be deliyered to the Bank within 30 days after the fiscal period covered by such statements. The City shall demonstrate in each annual budget that there are sufficient proceeds of the Utilities Tax to pay the principal of and interest on the 1999 Bond coming due in the fiscal year covered by such annual budget. The City shall provide the Bank with a copy of its approved annual budget within 30 days after the final adoption thereof and with such other financial information regarding the City as the Bank may reasonably request. SECTION 3.4 REMEDIES OF BONDHOLDER. Should the City default in any obligation created by this Ordinance, the Bondholder may, in addition to any remedy set forth in this Ordinance, either at law or in equity, by suit, action, mandamus or other proceeding in any court of competent jurisdiction, protect and enforce any and all rights under the laws of the State of Florida, or granted and contained in this Ordinance, and may enforce and compel the performance of all duties required by this Ordinance, or by any applicable statutes to be performed by the City or by any officer thereof. The City hereby agrees with the Bondholder that the filing of any bankruptcy or insolvency under any federal or state law by or against the City which is not dismissed with prejudice within 30 days of such filing shall give the Bondholder the right to exercise any of the remedies provided to them under this Section 3.4. SECTION 3.5 APPLICATION OF 1999 BOND PROCEEDS. The proceeds of the 1999 Bond shall be used to provide permanent financing for the costs of the 1999 Project, including the payment of costs associated with the issuance of the 1999 Bond. SECTION 3.6 DISCHARGE AND SATISFACTION OF 1999 BOND. The covenants, liens and pledges entered into, created or imposed pursuant to this Ordinance may be fully discharged and satisfied with respect to the 1999 Bond in anyone or more of the following ways: (a) by paying in full the principal of and interest on the 1999 Bond when the same shall become due and payable; or (b) by depositing in the Debt Service Fund or such other accounts as the City may hereafter create and establish by ordinance moneys sufficient at the time of such deposit to pay the 1999 Bond and all interest thereon as the same become due on said 1999 Bond on or prior to the maturity date thereof; or 16