Ordinance 99-78 - Laserfiche WebLink

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Bond. The provisions of this subsection are in addition to the requirements of Section 3.3(c) of the 1998 Bond Ordinance and Section 3.3(c) of the 1999 Bond Ordinance regarding the disposition of the proceeds of the Utilities Tax. (d) Levy of Utilities Tax. Without the prior written consent of the Bank, the City will not repeal, amend or modifY the Utilities Tax Ordinance in any manner so as to (i) impair or adversely affect the power and obligation of the City to levy and collect the Utilities Tax, or (ii) impair or adversely affect in any manner the pledge of the Utilities Tax made herein. Without the prior written consent of the Bank, the City will not change, revise or reduce the Utilities Tax if, in the opinion of the City Manager, such change, revision or reduction will result in producing less Pledged Revenues unless, in the opinion of the City Manager, such rates, fees and charges as so changed, revised or reduced will produce sufficient Pledged Revenues to comply with the requirements of the next succeeding paragraph. Subject to the foregoing provisions of this Section, from time to time and as often as it shall appear necessary the City shall revise the Utilities Tax as may be necessary or proper in order that the Pledged Revenues shall at all times be sufficient in each fiscal year of the City to provide an amount at least equal to one hundred ten percent (110%) of the principal and interest requirements on the 1999B Bond and the City's outstanding Utilities Tax Revenue Bond, Series 1998 becoming due and payable during such fiscal year. The City covenants that, if the total amount of Pledged Revenues realized in any fiscal year of the City shall be less than the amounts referred to above for such fiscal year, it shall, before the 15th day of November of the following fiscal year, take such actions as shall enable the City to comply with the coverage requirements of this Section during such following fiscal year. (e) Enforcement of Collections. The City will diligently enforce and collect the Utilities Tax, will take steps, actions and proceedings for the enforcement and collection of such Utilities Tax as shall become delinquent to the full extent permitted or authorized by law, and will maintain accurate records with respect thereof (f) 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 1999B 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 1999B 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 delivered 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 1999B Bond coming due in the fiscal year coyered by such annual budget. The City shall provide the Bank with a copy of its approyed 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. 16