Ordinance 99-78 - Laserfiche WebLink

Home Browse Search

ARTICLE n AUTHORIZATION, TERMS, EXECUTION AND REGISTRATION OF 1999B Bond SECTION 2.1 AUTHORIZATION OF 1999B 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 1999B" is hereby authorized to be issued in the aggregate principal amount of not exceeding One Million Four Hundred Thousand Dollars ($1,400,000) for the purpose of financing the costs of the 1999B Project. SECTION 2.2 DESCRIPTION OF 1999B BOND. The text of the 1999B 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 1999B Bond (initially issued in one (1) typewritten certificate) shall be dated the date of initial issuance. Unless the interest rate on the 1999B Bond is converted to the Prime Rate or is otherwise subject to adjustment pursuant to the provisions of Section 2.7 hereof: the 1999B Bond shall bear interest on the outstanding principal amount of the 1999B Bond from time to time at the Interest Rate. Principal of and interest on the 1999B Bond shall be payable in equal installments on each quarterly Payment Date commencing October 1, 1999. All previously unpaid principal of the 1999B Bond and all previously accrued and unpaid interest on the 1999B Bond shall be payable on the Maturity Date. The 1999B Bond shall be issued in registered form. In the event that the City shall detennine 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 1999B 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 payments on the 1999B Bond payable during each year that the 1999B Bond shall remain outstanding; (ii) the Bondholder shall be given a written copy of such altered schedule of payments not less than 30 days before it shall take effect; (iii) the City shall provide the Bondholder with a replacement 1999B Bond reflecting such altered schedule of payments (and the Bondholder shall be obligated to return to the City for cancellation the 1999B Bond that it shall be holding at the time of such replacement); and (iv) the City shall provide the Bank, at the City's sole cost and expense, an opinion of Bond Counsel to the effect that the imposition of such altered schedule of payments shall not have an adverse effect on the exclusion of interest on the 1999B Bond from the gross income of the Bondholder for federal income tax purposes. 8