Ordinance 99-86 - Laserfiche WebLink

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Upon the satisfaction of the terms and conditions of this Section 2.6(b): (i) advances under the Bond Anticipation Note shall be available on and after the date of original issuance and delivery of the Bond Anticipation Note until the last business day of calendar year 2001; (ii) advances under the First Tranche shall be available only on the date of original issuance and delivery of the Bond and shall be applied solely to retire the Bond Anticipation Note; (ii) advances under the Second Tranche shall be available on and after the first business day of calendar year 2000 until the last business day of calendar year 2001; and (iii) advances under the Third Tranche shall be available on and after the first business day of calendar year 2001 until the last business day of calendar year 2001. After the last business day of calendar year 2001, the Bank shall not be obligated to advance any additional principal under the Bond Anticipation Note and the Bondholder shall not be obligated to advance any additional principal under the Bond. Except as set forth in this paragraph, the Bond shall not be issued and the First Tranche shall not be advanced until the entire principal amount of the Bond Anticipation Note shall have been advanced, no advance shall be made under the Second Tranche until the entire principal amount of the First Tranche shall have been advanced, and no advance shall be made under the Third Tranche until the entire principal amount of the Second Tranche shall have been advanced. The City agrees that it shall: (i) request an advance under the Bond Anticipation Note in calendar year 1999; (ii) request the advance under the First Tranche and an advance under the Second Tranche in calendar year 2000; and (iii) request an advance under the Third Tranche in calendar year 2001. If the Bondholder shall not have advanced in calendar year 2000 the entire $10,000,000 in principal amount of the Second Tranche, the first $200,000 requested to be advanced in calendar year 2000 shall be allocated to the Second Tranche. If the Bondholder shall not have advanced in calendar year 2001 the entire $8,300,000 in principal amount of the Third Tranche, the first $200,000 requested to be advanced in calendar year 2001 shall be allocated to the Third Tranche. Prior to any advance under the Bond or the Bond Anticipation Note, the City shall comply with the following conditions: (i) Except in the case of the initial advance under the Bond and under the Bond Anticipation Note, delivery of a written notice (signed by the City Manager or Finance Director) of the City's request for an advance at least two (2) business days prior to the date specified for such advance (such notice shall confirm that the City is not in default under this Ordinance); and (ii) In the case of the initial advance under the Bond in each calendar year, delivery of a copy, certified by the City Clerk, of the resolution adopted by the City Commission approving the Interest Rate applicable to advances in such calendar year; and (iii) With respect to the initial advance under the Bond in each of calendar year 2000 and 2001, delivery of a Tax Certificate, dated as of the date of such advance; and 17