Ordinance 99-86 - Laserfiche WebLink

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(3) The City shall make any and all payments required to be made to the United States Department of the Treasury in connection with the Bond and the Bond Anticipation Note pursuant to Section 148(t) of the Code. (4) Notwithstanding any other provision of this Ordinance to the contrary, so long as necessary in order to maintain the exclusion from gross income for purposes of federal income taxation of interest on the Bond and the Bond Anticipation Note, the covenants contained in this Section shall survive the payment of the Bond and the Bond Anticipation Note and the interest thereon, including any payment or discharge thereof pursuant to Section 3.6 of this Ordinance. (b) Establishment of Debt Service Fund. There is hereby created and established the following fund entitled the "Sunny Isles Beach Government Center Project Debt Service Fund" (hereinafter referred to as the "Debt Service Fund"). The Debt Service Fund shall constitute a trust fund for the benefit of the Bondholder and the Bank and shall be held by the City in an account maintained at the Bank, for so long as the Bond Anticipation Note shall remain outstanding, and at such other fmancial institution as the City shall designate thereafter and shall be kept separate and distinct from all other funds of the City, and shall be used only for the purpose and in the manner provided in this Ordinance. Notwithstanding the provisions of the preceding sentence, the City may deposit the proceeds of the Bond Security in a commingled account maintained as described above, provided that the City maintains adequate accounting procedures to reflect and control the restricted allocations of the funds on deposit therein for the various purposes of such funds. The designation and establishment of the Debt Service Fund in and by this Ordinance shall not be construed to require the establishment of any completely independent self-balancing fund, as such term is commonly defined and used in governmental accounting, but rather is intended solely to constitute an allocation of certain revenues of the City for certain purposes and to establish certain priorities for application of such revenues as provided herein. The City may withdraw any excess amounts remaining in the Debt Service Fund after payment has been made on the Bond or the Bond Anticipation Note on any Payment Date to be used for any lawful municipal purpose. Moneys on deposit in the Debt Service Fund may be invested in Authorized Investments at the written direction of the City, provided such investments mature not later than the next succeeding Payment Date. Subject to the terms and provisions of the Code and the preceding paragraph, all income and earnings received from the investment and reinvestment of the moneys on deposit in the Debt Service Fund shall remain on deposit in the Debt Service Fund and be used in the same manner as other moneys on deposit therein. (c) Disposition of Pledged Revenues. Not later than December 30, 1999, the City shall deposit in the Debt Service Fund the proceeds of the Bond Security in an amount sufficient to pay the principal of an interest becoming due on the Bond Anticipation Note on January 1, 2000. Not later than the fifteenth day of each month commencing January 15,2000, the City shall deposit in the Debt Service Fund the proceeds of the Bond Security in an amount equal to one-third (1/3) of the principal of and interest becoming due on the Bond and the Bond Anticipation Note on the next Payment Date, and shall further cause to be deposited into the Debt Service Fund one business day 21