Ordinance 99-86 - Laserfiche WebLink

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prior to each Payment Date the proceeds of the Bond Security in an amount necessary to satisfy any deficiency in the Debt Service Fund on such date; provided, however, that such deposit of the interest and principal amount shall not be required to be made to the extent that moneys on deposit in the Debt Service Fund are sufficient for such purpose. The City covenants to deposit, on the business day prior to the BAN Maturity Date and the Bond Maturity Date, the proceeds of the Bond Security (or other legally available moneys) into the Debt Service Fund in an amount sufficient to pay the outstanding principal of and interest on the Bond Anticipation Note and the Bond, as the case may be. (d) Maintenance of Bond Security. Without the prior written consent of the Bondholder and the Bank, the City shall not repeal, amend or modify any ordinance, resolution or agreement with respect to any element of the Bond Security in any manner and shall not knowingly acquiesce in any attempt to eliminate or reduce, or the likely effect of which would be to eliminate or reduce, the Pledged Revenues derived from any element of the Bond Security so as to: (i) impair or adversely affect the power and obligation of the City to levy or collect any element of the Bond Security; (ii) impair or adversely affect in any manner the pledge of the Bond Security made herein; or (iii) diminish the Pledged Revenues to be received in each fiscal year while the Bond and the Bond Anticipation Note shall remain outstanding below an amount equal to 1.10 times the principal of and interest that shall become due and payable during such fiscal year. The City shall vigorously resist all such attempts by others to eliminate or reduce any element of the Bond Security. The City covenants to comply with all eligibility requirements, compliance with which shall constitute a precondition to its ability to levy or collect any element of the Bond Security or the Pledged Revenues. 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 Bond Security, will take steps, actions and proceedings for the enforcement and collection of such Bond Security as the same shall become delinquent to the full extent permitted or authorized by law, and will maintain accurate records with respect thereto. (t) Budget and Other Financial Information. The City shall provide the Bondholder and 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 Bond and the Bond Anticipation Note shall remain outstanding. The City Manager or the Finance Director shall also certify to the Bondholder and the Bank at that time that the City is not then in default of its obligations under this Ordinance, the 22