Ordinance 99-86 - Laserfiche WebLink

Home Browse Search

adopted, the "Ordinance"), and is subject to all terms and conditions of the Ordinance. Any term used in this Bond and not otherwise defmed, shall have the meaning ascribed to such term in the Ordinance. The proceeds of the Bond shall be applied in the manner and for the purposes set forth in the Ordinance. It is hereby certified and recited that all acts, conditions and things required to exist, to happen, and to be performed, precedent to and in the issuance of this Bond exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida and the Charter of the City applicable thereto, and that the issuance of this Bond, is in full compliance with all constitutional or statutory limitations or provisions. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Ordinance until the certificate of authentication hereon shall have been signed by an authorized officer of the Registrar. As used in this Bond: "First Tranche" shall mean, except as otherwise set forth in Section 2.6(b) of the Ordinance, the first $5,000,000 of the maximum principal amount of this Bond required to be advanced by the Bondholder to the City under the terms and conditions of the Ordinance. "Second Tranche" shall mean, except as otherwise set forth in Section 2.6(b) of the Ordinance, the next $10,000,000 of the maximum principal amount of this Bond required to be advanced by the Bondholder to the City under the terms and conditions of the Ordinance after the Bondholder shall have advanced the entire First Tranche to the City. Upon the satisfaction of the terms and conditions of the Ordinance, 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. "Third Tranche" shall mean, except as otherwise set forth in Section 2.6(b) of the Ordinance, the final $8,300,000 of the maximum principal amount of this Bond required to be advanced by the Bondholder to the City under the terms and conditions of the Ordinance after the Bondholder shall have advanced the entire Second Tranche to the City. Upon the satisfaction of the terms and conditions of the Ordinance, 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. The City may request from time to time, and the Bondholder shall be obligated to advance, $23,300,000 in maximum principal amount under this Bond. No advance requested by the City shall be for a principal amount less than $200,000. A-2