Ordinance 99-86 - Laserfiche WebLink

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Ordinance No. 99-_, duly adopted on , 1999 (as the same may be amended from time to time, and every supplementary ordinance or other ordinance in lieu thereof as may thereafter be adopted, the "Ordinance"), and is subject to all terms and conditions of the Ordinance. Any term used in this Bond Anticipation Note and not otherwise defined, shall have the meaning ascribed to such term in the Ordinance. The proceeds of the Bond Anticipation Note 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 Anticipation Note 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 Anticipation Note, is in full compliance with all constitutional or statutory limitations or provisions. 'Ibis Bond Anticipation Note 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. The City may request from time to time, and the Noteholder shall be obligated to advance, $5,000,000 in maximum principal amount under this Bond Anticipation Note. No advance requested by the City shall be for a principal amount less than $200,000. Except in the event of a Determination of Taxability and as otherwise provided in the Ordinance, this Bond Anticipation Note shall bear interest at the "BAN Interest Rate", which for purposes of this Bond Anticipation Note, shall mean [INSERT REFERENCES TO INTEREST RATE APPROVED BY SUBSEQUENT PROCEEDINGS OF THE CITY] . Principal of and interest on this Bond Anticipation Note shall be payable in equal installments on each quarterly Payment Date commencing January 1, 2000, with such payments to be determined on the basis of a twenty year mortgage amortization schedule and an assumed BAN Interest Rate of five percent (5%) per annum. All previously unpaid principal of the Bond Anticipation Note and all previously accrued and unpaid interest on the Bond Anticipation Note shall be payable on the BAN Maturity Date. The principal of and interest on this Bond Anticipation Note shall be secured solely by and payable from the Pledged Revenues (as defined below), subject only to the prior and senior pledge of the Electric Utilities Tax for the payment of the City's outstanding Revenue Bonds, Series 1998, Series 1999 and Series 1999B. 'Ibis Bond Anticipation Note shall also be payable from and secured by the proceeds of the Bond. As used in this Bond Anticipation Note: "Pledged Revenues" shall mean all moneys on deposit in the Debt Service Fund (created and established under the Ordinance) derived from the proceeds of the Bond A-2