Laserfiche WebLink
<br />"BAN Interest Rate" shall mean with respect to the Bond Anticipation Note, such rate of <br />interest as shall be approved by subsequent proceedings of the City on or prior to the date of the <br />original issuance and delivery of the Bond <br /> <br />"BAN Maturity Date" shall mean January 1,2003, the scheduled maturity date of the Bond <br />Anticipation Note. <br /> <br />"Bond" shall mean the Revenue Bond, Government Center Series, authorized by this <br />Ordinance to be issued in a maximum authorized principal amount of $23,300,000. <br /> <br />"Bond Counsel" shall mean any fIrm of nationally recognized bond counsel selected by the <br />City and acceptable to the Bank or the Bondholder, as the case may be. <br /> <br />"Bondholder" shall mean the purchaser of the Bond to be designated by subsequent <br />proceedings of the City or, subject to the provisions of Section 2.4 hereof, any successor holder of <br />the Bond, provided that there shall never be more than one Bondholder at anyone time. <br /> <br />"Bond Maturity Date" shall mean, with respect to the unpaid principal of and interest on the <br />Bond, December 15,2019. <br /> <br />"Bond Security" shall mean the Sales Tax, the Electric Utilities Tax, the Non-electric <br />Utilities Tax and the Franchise Fees. <br /> <br />"City" shall mean the City of Sunny Isles Beach, Florida, a municipal corporation in the <br />County of Miami-Dade, State of Florida, and its successors and assigns. <br /> <br />"City Commission"" shall mean the duly constituted governing body of the City. <br /> <br />"Code" shall mean the Internal Revenue Code of 1986, as amended, the applicable Treasury <br />Regulations promulgated thereunder and any administrative or judicial interpretations of the same <br />published in a form on which the City may rely as a matter of law. <br /> <br />"Debt Service Fund" shall mean the Sunny Isles Beach Government Center Project Debt <br />Service Fund, created and established pursuant to this Ordinance and which is the fund in which the <br />Pledged Revenues shall be deposited by the City for the payment of the Bond Anticipation Note, <br />the Bond and any Parity Obligations in accordance with the provisions hereof. <br /> <br />"Defeasance Obligations" shall mean, to the extent permitted by law, the following <br />securities: <br /> <br />(1) U.S. Obligations; <br /> <br />(2) Any bonds or other obligations of any state of the United States of America <br />or of any agency, instrumentality or local governmental unit of any such state (i) which are <br />not callable prior to maturity or as to which irrevocable instructions have been given to the <br /> <br />5 <br />