Ordinance 99-86 - Laserfiche WebLink

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advanced by the Bondholder to the City under the terms and conditions of this Ordinance after the Bondholder shall have advanced the entire Second Tranche to the City. Upon the satisfaction of the terms and conditions of this 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. "u. S. Obligations" shall mean the direct obligations of, or obligations on which the timely payment of principal and interest are unconditionally guaranteed by the United States of America, and, if determined by subsequent proceedings of the City Commission, certificates which evidence ownership of the right to the payment of the principal of, or interest on, such obligations. "Utilities Tax Ordinance" shall mean all proceedings of the City imposing the Electric Utilities Tax and the Non-electric Utilities Tax, including Ordinance No. 97-3 of the City enacted on September 11, 1997, as the same may be amended from time to time, and every supplementary ordinance or other ordinance in lieu thereof as may hereafter be enacted. Words importing singular number shall include the plural number and vice versa, as the case may be, and words importing persons shall include firms and corporations. SECTION 1.4 ORDINANCE CONSTITUTES CONTRACT. In consideration of the acceptance of the Bond Anticipation Note and the Bond authorized to be issued hereunder by those who shall own the same from time to time, this Ordinance shall be deemed to be and shall constitute a contract between the City and the Bank and the Bondholder, as the case may be, and the covenants and agreements herein and therein set forth to be performed by said City shall be for the benefit, protection and security of the Bondholder. ARTICLE II AUTHORIZATION, TERMS, EXECUTION AND REGISTRATION OF BOND SECTION 2.1 NOTE. AUTHORIZATION OF BOND AND BOND ANTICIPATION (a) THE BOND. Subject and pursuant to the provisions of this Ordinance, an obligation of the City of Sunny Isles Beach, Florida, to be known as its "Revenue Bond, Government Center Series" is hereby authorized to be issued in the maximum authorized principal amount of Twenty- three Million Three Hundred Thousand Dollars ($23,300,000) for the purpose offmancing the costs of the Project. (b) THE BOND ANTICIPATION NOTE. Subject and pursuant to the provisions of this Ordinance, an obligation of the City of Sunny Isles Beach, Florida, to be known as its "Bond Anticipation Note, Government Center Series" is hereby authorized to be issued in the principal amount of Five Million Dollars ($5,000,000) for the purpose of financing on a temporary basis a portion of the costs of the Project. 9