Ordinance 2002-155 - Laserfiche WebLink

Home Browse Search

(m) Charge of Storm water Utility Fee. Without the prior written consent of the Bank, the City will not repeal, amend or modify the Stormwater Utility Ordinance in any manner so as to (i) impair or adversely affect the power and obligation of the City to impose and collect the Stormwater Utility Fee, or (ii) impair or adversely affect in any manner the pledge of the Stormwater Utility Fee made herein. Without the prior written consent of the Bank, the City will not change, revise or reduce the Stormwater Utility Fee if, in the opinion of the City Manager, such change, revision or reduction will result in producing less Pledged Revenues unless, in the opinion of the City Manager, such rates, fees and charges as so changed, revised or reduced will produce sufficient Pledged Revenues to comply with the requirements of the next succeeding paragraph. Subject to the foregoing provisions of this Section, from time to time and as often as it shall appear necessary the City shall revise the Stormwater Utility Fee as may be necessary or proper in order that the Pledged Revenues shall at all times be sufficient in each fiscal year of the City to provide 1.35x coverage of the principal and interest requirements on the 2002 Bond and all other obligations secured by 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. (n) Enforcement of Collections. The City will diligently enforce and collect the Stormwater Utility Fee, will take steps, actions and proceedings for the enforcement and collection of such Stormwater Utility Fee as shall become delinquent to the full extent permitted or authorized by law, and will maintain accurate records with respect thereof. (0) Budget and Other Financial Information. The City shall provide 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 2002 Bond shall remain outstanding. The City Manager or the Finance Director shall also certify to the Bank at that time that the City is not then in default of its obligations under this Ordinance or the 2002 Bond, or, if the City shall then be in default, shall explain in writing the nature of such default, the steps being taken by the City to cure such default and the estimated time by which such default will be cured. The City shall also provide the Bank with unaudited financial statements not less often than semiannually. Such unaudited statements shall be delivered to the Bank within 30 days after the fiscal period covered by such statements. The City shall demonstrate in each annual budget that there are sufficient proceeds of the Stormwater Utility Fee to pay the principal of and interest on the 2002 Bond coming due in the fiscal year covered by such annual budget. The City shall provide the Bank with a copy of its approved annual budget within 30 days after the final adoption thereof and with such other financial information regarding the City as the Bank may reasonably request. 16 02002- $3 Million Bond Golden Shores Stormwater Utility