Ordinance 2002-155 - Laserfiche WebLink

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SECTION 3.4 REMEDIES OF BONDHOLDER. Should the City default in any obligation created by this Ordinance, the Bondholder may, in addition to any remedy set forth in this Ordinance, either at law or in equity, by suit, action, mandamus or other proceeding in any court of competent jurisdiction, protect and enforce any and all rights under the laws of the State of Florida, or granted and contained in this Ordinance, and may enforce and compel the performance of all duties required by this Ordinance, or by any applicable statutes to be performed by the City or by any officer thereof. The City hereby agrees with the Bondholder that the filing of any bankruptcy or insolvency under any federal or state law by or against the City which is not dismissed with prejudice within 30 days of such filing shall give the Bondholder the right to exercise any of the remedies provided to them under this Section 3.4. SECTION 3.5 APPLICATION OF 2002 BOND PROCEEDS. The proceeds of the 2002 Bond shall be used to provide permanent financing for the costs of the 2002 Project, including the payment of costs associated with the issuance of the 2002 Bond. SECTION 3.6 DISCHARGE AND SATISFACTION OF 2002 BOND. The covenants, liens and pledges entered into, created or imposed pursuant to this Ordinance may be fully discharged and satisfied with respect to the 2002 Bond in anyone or more of the following ways: (p) by paying in full the principal of and interest on the 2002 Bond when the same shall become due and payable; or (q) by depositing in the Debt Service Fund or such other accounts as the City may hereafter create and establish by ordinance moneys sufficient at the time of such deposit to pay the 2002 Bond and all interest thereon as the same become due on said 2002 Bond on or prior to the maturity date thereof; or (r) by depositing in the Debt Service Fund or such other accounts as the City may hereafter create and establish by ordinance(which Debt Service Fund or other account and all moneys and securities deposited therein shall be irrevocably pledged to the Bondholders for the payment of the 2002 Bond and all interest thereon) moneys which, when invested in Defeasance Obligations, will provide moneys which shall be sufficient to pay the 2002 Bond and, all interest thereon as the same shall become due on said 2002 Bond on or prior to the Maturity Date thereof. Upon such payment or deposit in the amount and manner provided in this Section 3.6, the 2002 Bond shall no longer be deemed to be outstanding for the purposes of this Ordinance and all liability of the City with respect to the 2002 Bond shall cease, terminate and be completely discharged and extinguished, and the Bondholders shall be entitled for payment solely out of the moneys or securities so deposited. 17 02002- $3 Million Bond Golden Shores Stormwater Utility