Ordinance 2002-155 - Laserfiche WebLink

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SECTION 3.8 ADDITIONAL OBLIGATIONS. The City covenants with the Bank that, as long as the 2002 Bond issued under this Ordinance is outstanding and the Bank is the registered owner thereof, without the prior written consent of the Bank, the City shall not issue any Parity Obligations or any obligation secured by a lien on the Pledged Revenues that is senior to the lien on the Pledged Revenues created by this Ordinance in favor of the 2002 Bond. Parity Obligations may be incurred without the prior written consent of the Bank, if prior to incurrence of such Parity Obligations (i) the debt service coverage ratio for the most recent period of 12 full consecutive calendar months preceding the date of delivery of the 2002 Bond is not less than 1.5 and (ii) a certificate of the Finance Director is delivered to the Bank demonstrating that the debt service coverage ratio for the period mentioned in clause (i) is not less than 1.5 on the 2002 Bond or any obligations secured by the Pledged Revenues. ARTICLE IV MISCELLANEOUS PROVISIONS SECTION 4.1 MODIFICATION OR AMENDMENT. No modification or amendment of this Ordinance or of any ordinance amendatory thereof or supplemental thereto, may be made without the consent in writing of the Bondholder. SECTION 4.2 ADDITIONAL AUTHORIZATION. The Mayor, the City Manager, the Finance Director and any other proper official of the City, be and each of them is hereby authorized and directed to execute and deliver any and all documents and instruments and to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated by this Ordinance. SECTION 4.3 SEVERABILITY OF INVALID PROVISIONS. If anyone or more of the covenants, agreements or provisions of this Ordinance should be held contrary to any express provision of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separate from the remaining covenants, agreements or provisions, and shall in no way affect the validity of any of the other provisions of this Ordinance or of the 2002 Bond issued hereunder. SECTION 4.4 WAIVER OF JURY TRIAL. The City, in consideration of the purchase of the 2002 Bond by the Bank, and the Bank, by its acceptance of the 2002 Bond, each mutually and willingly waive the right to a trial by a jury in connection with any and all claims 18 02002- $3 Million Bond Golden Shores Stormwater Utility