Ordinance 2002-155 - Laserfiche WebLink

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It is hereby certified and recited that all acts, conditions and things required to exist, to happen, and to be performed, precedent to and in the issuance of this Bond exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida and the Charter of the City applicable thereto, and that the issuance of this Bond, is in full compliance with all constitutional or statutory limitations or provisions. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Ordinance until the certificate of authentication hereon shall have been signed by an authorized officer of the Registrar. Except in the event of a Determination of Taxability and as otherwise provided in the Ordinance, this Bond shall bear interest at the Interest Rate set forth above. Principal payments of $37,500 plus interest on this Bond shall be on each quarterly Payment Date commencing October 1, 2002. All previously unpaid principal of the 2002 Bond and all previously accrued and unpaid interest on the 2002 Bond shall be payable on the Maturity Date. The principal of and interest on this Bond shall be secured solely by and payable from the Pledged Revenues (as defined below). "Pledged Revenues" shall mean all moneys on deposit in the Debt Service Fund (created and established under the Ordinance) derived from the proceeds of the Stormwater Utility Fee required to be deposited therein each month in accordance with the provisions of the Ordinance. "Stormwater Utility Fee" shall mean the fee assessed against each property within the City for the provision of stormwater service (as described in the Stormwater Utility Ordinance), whether levied in the amounts prescribed by the Stormwater Utility Ordinance or in any other amounts and whether imposed either by amendment to the Stormwater Utility Ordinance or otherwise. "Stormwater Utility Ordinance" shall mean all proceedings creating the Stormwater Utility System and imposing the Stormwater Utility Fee, including Ordinance No. 99-77 of the City adopted on July 15, 1999, as the same may be amended from time to time, and every supplementary ordinance or other ordinance in lieu thereof as may hereafter be adopted. The City may prepay this Bond in whole or in part, at any time or from time to time, without penalty or premium, by paying to the registered holder all or part of the principal amount of this Bond, together with the unpaid interest accrued on the amount of principal so prepaid to the date of such prepayment. Such accrued and unpaid interest shall be payable on the next succeeding Payment Date. Each prepayment shall be made on such date and in such principal amount as shall be specified by the City in a written notice delivered to the registered owner not less than ten (10) business days prior thereto. Notice having been given as aforesaid, the principal amount stated in such notice or the whole thereof, as the case may be, shall become due and payable on the prepayment date stated in such notice; and the amount of principal shall be paid (i) in case the entire unpaid balance of the principal of this Bond is to be paid, upon presentation and 2