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<br />SUNTRUST <br /> <br />April 11 , 2002 <br /> <br />Jean Watson <br />Finance Director <br />City of Sunny Isles Beach <br />17070 Collins Avenue, Suite 250 <br />Sunny Isles Beac~ Florida 33160 <br /> <br />RE: $3,000,000.00 tax-exempt bank-qualified Revenue Bond <br /> <br />Dear Ms. Watson: <br /> <br />Sun Trust Bank (hereinafter referred to as the "Bank") is pleased to infonn you that it has approved <br />and hereby extends to City of Sunny Isles Beach its commitment to provide a $3,000,000 Revenue <br />Bond pursuant to the following terms and conditions, and such additional terms and conditions <br />as may be reasonably required heretofore. <br /> <br />1. BORROWER: <br />City of Sunny Isles Beach (hereinafter referred to as the "Borrower"). <br /> <br />2. FACILITY: <br />$3,000,000.00 tax-exempt bank-qualified Revenue Bond (hereinafter referred to <br />as the "Bond"). <br /> <br />3. PURPOSE: <br />To provide funding for improvements to the City's stonn water infrastructure. <br />(hereinafter referred to as the "Project"). <br /> <br />4. COLLATERAL: <br />The Loan will be fully secured by the assignment of the Borrower's gross <br />collections of the stonn water utility tax (hereinafter referred to as "Pledged <br />Revenues"). <br /> <br />s. REPAYMENT: <br />Principal payments of $37,500.00 plus interest will be due quarterly. All <br />remaining principal plus accrued interest will be due at the maturity date (which <br />shall be 20 years from closing, however no later than 6/30/2022) or the call date. <br />There shall be a ten-year call option exercisable at the Bank's discretion within <br />the six months prior to the tenth year anniversary. If the Bank exercises the call <br />option, the Borrower shall have six months from the date of notice to pay the <br />loan in full. <br />