Ordinance 2002-155 - Laserfiche WebLink

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All payments by the Borrower shall be made no later than 2:00 p.m. on the due date to the Bank in immediately available funds, free and clear of any defenses, set-offs, counterclaims, or withholdings or deductions for taxes. 6 FEE(S) AND EXPENSES: The Borrower shall be required to pay all reasonable and necessary expenses associated with the contemplated transaction, including but not limited to those listed below. I. Bank's attorney's fee for review and preparation of all legal documents. II. Bond Counsel fees. m. Any and all other reasonable expenses associated with the transaction. 7. INTEREST RATE: A fixed rate to be set one day prior to closing based upon the Bank's cost of fimds plus 0.95% and then divided by 1.5054 The current rate would be 4.6QOA, as of 4/11/02. Borrower may prepay the loan, in whole or in part, at any time, without penalty. Interest shall be calculated on the basis of a 360-day year with twelve 30-day months. 8. DOCUMENTATION: At or prior to closing, the Bank shall have received all documents that are typical for transactions of this nature. 9. FINANCIAL REPORTING REQUIREMENTS: The Borrower shall submit audited financial statements to the Bank not less than annually, and a budget and expenditure report for all funds not less than semi- annually. The Borrower shall submit an operating budget for all funds, as ratified by the Mayor and City Commission, to the Bank not less than annually. 10. COVENANTS & CONDITIONS: Funding of the Bond is contingent upon a satisfactory legal opinion as to the Borrower's tax-exempt status and authority under its Charter to borrow money, as well to the fact that the Bond constitutes bank-qualified status. The authority to borrow money must be acceptable in fonn, manner, tenure and purpose, including approval by the City Council. The Bank reserves the right, upon reasonable notice to the Borrower, to change the pricing of the Bond if an adverse change in the tax laws governing the Bond occurs. 2