Ordinance 2002-155 - Laserfiche WebLink

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(e) That pursuant to the Stormwater Utility Ordinance (as herein defined), the City has been charging a fee for stormwater services as more particularly described in Section 1.3 hereof (herein, the "Stormwater Utility Fee"). (f) That the proceeds of the Stormwater Utility Fee are not pledged or encumbered, in whole or in part, in any manner or for any purpose. (g) That the principal of and interest on the 2002 Bond shall be secured solely by and paid from the Pledged Revenues (as herein defined); and the ad valorem taxing power of the City shall never be necessary or authorized to pay the principal of and interest on the 2002 Bond, and the 2002 Bond issued pursuant to this Ordinance shall not constitute a lien upon any other property whatsoever of or in the City. SECTION 1.3 DEFINITIONS. In addition to terms defined elsewhere in this Ordinance, the following terms shall have the following meanings unless the context otherwise clearly requires: (a) "Act" shall mean the Florida Constitution, Chapter 166, Florida Statutes, as amended and supplemented, the Charter of the City of Sunny Isles Beach, Florida, as amended and supplemented, and other applicable provisions of the law. (b) "Authorized Investments" shall mean any of the following: (1) U.S. Obligations; (2) bonds, debentures, notes or other evidences of indebtedness payable in cash issued by anyone or a combination of any of the following federal agencies: Farmer's Home Administration (or its successor), Federal Housing Administration, Maritime Administration, Public Housing Authority, Government National Mortgage Association; (3) the following investments fully insured by the Federal Deposit Insurance Corporation ("FDIC") (i) certificates of deposit, (ii) savings account, (iii) deposit accounts, or (iv) depository receipts of a bank, savings and loan associations and mutual savings bank; (4) certificates of deposit, either in excess of FDIC insurance or without FDIC insurance, properly secured at all times, by collateral security described in clause (a) and (b) above or secured as required for a "qualified public depository" under the Florida Security for Public Deposits Act, being Chapter 280, Florida Statutes, as amended, or any successor statute. Such agreements are only acceptable with commercial banks, savings and loan associations and mutual savings banks or other "qualified public depository"; 3 02002- $3 Million Bond Golden Shores Stormwater Utility