Ordinance 2002-155 - Laserfiche WebLink

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(5) commercial paper rated in one of the two highest rating categories by at least two nationally recognized rating agencies or commercial paper backed by a letter of credit or line of credit rated in one of the two highest rating categories; (6) written repurchase agreements with any bank, savings institution or trust company which is insured by the FDIC or with any broker dealer with retail customers which falls under Securities Investors Protection Corporation protection, provided that such repurchase agreements are fully secured by collateral security described in clause (1) above, and provided further that (i) such collateral is held by the City or any agent acting solely for the City during the term of such repurchase agreement, (ii) such collateral is not subject to lien or claims of third parties, (iii) such collateral has a market value (determined at least once every 14 days) at least equal to the amount invested in the repurchase agreement, (iv) the City has a perfected first security interest in the collateral, (v) the agreement shall be for a term not longer than 270 days, and (vi) the failure to maintain such collateral at the level required in (iii) above will require the City to liquidate the collateral; (7) money market funds rated in the highest rating category of either Standard & Poor's or Moody's Investors Service, or any successor thereto; (8) investments in the Local Government Surplus Funds Trust Fund established pursuant to Part IV of Chapter 218, Florida Statutes, as amended, or any successor trust fund established for the investment of surplus municipal funds; and (9) any other investments permitted under Florida law and acceptable to the Bank. (c) "Bank" shall mean SunTrust Bank, the initial Bondholder. (d) "Bond Counsel" shall mean any firm of nationally recognized bond counsel selected by the City and acceptable to the Bank. (e) "City" shall mean the City of Sunny Isles Beach, Florida, a municipal corporation in the County of Miami-Dade, State of Florida, and its successors and assigns. (f) "City Commission'''' shall mean the duly constituted governing body of the City. (g) "Code" shall mean the Internal Revenue Code of 1986, as amended, the applicable Treasury Regulations promulgated thereunder and any administrative or judicial interpretations of the same published in a form on which the City may rely as a matter of law. (h) "Debt Service Fund" shall mean the Sunny Isles Beach Stormwater Utility Revenue Bond Debt Service Fund, created and established pursuant to this Ordinance and which is the fund in which the Pledged Revenues shall be deposited by the City for the payment of the 2002 Bond and any Parity Bonds (as defined herein) in accordance with the provisions hereof. 4 02002- $3 Million Bond Golden Shores Stormwater Utility