Ordinance 2002-155 - Laserfiche WebLink

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any other amounts and whether imposed either by amendment to the Stormwater Utility Ordinance or otherwise. (x) "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. Words importing singular number shall include the plural number and vice versa, as the case may be, and words importing persons shall include firms and corporations. SECTION 1.4 ORDINANCE CONSTITUTES CONTRACT. In consideration of the acceptance of the 2002 Bond authorized to be issued hereunder by those who shall own the same from time to time, this Ordinance shall be deemed to be and shall constitute a contract between the City and the Bondholder and the covenants and agreements herein and therein set forth to be performed by said City shall be for the benefit, protection and security of the Bondholders ARTICLE II AUTHORIZATION, TERMS, EXECUTION AND REGISTRATION OF 2002 Bond SECTION 2.1 AUTHORIZATION OF 2002 BOND. Subject and pursuant to the provisions of this Ordinance, an obligation of the City of Sunny Isles Beach, Florida, to be known as its "Stormwater Utility Revenue Bond, Series 2002" is hereby authorized to be issued in the aggregate principal amount of not exceeding Three Million Dollars ($3,000,000) for the purpose of financing the costs of the 2002 Project. SECTION 2.2 DESCRIPTION OF 2002 BOND. The text of the 2002 Bond shall be substantially in the form attached hereto as Exhibit A with such omissions, insertions and variations as may be necessary and desirable, as evidenced by the City's execution thereof. The 2002 Bond (initially issued in one (1) typewritten certificate) shall be dated the date of initial issuance. Unless the interest rate on the 2002 Bond is converted to the Prime Rate or is otherwise subject to adjustment pursuant to the provisions of Section 2.7 hereof, the 2002 Bond shall bear interest on the outstanding principal amount of the 2002 Bond from time to time at the Interest Rate. Principal of and interest on the 2002 Bond shall be payable in equal installments on each quarterly Payment Date commencing July 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 2002 Bond shall be issued in registered form. 7 02002- $3 Million Bond Golden Shores Stormwater Utility