Ordinance 2002-155 - Laserfiche WebLink

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In the event that the City shall determine that seasonal fluctuations in Pledged Revenues have made it impracticable for the City to make the quarterly payments of principal of and interest on the 2002 Bond at the times and in the amounts described in the preceding paragraph, the City may alter the schedule of such quarterly payments to correspond to such seasonal fluctuations, subject to the following conditions: (i) such altered schedule of payments shall not reduce the sum total of principal and interest payments on the 2002 Bond payable during each year that the 2002 Bond shall remain outstanding; (ii) the Bondholder shall be given a written copy of such altered schedule of payments not less than 30 days before it shall take effect; (iii) the City shall provide the Bondholder with a replacement 2002 Bond reflecting such altered schedule of payments (and the Bondholder shall be obligated to return to the City for cancellation the 2002 Bond that it shall be holding at the time of such replacement); and (iv) the City shall provide the Bank, at the City's sole cost and expense, an opinion of Bond Counsel to the effect that the imposition of such altered schedule of payments shall not have an adverse effect on the exclusion of interest on the 2002 Bond from the gross income of the Bondholder for federal income tax purposes. Principal of and interest on the 2002 Bond shall be payable at the office of the Paying Agent (the designated corporate trust office of the Paying Agent if the City's Finance Department is not the Paying Agent). The 2002 Bond shall be numbered in such manner as may be prescribed by the Registrar. The 2002 Bond shall be payable, with respect to interest and principal, in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. The City may prepay the 2002 Bond in whole or in part, at any time or from time to time, without penalty or premium, by paying to the registered holder all or part of the principal amount of the 2002 Bond, together with the unpaid interest accrued on the amount of principal so prepaid to the date of such prepayment. Each prepayment shall be made on such date and in such principal amount as shall be specified by the City in a written notice delivered to the registered owner not less than ten (10) business days prior thereto. If such prepayment shall be for only a portion of the unpaid principal balance of the 2002 Bond, such prepayment shall be applied against the obligation of the City to pay future amortization installments on the 2002 Bond in the inverse order in which such amortization installments shall become due. Notice having been given as aforesaid, the principal amount stated in such notice shall become due and payable on the prepayment date stated in such notice; and the amount of principal shall be paid (i) in case the entire unpaid balance of the principal of the 2002 Bond is to be paid, upon 8 02002- $3 Million Bond Golden Shores Stormwater Utility