Ordinance 2009-323 - Laserfiche WebLink

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- audited financial statements for each fiscal year ending on or after September 30,2007 within 270 days after the end thereof. (g) Notice of Liabilities, The City shall promptly inform the Bank in writing of any actual or potential contingent liabilities or pending or threatened litigation of any amount that could reasonably be expected to have a material and adverse effect upon the financial condition of the City or upon the ability of the City to perform its obligation hereunder and under the Note. (h) Insurance. The City shall maintain such liability, casualty and other insurance as is reasonable and prudent for similarly situated governmental entities of the State of Florida. (i) Compliance with Laws. The City shall comply with all applicable federal, state and local laws and regulatory requirements, the violation of which could reasonably be expected to have a material and adverse effect upon the financial condition of the City or upon the ability of the City to perform its obligation hereunder and under the Note. U) Payment of Document Taxes. In the event the Note or this Agreement should be subject to the excise tax on documents or the intangible personal property tax of the State, the City shall pay such taxes or reimburse the Bank for any such tax~s paid by it. Section 3.02 Negative Covenants. For so long as any ofthe principal amount of or interest on the Note is outstanding or any duty or obligation ofthe City hereunder or under the Note remains unpaid or unperformed, the City covenants to the Bank as follows: (a) No Adverse Borrowings. The City shall not issue or incur any indebtedness or obligation ifsuch would materially and adversely affect the ability of the City to pay debt service on the Note or any other amounts owing by the City under this Agreement. (b) Anti-Dilution Covenant. Without the prior written consent ofthe Bank, the City shall not hereafter incur any indebtedness payable from any Non Ad Valorem Revenues (which includes any increases in the outstanding amount under any line of credit or similar arrangement), unless (i) the aggregate Available Non Ad Valorem Revenues received by the City during the two fiscal years most recently concluded prior to the incurrence of such debt equals or exceeds 300% of the maximum annual debt service in the then current or any future fiscal year of the City on debt, including the proposed debt, secured by and/or payable from such Available Non Ad Valorem Revenues; and (ii) the maximum annual debt service requirements in the then current or any future fiscal year of the City for all debt, including the proposed debt, secured by and/or payable from Non Ad Valorem Revenues will not exceed 20% of governmental fund revenues (defined as general fund, special fund, debt service fund and capital projects funds) of the City for the fiscal year most recently concluded prior to the incurrence of such proposed debt, exclusive of (i) ad valorem revenues restricted to payment of debt service on any debt and (ii) any debt proceeds. For purposes of calculating the foregoing, if any indebtedness bears a rate of interest that is not fixed for the entire term of the debt (excluding any provisions that adjust the interest rate upon a change in tax law or in the tax treatment of interest on the debt or upon a default), then the interest rate on such indebtedness shall be assumed to be the highest of (i) the average rate of actual interest borne by such indebtedness during the most recent complete month prior to the date of issuance of such -5-