Ordinance 2009-323 - Laserfiche WebLink

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proposed indebtedness, (ii) for tax-exempt debt, The Bond Buyer Revenue Bond Index last published in the month preceding the date of issuance of such proposed indebtedness plus one percent, (iii) for taxable debt, the yield on a U.S. Treasury obligation with a constant maturity closest to but not before the maturity date of such indebtedness, as reported in Statistical Release H,15 ofthe Federal Reserve on the last day of the month preceding the date of issuance of such proposed indebtedness, plus three percent, provided that if the City shall have entered into an interest rate swap or interest rate cap or shall have taken any other action which has the effect of fixing or capping the interest rate on such indebtedness for the entire term thereof, then such fixed or capped rate shall be used as the applicable rate for the period of such swap or cap, and provided further that if The Bond Buyer Revenue Bond Index or Statistical Release H.15 of the Federal Reserve is no longer available or no longer contains the necessary data, such other comparable source of comparable data as selected by the Bank shall be utilized in the foregoing calculations. Section 3.03. Automatic Payment Procedure. On the due date thereof, the City hereby authorizes the Bank to automatically deduct from a bank account of the City designated to the Bank the amount of any payment of principal or interest due from the City to the Bank under this Agreement or the Note. Ifthe funds in the account are insufficient to cover any payment, the Bank shall not be obligated to advance funds to cover the payment. The Bank covenants that it shall not debit the City's account for any amount in excess ofthe principal and interest due from the City to the Bank as the same becomes due. Section 3.04. Registration and Exchange of Note. The Note is owned by Bank of America, N.A. The ownership of the Note may only be transferred, and the City will transfer the ownership of the Note, upon written request of the Bank specifying the name, address and taxpayer identification number ofthe transferee, and the City will keep a record setting forth the identification of the owner of the Note. Section 3.05. Note Mutilated, Destroyed, Stolen or Lost. In case the Note shall become mutilated, or be destroyed, stolen or lost, the City shall issue and deliver a new Note, in exchange and in substitution for such mutilated Note, or in lieu of and in substitution for the Note destroyed, stolen or lost and upon the Bank furnishing the City proof of ownership thereof and indemnity reasonably satisfactory to the City and paying such expenses as the City may incur. Section 3.06. Payment of Principal and Interest: Limited Obligation. The City promises that it will promptly pay the principal of and interest on the Note at the place, on the dates and in the manner provided therein, provided that the City may be compelled to pay the principal of and interest on the Note solely from the Budgeted Revenues, and nothing in the Note or this Loan Agreement shall be construed as pledging any other funds or assets ofthe City to such payment or as authorizing such payment to b~ made from any other source, Nothing herein shall, however, prevent the City from using any lawfully available funds to pay its obligations hereunder and under the Note. The City is not and shall not be liable for the payment of the principal of and interest on the Note or for the performance of any pledge, obligation or agreement for payment undertaken by the City hereunder or under the Note from any property other than the Budgeted Revenues. The Bank shall not have any right to resort to legal or equitable action to require or compel the City to make any payment required by the Note or this Loan Agreement from any source other than the Budgeted Revenues. -6-