Ordinance 2009-323 - Laserfiche WebLink

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The City covenants that, so long as the Note shall remain unpaid or any other amounts are owed by the City under this Agreement or the Note, it will appropriate in its annual budget, by amendment, if required, from-the Available Non Ad Valorem Revenues, amounts sufficient to pay the principal of and interest on the Note and other amounts owed under this Agreement as the same shall become due. In the event that the amount previously budgeted for such purpose is ever insufficient to pay such principal and interest on the Note and other amounts owed under this Agreement, the City covenants to take action to amend its budget as soon as reasonably practicable so as to budget and appropriate an amount from the Available Non Ad Valorem Revenues sufficient to pay such debt service on the Note and such other amounts. The covenant to budget and appropriate does not create a lien upon or pledge of the Non Ad Valorem Revenues. Such covenants to budget and appropriate from Available Non Ad Valorem Revenues shall be cumulative to the extent not paid and shall continue until Available Non Ad Valorem Revenues sufficient to make all required payments have been budgeted, appropriated and used to pay such debt service on the Note and such other amounts. Notwithstanding the foregoing covenant, the City does not covenant to maintain any service or programs now provided or maintained by the City which generate Non Ad Valorem Revenues. Section 3,07 Officers and Employees of the City Exempt from Personal Liability. No recourse under or upon any obligation, covenant or agreement of this Loan Agreement or the Note or for any claim based hereon or thereon or otherwise in respect thereof, shall be had against any officer, agent or employee, as such, ofthe City past, present or future, it being expressly understood (a) that the obligation ofthe City under this Agreement and under the Note is solely a corporate one, limited as provided in the preceding Section 3.06, (b) that no personal liability whatsoever shall attach to, or is or shall be incurred by, the officers, agents, or employees, as such, of the City, or any ofthem, under or by reason of the obligations, covenants or agreements contained in this Agreement or implied therefrom, and (c) that any and all such personal liability of, and any and all such rights and claims against, every such officer, agent, or employee, as such, of the City under or by reason of the obligations, covenants or agreements contained in this Agreement and under the Note, or implied therefrom, are waived and released as a condition of, and as a consideration for, the execution of this Agreement and the issuance of the Note on the part of the City. Section 3.08. Business Days. In any case where the due date of interest on or principal of the Note is not a Business Day, then payment of such principal or interest need not be made on such date but may be mad.e on the next succeeding Business Day, provided that credit for payments made shall not be given until the payment is actually received by the Bank. Section 3.09. Tax Representations, Warranties and Covenants of the City. (a) The City hereby covenants and represents that it has taken and caused to be taken and shall make and take and cause to be made and taken all actions that may be required of it for the interest on the Note to be and remain excluded from the gross income of the Bank for federal income tax purposes to the extent set forth in the Code, and that to the best of its knowledge it has not taken or permitted to be taken on its behalf, and covenants that to the best of its ability and within its control, it shall not make or take, or permit to be made or taken on its behalf, any action which, if made or taken, would adversely affect such exclusion under the provisions of the Code, -7-