Laserfiche WebLink
<br />Section 4.01 Representations and Warranties. The representations and warranties set forth <br />in this Agreement and the Note are and shall be true and correct on and as ofthe date hereof and as <br />of the date of each Advance. <br /> <br />Section 4.02 No Default. On the date hereof, and as of the date of each Advance, the City <br />shall be in compliance with all the terms and provisions set forth in this Agreement and the Note on <br />its part to be observed or performed, and no Event of Default nor any event that, upon notice or lapse <br />of time or both, would constitute such an Event of Default, shall have occurred and be continuing <br />at such time. <br /> <br />Section 4.03 Supporting Documents. On or prior to the date hereof, the Bank shall have <br />received the following supporting documents, all of which shall be satisfactory in form and <br />substance to the Bank (such satisfaction to be evidenced by the purchase ofthe Note by the Bank): <br /> <br />(a) the opinion of the attorney for the City or bond counsel to the City, regarding the due <br />authorization, execution, delivery, validity and enforceability of the Ordinance, this Agreement and <br />the Note; <br /> <br />(b) the opinion of counsel to the Bank to the effect that, (1) the interest on such Note is <br />excluded from gross income for federal income tax purposes and such Note is not an item of tax <br />preference under Section 57 of the Code, (2) the Note and the income thereon are exempt from the <br />Florida excise tax on documents and intangible personal property tax and (3) the Note is a QTEO; <br />and <br /> <br />(c) such additional supporting documents as the Bank may reasonably request. <br /> <br />ARTICLE V <br /> <br />FUNDING THE LOAN <br /> <br />Section 5.01 The Loan. The Bank hereby agrees to Loan to the City the Loan Amount on <br />the date hereof and upon the terms and conditions set forth in this Agreement. The City agrees to <br />repay the principal amount borrowed plus interest thereon, upon the terms and conditions set forth <br />in this Agreement and the Note. <br /> <br />Section 5.02 Description and Payment Terms of the Note. To evidence the obligation of <br />the City to repay the Loan, the City shall make and deliver to the Bank the Note in the form attached <br />hereto as Exhibit A. <br /> <br />ARTICLE VI <br /> <br />EVENTS OF DEFAULT <br /> <br />Section 6,01 General. An "Event of Default" shall be deemed to have occurred under this <br />Agreement if: <br /> <br />-10- <br />