Ordinance 2010-348 - Laserfiche WebLink

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I . the moneys on deposit in the 2010 Debt Service Fund shall remain on deposit in the 2010 Debt Service Fund and be used in the same manner as other moneys on deposit therein. (c) Disposition of Pledged Revenues and Non-Ad Valorem Revenues. Not later than one business day prior to each Payment Date, the City shall deposit in the 2010 Debt Service Fund the proceeds of the Stormwater Utility Fee in an amount sufficient to the principal of and interest becoming due on the 2010 Bond on such Payment Date; provided, however, that such deposit shall not be required to be made to the extent that moneys on deposit in the 2010 Debt Service Fund are sufficient for such purpose. The City covenants to deposit, not less than one business day prior to the Maturity Date, the proceeds of the Stormwater Utility Fee (or other legally available moneys) into the 2010 Debt Service Fund in an amount sufficient to pay the outstanding principal of and interest on the 2010 Bond. To the extent the proceeds of the Stormwater Utility Fee shall be insufficient to make any deposit into the 2010 Debt Service Fund when required under this Section 3.3(c), the City shall remedy such insufficiency to the extent that Non-Ad Valorem Revenues are available for such purpose to the extent set forth in Section 3.8 of this Ordinance. (d) Charge of Storm water Utility Fee. Without the prior written consent of the holder of the 2010 Bond, the City will not repeal, amend or modify the Stormwater Utility Ordinance in any manner so as to (i) impair or adversely affect the power and obligation of the City to impose and collect the Stormwater Utility Fee, (ii) impair or adversely affect in any manner the pledge of the Stormwater Utility Fee made herein, or impair or adversely affect the obligations of the City under Section 3.8 of this Ordinance. Without the prior written consent of the holder of the 2010 Bond, the City will not change, revise or reduce the Stormwater Utility Fee if, in the opinion of the City Manager, such change, revision or reduction will result in producing less Pledged Revenues unless, in the opinion of the City Manager, such rates, fees and charges as so changed, revised or reduced will produce sufficient Pledged Revenues to comply with the requirements of the next succeeding paragraph. Subject to the foregoing provisions of this Section, from time to time and as often as it shall appear necessary the City shall revise the Stormwater Utility Fee as may be necessary or proper in order that the Pledged Revenues shall at all times be sufficient in each fiscal year of the City to provide 1.35x coverage of the principal and interest requirements on the 2002 Bond, the 2010 Bond and all Parity Obligations. The City covenants that, if the total amount of Pledged Revenues realized in any fiscal year of the City shall be less than the amounts referred to above for such fiscal year, it shall, before the 15th day of November of the following fiscal year, take such actions as shall enable the City to comply with the coverage requirements of this Section during such following fiscal year. (e) Enforcement of Collections. The City will diligently enforce and collect the Stormwater Utility Fee, will take steps, actions and proceedings for the enforcement and collection of such Stormwater Utility Fee as shall become delinquent to the full extent permitted or authorized by law, and will maintain accurate records with respect thereof. Auth. the Issuance of a Stormwater Utility Rev. Bond 15 Series 2010 $3,500,000 MIA 181,312,776v4 7-8-10