Ordinance 2010-348 - Laserfiche WebLink

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(f) Budget and Other Financial Information. The City shall provide the holder of the 2010 Bond with a copy of its audited general purpose financial statements within 150 days of the close of each fiscal year during which the 2010 Bond shall remain outstanding. The City Manager or the Finance Director shall also certify to the holder of the 2010 Bond at that time that the City is not then in default of its obligations under this Ordinance, or, if the City shall then be in default, shall explain in writing the nature of such default, the steps being taken by the City to cure such default and the estimated time by which such default will be cured. The City shall demonstrate in each annual budget that there are sufficient proceeds of the Stormwater Utility Fee to pay the principal of and interest on the 2010 Bond coming due in the fiscal year covered by such annual budget. The City shall provide the holder of the 2010 Bond with a copy of its approved annual budget within 30 days after the final adoption thereof and with such other financial information regarding the City as the Bank may reasonably request. SECTION 3.4 REMEDIES OF BONDHOLDER. Should the City default in any obligation created by this Ordinance, the Bondholder may, in addition to any remedy set forth in this Ordinance, either at law or in equity, by suit, action, mandamus or other proceeding in any court of competent jurisdiction, protect and enforce any and all rights under the laws of the State of Florida, or granted and contained in this Ordinance, and may enforce and compel the performance of all duties required by this Ordinance, or by any applicable statutes to be performed by the City or by any officer thereof. The City hereby agrees with the Bondholder that the filing of any bankruptcy or insolvency under any federal or state law by or against the City which is not dismissed with prejudice within 30 days of such filing shall give the Bondholder the right to exercise any of the remedies provided to them under this Section 3.4. SECTION 3.5 APPLICATION OF 2010 BOND PROCEEDS. The proceeds of the 2010 Bond shall be used to provide permanent financing for the costs of the Project, including the payment of costs associated with the issuance of the 2010 Bond. SECTION 3.6 DISCHARGE AND SATISFACTION OF 2010 BOND. The covenants, liens and pledges entered into, created or imposed pursuant to this Ordinance may be fully discharged and satisfied with respect to the 2010 Bond in anyone or more of the following ways: (a) by paying in full the principal of and interest on the 2010 Bond when the same shall become due and payable; or (b) by depositing in the 2010 Debt Service Fund or such other accounts as the City may hereafter create and establish by ordinance moneys sufficient at the time of such deposit to pay the 2010 Bond and all interest thereon as the same become due on said 2010 Bond on or prior to the maturity date thereof; or (c) by depositing in the 2010 Debt Service Fund or such other accounts as the City may hereafter create and establish by ordinance( which 2010 Debt Service Fund or other account and all moneys and securities deposited therein shall be irrevocably pledged to the Bondholders for the payment of the 2010 Bond and all interest thereon) moneys which, when invested in Defeasance Obligations, will provide moneys which shall be sufficient to pay the 20 I 0 Bond and, all interest thereon as the same shall become due on said 2010 Bond on or prior to the Auth. the Issuance of a Storm water Utility Rev. Bond 16 Series 2010 $3,500,000 MIA 181,312,776v4 7-8-10