Ordinance 2010-348 - Laserfiche WebLink

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Maturity Date thereof. Upon such payment or deposit in the amount and manner provided in this Section 3.6, the 2010 Bond shall no longer be deemed to be outstanding for the purposes of this Ordinance and all liability of the City with respect to the 2010 Bond shall cease, terminate and be completely discharged and extinguished, and the Bondholders shall be entitled for payment solely out of the moneys or securities so deposited. SECTION 3.8 LIMITED OBLIGATIONS. COVENANT TO BUDGET AND APPROPRIATE: (a) The City hereby covenants and agrees to the extent permitted by and in accordance with applicable law and budgetary processes, to prepare, approve and appropriate in its annual budget for each Fiscal Year, by amendment if necessary, Non-Ad Valorem Revenues in an amount which, together with the Pledged Revenues and any other legally available revenues budgeted and appropriated for such purpose, are equal to the principal and interest requirements with respect to the 2010 Bond for the applicable Fiscal Year, plus an amount sufficient to satisfy all other payment obligations of the City under this Ordinance in respect of the 2010 Bond for the applicable Fiscal Year. Non-Ad Valorem Revenues budgeted and appropriated as required under this Section 3.8 shall be deposited into the 2010 Debt Service Fund and applied as required pursuant to Section 3.3(c) of this Ordinance. (b) The obligation of the City pursuant to this Section 3.8 includes an obligation to make amendments to the budget of the City to assure compliance with the terms and provisions hereof. The covenant and agreement on the part of the City to budget and appropriate sufficient amounts of Non-Ad Valorem Revenues shall be cumulative, and shall continue until such Non-Ad Valorem Revenues in amounts, together with the Pledged Revenues and any other legally available revenues budgeted and appropriated for such purposes, sufficient to make all required payments hereunder as and when due, including any delinquent payments, shall have been budgeted, appropriated and actually paid in satisfaction of the obligations of the City under this Ordinance. (c) Nothing contained herein shall preclude the City from pledging any of its Non-Ad Valorem Revenues or other revenues to other obligations (provided, however, the City shall not make any such pledge if as a result the City shall not have sufficient Non-ad Valorem Revenues to pay all of its payment obligations under this Ordinance), nor shall it give the holder of the 2010 Bond a prior claim on the Non-Ad Valorem Revenues until they are actually paid in satisfaction of the obligations of the City under this Ordinance. The City may not expend moneys not appropriated or in excess of its current budgeted revenues. The obligation of the City to budget, appropriate and make payments hereunder from Non-Ad Valorem Revenues is subject to the availability of Non-Ad Valorem Revenues after satisfying funding requirements for obligations having an express lien on or pledge of such revenues and after satisfying funding requirements for essential governmental services of the City. (d) The 2010 Bond shall not constitute a general obligation or general indebtedness of the City within the meaning of the Constitution and laws of the State of Florida. The 2010 Bond does not constitute either a pledge of the full faith and credit of the City or a lien upon any property of the City, except as expressly provided herein. Neither the Bank nor any other Person Auth. the Issuance of a Stormwater Utility Rev. Bond 1 7 Series 2010 $3,500,000 MIA 181,312,776v4 7-8-10