Ordinance 2010-348 - Laserfiche WebLink

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have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida and the Charter of the City applicable thereto, and that the issuance of this Bond, is in full compliance with all constitutional or statutory limitations or provisions. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Ordinance until the certificate of authentication hereon shall have been signed by an authorized officer of the Registrar. Except in the event of a Determination of Taxability (as defined in the Ordinance) or as hereinafter described, this Bond shall bear interest at the Interest Rate set forth above. Any amount due under this Bond not paid when due shall bear interest at a default rate equal to the interest rate on this Bond plus 20% per annum from and after five (5) days after the due date, as set forth in Section 2.7 of the Ordinance. Upon the occurrence of a Determination of Taxability, this Bond shall bear interest as set forth in Section 2.7 of the Ordinance. The City shall pay principal of, sometimes referred to herein as "amortization installments", and interest payments on this Bond on each Payment Date, commencing November 1, 2010, as set forth in Schedule A to this Bond. All previously unpaid principal of the 2010 Bond and all previously accrued and unpaid interest on the 20 I 0 Bond shall be payable on the Maturity Date. The principal of and interest on this Bond shall be secured solely by and payable from the Pledged Revenues (as defined in the Ordinance) and by a covenant by the City to appropriate in its annual budget, by amendment, if necessary, from Non-Ad Valorem Revenues (as defined in the Ordinance) lawfully available in each Fiscal Year (as defined in the Ordinance), amounts sufficient to pay the principal of and interest due on this Bond in accordance with its terms during such Fiscal Year. The City may prepay this Bond in whole, but not in part, on any Payment Date by paying to the registered holder all of the principal amount of this Bond, together with the unpaid interest accrued thereon, plus a premium of I % of the principal amount being prepaid. In addition, the City may apply unspent proceeds of this Bond to prepay this Bond in part on any Payment Date by paying to the registered holder the principal amount of this Bond to be so prepaid, together with the unpaid interest accrued thereon, without premium or penalty, provided however that the City may exercise the right of prepayment set forth in this paragraph no more than one time. Each prepayment shall be made on such date and in such principal amount as shall be permitted under this Ordinance and specified by the City in a written notice delivered to the registered owner not less than ten (10) days prior thereto. If such prepayment shall be for only a portion of the unpaid principal balance of this Bond, such prepayment shall be applied against the obligation of the City to pay future amortization installments on this Bond in the inverse order in which such amortization installments shall become due. Notice having been given as aforesaid, the principal amount stated in such notice shall become due and payable on the prepayment date stated in such notice; Auth. the Issuance of a Stormwater Utility Rev. Bond 2 Series 2010 $3,500,000 MIA 181,312,776v4 7-8-10