Ordinance 2010-348 - Laserfiche WebLink

Home Browse Search

.... and the amount of principal shall be paid (i) in case the entire unpaid balance of the principal of this Bond is to be paid, upon presentation and surrender of this Bond to the office of the Paying Agent (the designated corporate trust office, if the Paying Agent is not the City's Finance Department), and (ii) in case only part of the unpaid balance of principal of this Bond is to be paid, upon presentation of this Bond at the office of the Paying Agent (the designated corporate trust office, if the Paying Agent is not the City's Finance Department) for notation thereon of the amount of principal then paid or for issuance of a replacement Bond in the principal amount not redeemed. Notwithstanding the provisions of clause (ii) above, so long as this Bond shall be registered in the name of the Bank, a partial prepayment may be effected by payment to the Bank of the principal without surrender of this Bond. If, on the prepayment date, funds for the payment of the principal amount to be prepaid shall have been provided to the Paying Agent, as above provided, then from and after the prepayment date interest on such principal amount of this Bond shall cease to accrue. If said funds shall not have been so paid on the prepayment date with respect to principal and on the next succeeding Payment Date with respect to interest, the principal amount of this Bond shall continue to bear interest until payment thereof THIS BOND SHALL NOT BE AND SHALL NOT CONSTITUTE AN INDEBTEDNESS OF THE CITY WITHIN THE MEANING OF ANY CONSTITUTIONAL, STATUTORY, CHARTER OR OTHER LIMITATIONS OF INDEBTEDNESS BUT SHALL BE SECURED SOLELY BY AND PAYABLE FROM THE PLEDGED REVENUES AND BY A COVENANT BY THE CITY TO APPROPRIATE IN ITS ANNUAL BUDGET, BY AMENDMENT, IF NECESSARY, FROM NON-AD VALOREM REVENUES LA WFULL Y AVAILABLE IN EACH FISCAL YEAR, AMOUNTS SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST DUE ON THIS BOND IN ACCORDANCE WITH ITS TERMS DURING SUCH FISCAL YEAR. NO HOLDER OF THIS BOND SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF AD V ALOREM TAXING POWER OF THE CITY, OR TAXATION IN ANY FORM OF ANY REAL PROPERTY THEREIN TO PAY THE BOND OR THE INTEREST THEREON. The terms and provisions of the Ordinance are incorporated in this Bond as though such terms and provisions have been set out in full herein. Auth. the Issuance of a Stormwater Utility Rev. Bond 3 Series 2010 $3,500,000 MIA 181,312,776v4 7-8-10