Ordinance 2011-375 - Laserfiche WebLink

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B) Issuer shall submit annual financial statements within 210 days of fiscal year end, together with an annual budget within 30 days of adoption, together with any other information the Bank may reasonably request. C) Issuer shall be required to deliver a written opinion from Issuer's Counsel, in form and substance acceptable to the Bank and Bank's Counsel, that all documents are valid, binding and enforceable in accordance with their terms, that execution and delivery of said documents has been duly authorized, and addressing such other matters as the Bank and the Bank's Counsel deem appropriate. D) The Issuer shall comply with and agree to such other covenants, terms, and conditions that may be reasonably required by the Bank and its counsel and are customary in non- governmental financings of this nature. These covenants would include, but are not to be limited to, covenants regarding compliance with laws and regulation, remedies in the event of default including but not limited to acceleration and the right of Bank to transfer and assign the Bond. E) The "Bank-Qualified" interest rate quoted herein assumes the obligation is a "qualified tax-exempt obligation" as defined in Section 265(b) (3) of the Internal Revenue Service Code. Receipt of opinion from Bond Counsel in form and substance satisfactory to the Bank, which shall include, without limitation, opinion that the financing is tax-exempt and that the Bond is a qualified tax-exempt obligation under Section 265 (b)(3) of the Internal Revenue Code. F) The Issuer shall agree to have the loan payments collected via ACH Direct Debit from a SunTrust Bank account of their choice G) Additional Indebtedness: No additional indebtedness payable from Non-Ad Valorem Revenues without prior Bank consent unless (i) Available Revenues during most recent two fiscal years equals or exceeds 150% of Maximum Annual Debt Service (MADS) including proposed debt and (ii) MADS including proposed debt will not exceed 20% of governmental funds revenues (defined as revenues from general fund, special fund, debt service fund, and capital projects fund) for the most recent fiscal year end (exclusive of pledged or restricted ad valorem revenues and debt proceeds). H) Debt Service Coverage ratio such that all Non-Ad Valorem revenues less (i) the product of (A) all Non Ad Valorem revenues divided by total revenues of the City (excluding amounts in the enterprise fund), multiplied by (B) the amount of Essential Government Services, and less (ii) revenue pledged to other debt obligations of the City payable from any portion of Non-Ad Valorem revenues, during the prior Fiscal Year is equal to at least 150% of Maximum Annual Debt Service.