Ordinance 2011-375 - Laserfiche WebLink

Home Browse Search

there has been no material and adverse change in the financial condition of the City from that presented in such information. ARTICLE III COVENANTS OF THE CITY Section 3.1. Affirmative Covenants. The City covenants, for so long as any of the principal amount of or interest on the Bond is outstanding and unpaid or any duty or obligation of the City hereunder or under any of the other Loan Documents remains unpaid or unperformed, as follows: (a) Use of Proceeds. The City covenants that the proceeds from the Bond will be used only for the purposes of: (i) financing a portion of the costs of development of the Project; (ii) refunding and redeeming the Prior Loan; and (iii) paying costs of issuance of the Bond and of refunding the Prior Loan. The City represents that, as of the date of issuance of the Bond, there are no other bonds or obligations of the City secured by the Pledged Revenues and no other bonds or obligations of the City secured by a covenant to budget and appropriate from Non-Ad Valorem Revenues, other than the Prior Loan and the obligations specified in Exhibit A to this Agreement (such specified obligations being collectively referred to hereinafter as the "Prior Debt"). (b) Notice of Defaults. The City shall within fifteen (15) days after it acquires knowledge thereof, notify the Bank in writing upon the happening, occurrence, or existence of any Event of Default, and any event or condition which with the passage of time or giving of notice, or both, would constitute an Event of Default, and shall provide the Bank with such written notice, a detailed statement by a responsible officer of the City of all relevant facts and the action being taken or proposed to be taken by the City with respect thereto. (c) Records. The City agrees that any and all records of the City shall be open to inspection by the Bank or its representatives at all reasonable times at the offices of the City. (d) Maintain Existence. The City shall do all things lawfully within its power to maintain its existence as a municipal corporation of the State, and shall not voluntarily dissolve. (e) Notice of Liabilities. The City shall promptly inform the Bank of any actual or potential contingent liabilities or pending or threatened litigation of any amount that could reasonably be expected to have a material and adverse effect upon the financial condition of the City. (f) Insurance. The City shall maintain such liability, casualty and other insurance as is reasonable and prudent for similarly situated municipal corporations of the State and shall upon the request of the Bank, provide evidence of such coverage to the Bank. (g) Comply with Laws. The City is in compliance with and shall comply with all applicable federal, state and local laws and regulatory requirements. 5 MIA 182, 189,515v6 11-2-11