Ordinance 2011-375 - Laserfiche WebLink

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ARTICLE VII SPECIAL COVENANTS Section 7.1. Financial Statements. The City shall, upon receipt by the City or within two hundred and ten (210) days of each Fiscal Year end, whichever is sooner, provide the Holder with a printed copy of its Comprehensive Annual Financial Report and a certificate of its City Manager in form and substance satisfactory to the Holder evidencing compliance with the covenant set forth in Section 7.2 below. The City shall provide the Holder with a copy of its annual operating budget within 30 days of final adoption. The City shall also provide to the Holder any other financial information reasonably requested by such Holder. Section 7.2. Coveraf!e Requirement. The City covenants and agrees that it will at all times maintain a coverage ratio such that Available Revenues of the City during the prior Fiscal Year is equal to at least 150% of Maximum Annual Debt Service. For purposes ofthis paragraph and Section 7.3, (a) "Maximum Annual Debt Service" shall mean the maximum amount of principal and interest required in the then current or any future fiscal year to pay all Debt Obligations; (b) "Debt Obligations" shall mean debt service on debt obligations of the City, including the Bond and the Prior Debt, which are secured by or payable from general or specific Non-Ad Valorem Revenues; (c) "Available Revenues" shall mean 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 enterprise funds), multiplied by (B) the amount of "Essential Government Services", and less (ii) revenues pledged to other debt obligations of the City payable from any portion of Non-Ad Valorem Revenues. (d) "Essential Government Services" means those expenses related to General Government Expenditures (as shown on the financial statements of the City) and public safety. Calculations of Non-Ad Valorem Revenues will be based on information derived from the most recently audited Fiscal Year end financial statements. For purposes of calculating Maximum Annual Debt Service, the interest rate to be assumed for indebtedness bearing interest at a variable rate shall be equal the average rate of interest paid by the City with respect to such indebtedness during the twelve (12) months preceding the date of calculation. Section 7.3. Additional Indebtedness. Without the prior written consent of the Bank, which consent may be granted, withheld or made subject to conditions in the Bank's sole discretion, the City shall not hereafter incur any indebtedness payable from any Non-Ad Valorem Revenues (which includes any increases in the outstanding amount under any line of credit or similar arrangement), unless (i) Available Revenues of the City during each of the two Fiscal Years most recently concluded prior to the incurrence of such debt equals or exceeds 150% of the Maximum Annual Debt Service on all Debt Obligations, including the proposed debt, secured by and/or payable from such Available Revenues; and (ii) the Maximum Annual 13 MIA 182,189,515v611-2-11