Ordinance 2012-384 - Laserfiche WebLink

Home Browse Search

(a) No Default. On the date hereof the City shall be in compliance with all the terms and provisions set forth in the Loan Documents on its part to be observed or performed, and no Event of Default nor any event that, upon notice or lapse of time or both, would constitute such an Event of Default, shall have occurred and be continuing at such time. (b) Supporting Documents. On or prior to the date hereof, the Bank shall have received the following supporting documents, all of which shall be satisfactory in form and substance to the Bank (such satisfaction to be evidenced by the purchase of the Bond by the Bank): (i) The opinion of the City Attorney or special counsel to the City regarding the due authorization, execution, delivery, validity and enforceability of this Agreement and the Bond, the City's power to incur the debt evidenced by the Bond and the due adoption of the Ordinance; (ii) The opinion of Bond Counsel to the effect that, (A) the interest on the Bond is excluded from gross income for federal income tax purposes, (B) the interest on the Bond is not an item of tax preference under Section 57 of the Code, (C) the Bond is a qualified tax-exempt obligation under Section 265(b)(3) of the Code and (D) the Bond and the income thereon is exempt from the State excise tax on documents; and (iii) Such additional supporting documents as the Bank or its counsel may reasonably request. ARTICLE V THE LOAN; CITY'S OBLIGATION; DESCRIPTION AND PAYMENT TERMS Section 5.1. The Loan. The Bank hereby agrees to loan to the City the amount of $10,000,000 to be evidenced by the Bond, to provide funds to refinance the Prior Loan and to pay closing costs and costs of refunding the Prior Loan, upon the terms and conditions set forth in the Ordinance and in this Agreement. The City agrees to repay the principal amount borrowed plus interest thereon, upon the terms and conditions set forth in the Loan Documents. Section 5.2. Description and Pavment Terms of the Bond. To evidence the Loan, the City shall issue and deliver to the Bank the Bond, substantially in the form attached hereto as Exhibit "A". ARTICLE VI CREATION AND USE OF FUNDS AND ACCOUNTS Section 6.1. Bond Fund. There is hereby created a fund, entitled "City of Sunny Isles Beach, Florida, Capital Improvement Revenue Refunding Bond, Series 2012 Bond Fund" (the "Bond Fund"). There shall be deposited into the Bond Fund on each Bond Payment Date sufficient amounts of Non-Ad Valorem Revenues as specified in Section 3.5(a) hereof, which, together with the amounts already on deposit therein, will enable the City to pay the principal of and interest on the Bond on each Bond Payment Date. Moneys in the Bond Fund shall be applied 11 MIA 182,397.885vl 3-5-12