Ordinance 2012-384 - Laserfiche WebLink

Home Browse Search

on each Bond Payment Date to the payment of principal of and interest on the Bond coming due on each such date. Section 6.2. Funds. Each of the funds and accounts herein established and created shall constitute trust funds for the purposes provided herein for such funds and accounts respectively. The money in such funds and accounts shall be continuously secured in the same manner as deposits of City funds are authorized to be secured by the laws of the State of Florida. The designation and establishment of the funds and accounts in and by this Agreement shall not be construed to require the establishment of any completely independent, self-balancing funds, as such term is commonly defined and used in governmental accounting, but rather is intended solely to constitute an earmarking of certain revenues and assets of the City for the purposes herein provided and to establish certain priorities for application of such revenues and assets. Section 6.3. Rebate Fund and Rebate Covenants. There is hereby created and established a fund to be held by the City, designated the "City of Sunny Isles Beach Capital Improvement Revenue Refunding Bond, Series 2012 Rebate Fund" (the "Rebate Fund"). The Rebate Fund shall be held by the City separate and apart from all other funds and accounts held by the City under this Agreement and from all other moneys of the City. Notwithstanding anything in this Agreement to the contrary, the City shall transfer to the Rebate Fund the amounts required to be transferred in order to comply with the Tax Certificate or the Rebate Covenants, if any, attached as an Exhibit to the Tax Certificate to be delivered by the City on the date of delivery of the Bond (the "Rebate Covenants"), when such amounts are so required to be transferred. The City Manager shall make or cause to be made payments from the Rebate Fund of amounts required to be deposited therein to the United States of America in the amounts and at the times required by the Rebate Covenants. The City covenants for the benefit of the Holders that it will comply with the Rebate Covenants. The Rebate Fund, together with all moneys and securities from time to time held therein and all investment earnings derived therefrom, shall be excluded from the pledge and lien of this Agreement. The City shall not be required to comply with the requirements of this Section 6.3 in the event that the City obtains and opinion of Bond Counsel that (i) such compliance is not required in order to maintain the federal income tax exemption of interest on the Bond and/or (ii) compliance with some other requirement is necessary to maintain the federal income tax exemption of interest on the Bond. ARTICLE VII SPECIAL COVENANTS Section 7.1. Financial Statements. The City shall provide the holder of the Bond with a copy of its audited general purpose financial statements within 150 days of the close of each fiscal year during which the Bond shall remain outstanding. The City Manager or the Finance Director shall also certify to the holder of the Bond at that time that the City is not then in default of its obligations under this Ordinance or its obligations under any ordinance authorizing Parity Obligations, or, if the City shall then be in default, shall explain in writing the nature of such default, the steps being taken by the City to cure such default and the estimated time by which 12 MfA 182.397.885vl 3-5-12