Ordinance 2012-384 - Laserfiche WebLink

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EXHIBIT "A" TO LOAN AGREEMENT FORM OF BOND April_,2012 $ I 0,000,000 CITY OF SUNNY ISLES BEACH, FLORIDA CAPITAL IMPROVEMENT REVENUE REFUNDING BOND, SERIES 2012 KNOW ALL MEN BY THESE PRESENTS that the City of Sunny Isles Beach, Florida (the "City"), a municipal corporation created and existing pursuant to the Constitution and the laws of the State of Florida, for value received, promises to pay from the sources hereinafter provided, to the order of Branch Banking and Trust Company, or registered assigns (hereinafter, the "Bank" or the "Holder"), the principal sum of $10,000,000, together with interest on the principal balance outstanding at the rate of 2.00% per annum (subject to adjustment as hereinafter provided), based upon a year of 360 days consisting of twelve 3D-day months. [Payments shall be made by auto debit of the City's account with the Bank] designated as the Bond Fund in the Loan Agreement mentioned hereinafter, in immediately available funds by no later than 2:00 p.m. on the date due, free and clear of any defenses, set-off, counterclaims, or withholdings or deductions for taxes. Principal of and interest on this Bond are payable in lawful money of the United States of America at such place as the Bank may designate to the City. The principal on this Bond shall be due and payable on November 1 of each year (each, a "Bond Payment Date"), beginning November 1,2013, through and including November 1,2022 (the "Maturity Date") in the amounts set forth on the payment schedule attached hereto. Interest on this Bond shall be due and payable on each Bond Payment Date (as defined in the Loan Agreement), beginning November 1,2012, through and including the Maturity Date. The entire unpaid principal balance, together with all accrued and unpaid interest hereon, shall be due and payable in full on the Maturity Date. All payments by the City pursuant to this Bond shall apply first to accrued interest, then to other charges due the Bank, and the balance thereof shall apply to the principal sum due. For purposes of this Bond, the following definitions shall apply: "Determination of Taxability" means, with respect to this Bond, any of the following: (1) the holder of this Bond or the City receives a written claim or assertion from the Internal Revenue Service, including an agent's report or notice of proposed adjustment, to the effect that interest on this Bond is includable in the gross income of the owner thereof for federal income tax purposes which claim or assertion is not being disputed in good faith, or A-I MIA 182,397,885vI3-5-12