Ordinance 2012-384 - Laserfiche WebLink

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Any amount due under this Bond not paid when due shall bear interest at a default rate equal to the interest rate on this Bond plus 2% per annum from and after five (5) days after the due date. The City shall be entitled to prepay this Bond prior to maturity in whole on any Bond Payment Date on or after November 1,2012, at a redemption price equal to the principal amount to be redeemed, plus a premium equal to I % thereof, plus accrued interest to the date of prepayment, upon written notice to the Holder given by the City not less than two (2) Business Days prior to the date fixed for prepayment. The City to the extent permitted by law hereby waives presentment, demand, protest and notice of dishonor. This Bond is issued pursuant to (a) an Ordinance duly adopted by the City Commission of the City on April_, 2012 (the "Ordinance"), which authorized the issuance of this Bond and directed that the proceeds of this Bond, together with other available funds of the City, be applied for the purposes of: (i) refinancing a loan made by the Florida Municipal Loan Council from proceeds of its Revenue Bonds, Series 2002-C, outstanding in the principal amount of $11,510,000 as of April I, 20 I 2, the proceeds of which were applied to finance the construction of the Sunny Isle Beach Government Center; and (ii) paying costs of issuance of the Bond and of refunding the Prior Loan, and (b) a Loan Agreement, dated of even date herewith, between the City and the Bank (the "Loan Agreement"), and is subject to all the terms and conditions of the Loan Agreement. All terms, conditions and provisions of the Loan Agreement are by this reference thereto incorporated herein as a part of this Bond. Terms used herein in capitalized form and not otherwise defined herein shall have the meanings ascribed thereto in the Loan Agreement. The City has covenanted and agreed in the Loan Agreement to appropriate in its annual budget, by amendment, if necessary, from Non-Ad Valorem Revenues lawfully available in each Fiscal Year, amounts sufficient to pay the principal and interest due on the Bond in accordance with its terms during such Fiscal Year. "Non-Ad Valorem Revenues" means all revenues of the City derived from any source other than ad valorem taxation on real or personal property which the City derived from any source other than ad valorem taxation on real or personal property which are legally available to make the payments required under the Loan Agreement; but only after provision has been made by the City for the payment of all essential or legally mandated services. Such covenant and agreement on the part of the City to budget and appropriate such amounts of Non-Ad Valorem Revenues shall be cumulative to the extent not paid, and shall continue until such Non-Ad Valorem Revenues or other legally available funds in amounts sufficient to make all such required payments shall have been budgeted, appropriated and actually paid. Notwithstanding the foregoing covenant of the City, the City does not covenant to maintain any services or programs, now provided or maintained by the City, which generate Non-Ad Valorem Revenues. Such covenant to budget and appropriate does not create any lien upon or pledge of such Non-Ad Valorem Revenues, nor does it preclude the City from pledging in the future its Non-Ad Valorem Revenues, nor does it require the City to levy and collect any particular Non-Ad Valorem Revenues. The Bank acknowledges that it may not have a prior claim on the Non-Ad A-3 MfA 182.397,885vl 3-5-12