Ordinance 2012-384 - Laserfiche WebLink

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(4) Financing Documents: It shall be the responsibility of the City to retain and compensate counsel to appropriately structure the financing documents according to Florida State statutes. BB&T shall also require the City to provide an unqualified bond counsel opinion. BB&T and its counsel reserve the right to review and approve all documentation before closing. (5) Security: The financing shall be secured by a covenant of the City to budget and appropriate from legally available non-ad valorem revenues in a sufficient amount for payment of principal and interest when due. ****** BB&T appreciates the opportunity to make this financing proposal and requests to be notified within ten days of Ihis proposal should BB&T be the successful proposer. BB&T shall have the right to cancel this offer by notifying the City of ils eleclion to do so (whether or notlhis offer has previously been accepted by the City) if at any time prior to the closing there is a material adverse change in the City's financial condition, if we discover adverse circumstances of which we are currently unaware, if we are unable to agree on acceptable documentation with the City or if there is a change in law (or proposed change in law) that changes the economic effect of this financing to BB&T. We reserve the right to negotiate and/or terminate our interest in this transaction should we be the successful proposer. Please call me al (803) 251-1328 with your questions and comments or contact Michael C. Smith in our Orlando, FL office al: 255 South Orange A venue Orlando, FL 3280 I Phone: 407.241.3570 Fax: 877.320.4453 Email: mcsmilh@bbandt.com We look forward to hearing from you. Sincerely, BRANCH BANKING AND TRUST COMPANY ~):J. J,d;}- Andrew G. Smith Senior Vice President