Ordinance 99-72 - Laserfiche WebLink

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America, and, if determined by subsequent proceedings of the City Commission, certificates which evidence ownership of the right to the payment of the principal of, or interest on, such obligations. (w) "Utilities Tax" shall mean the tax imposed by the City on each and every purchase in the City of electricity (as defined in the Utilities Tax Ordinance). Said term shall also apply to all taxes imposed by the City on the purchase of electricity (as defined in the Utilities Tax Ordinance), whether levied in the amounts prescribed by the Utilities Tax Ordinance or in any other amounts and whether imposed either by amendment to the Utilities Tax Ordinance or otherwise. (x) "Utilities Tax Ordinance" shall mean all proceedings imposing the Utilities Tax, including Ordinance No. 97-3 of the City adopted on September 11, 1997, as the same may be amended from time to time, and every supplementary ordinance or other ordinance in lieu thereof as may hereafter be adopted. Words importing singular number shall include the plural number and vice versa, as the case may be, and words importing persons shall include firms and corporations. SECTION 1.4 ORDINANCE CONSTITUTES CONTRACT. In consideration of the acceptance of the 1999 Bond authorized to be issued hereunder by those who shall own the same from time to time, this Ordinance shall be deemed to be and shall constitute a contract between the City and the Bondholder and the covenants and agreements herein and therein set forth to be performed by said City shall be for the benefit, protection and security of the Bondholders ARTICLE II AUTHORIZATION, TERMS, EXECUTION AND REGISTRATION OF 1999 Bond SECTION 2.1 AUTHORIZATION OF 1999 BOND. Subject and pursuant to the provisions of this Ordinance, an obligation of the City of Sunny Isles Beach, Florida, to be known as its "Utilities Tax Revenue Bond, Series 1999" is hereby authorized to be issued in the aggregate principal amount of not exceeding One Million Dollars ($1,000,000) for the purpose of financing the costs of the 1999 Project. SECTION 2.2 DESCRIPTION OF 1999 BOND. The text of the 1999 Bond shall be substantially in the form attached hereto as Exhibit A with such omissions, insertions and variations as may be necessary and desirable, as evidenced by the City's execution thereof. The 1999 Bond (initially issued in one (1) typewritten certificate) shall be dated the date of initial issuance. Unless the interest rate on the 1999 Bond is converted to the Prime Rate or is otherwise subject to adjustment pursuant to the provisions of Section 2.7 hereof, the 1999 Bond shall bear interest on the outstanding principal amount of the 1999 Bond from time to time at the Interest Rate. Principal of and interest on the 1999 Bond shall be payable in equal installments on each quarterly Payment Date commencing October 1, 1999. All previously unpaid principal of the 1999 Bond and all previously accrued and unpaid interest on the 1999 Bond shall be payable on the Maturity Date. The 1999 Bond shall be issued in registered form. 7