Ordinance 2009-323 - Laserfiche WebLink

Home Browse Search

LOAN AGREEMENT This LOAN AGREEMENT (the "Agreement") is made and entered into as of June 8, 2009, and is by and between the City of Sunny Isles Beach, Florida, a municipal corporation of the State of Florida, and its successors and assigns (the "City"), and Bank of America, N.A., a national banking association, and its successors and assigns, as holder(s) of the hereinafter defined Note (the "Bank"). The parties hereto, intending to be legally bound hereby and in consideration of the mutual covenants hereinafter contained, DO HEREBY AGREE as follows: ARTICLE I DEFINITION OF TERMS Section 1.01 Definitions. The words and terms used in this Agreement shall hilVe the meanings as set forth in the recitals above and the following words and terms as used in this Agreement shall have the following meanings: "Agreement" shall mean this Loan Agreement and any and all modifications, alterations, amendments and supplements hereto made in accordance with the provisions hereof. "A vailable Non Ad Valorem Revenues" means all Non Ad Valorem Revenues other than (i) any revenues which are restricted by a contract in existence on the date hereof, or created subsequent to the date hereof in connection with the incurrence of debt permitted by Section 3 .02(b) hereof, from being used to pay principal and interest on the Note, (ii) any revenues which are prohibited by a general or special law of the State in existence on the date hereof from being used to pay principal and interest on the Note and (iii) any source of Non Ad Valorem Revenue which is created after the date hereof and which is prohibited by a general or special law of the State from being used to pay principal and interest on the Note. "Bond Counsel" means an attorney-at-law or firm of such attomeys having expertise in the legal aspects of the issuance of indebtedness by states and political subdivisions thereof. "Budgeted Revenues" means, to the extent provided in Section 3.06 hereof, the Available Non Ad Valorem Revenues. "Business Day" means any day except any Saturday or Sunday or day on which the Principal Office of the Bank is lawfully closed. "Closing Date" means the date so indicated in the Note, "Code" means the Internal Revenue Code of 1986, as amended, and any Treasury Regulations, whether temporary, proposed or final, promulgated thereunder or applicable thereto. "Costs" means, with respect to the Project, any lawful expenditure of the City which meets the further requirements of this Agreement.