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Ordinance 2010-348
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Ordinance 2010-348
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Last modified
9/30/2010 10:48:12 AM
Creation date
9/30/2010 10:48:02 AM
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CityClerk-Ordinances
Ordinance Number
2010-348
Date (mm/dd/yyyy)
07/27/2010
Description
$3.5 Million Loan from BB&T/Stormwater Utility Revenue Bond, Series 2010
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<br />For all purposes of this Ordinance, a Determination of Taxability shall be deemed to <br />occur with respect to the 2010 Bond on the date as of which the interest on the 2010 Bond is <br />deemed includable in the gross income of holder of the 2010 Bond. <br /> <br />G) "Fiscal Year" shall mean a fiscal year of the City commencing on October 1 and <br />ending on the following September 30. <br /> <br />(k) "Interest Rate" shall mean the rate of interest per annum equal to 4.02%. <br /> <br />(1) "Maturity Date" shall mean, with respect to the unpaid principal of and interest on <br />the 2010 Bond, August 1, 2025. <br /> <br />(m) "Non-Ad Valorem Revenues" means all revenues of the City derived from any <br />source other than ad valorem taxation on real or personal property and which are legally <br />available to make the payments required under this Ordinance in respect of the 2010 Bond; but <br />only after the payment of services and programs which are for essential public purposes affecting <br />the health, welfare and safety of the inhabitants of the City or which are legally mandated by <br />applicable law. <br /> <br />(n) "Ordinance" shall mean this Ordinance as the same may from time to time be <br />amended and supplemented in accordance with the terms hereof. <br /> <br />(0) "Owner," "Bondholder" or "registered holder" or any similar term shall mean the <br />Bank or, subject to the provisions of Section 2.4 hereof, any successor registered holder of the <br />2010 Bond, provided that there shall never be more than 1 registered holder at anyone time. <br /> <br />(p) "Parity Obligations" shall mean any notes, bonds or other forms of indebtedness, <br />payable from the Stormwater Utility Fee on parity with the 2002 Bond and the 2010 Bond, <br />whether or not such obligations are issued under this Ordinance. <br /> <br />(q) "Paying Agent" shall mean the City's Finance Department or, if the City <br />Commission shall so determine by subsequent proceeding, any bank or trust company and any <br />successor bank or trust company appointed by the City to act as Paying Agent hereunder. <br /> <br />(r) "Payment Date" shall mean each February, May 1, August 1 and November 1, <br />commencing November 1,2010, the Maturity Date and any date the principal of the 2010 Bond <br />is optionally prepaid in whole or in part. <br /> <br />(s) "Pledged Revenues" shall mean all moneys derived from Stormwater Utility Fee <br />and all moneys required to be deposited in the 20 I 0 Debt Service Fund in accordance with the <br />provisions of this Ordinance. <br /> <br />(t) "Registrar" shall mean the City's Finance Department or, if the City Commission <br />shall so determine by subsequent proceeding, any bank or trust company and any successor bank <br />or trust company appointed by the City to act as Registrar hereunder. <br /> <br />Auth. the Issuance of a Stormwater Utility Rev. Bond 7 <br />Series 2010 $3,500,000 <br />MIA 181,312,776v4 7-8-10 <br />
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