Ordinance 2010-348 - Laserfiche WebLink

Home Browse Search

(u) "Tax Certificate" shall mean the Arbitrage Certificate of the City executed on the date of initial delivery of the 2010 Bond. (v) "Taxable Rate" means, with respect to the 2010 Bond, the Interest Rate on the 2010 Bond as adjusted to cause the interest received by the holder of the 2010 Bond, after payment of any increase in tax, to equal the interest the holder of the 2010 Bond would have received in the absence of such change or amendment in the tax laws or regulations. (w) "2002 Ordinance" shall mean Ordinance No. 2002-155 enacted by the City Commission on July 15, 2002. (x) "2010 Bond" shall mean the Stormwater Utility Revenue Bond, Series 2010, authorized by this Ordinance to be issued in a principal amount of $3,500,000. (y) "2010 Debt Service Fund" shall mean the Sunny Isles Beach Stormwater Utility Revenue Bond 2010 Debt Service Fund, created and established pursuant to this Ordinance and which is the fund in which the Pledged Revenues shall be deposited by the City for the payment of the 2010 Bond in accordance with the provisions hereof. (z) "U. S. Obligations" shall mean the direct obligations of, or obligations on which the timely payment of principal and interest are unconditionally guaranteed by the United States of America. (aa) "Stormwater Utility Fee" shall mean the fee assessed against each property within the City for the provision of stormwater service (as described in the Stormwater Utility Ordinance), whether levied in the amounts prescribed by the Stormwater Utility Ordinance or in any other amounts and whether imposed either by amendment to the Stormwater Utility Ordinance or otherwise. (bb) "Stormwater Utility Ordinance" shall mean all proceedings creating the Stormwater Utility System and imposing the Stormwater Utility Fee, including Ordinance No. 99-77 of the City enacted on July 15, 1999, as amended and as the same may be further 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 2010 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 2010 Bond Auth. the Issuance of a Stormwater Utility Rev. Bond 8 Series 2010 $3,500,000 MIA 181,312,776v4 7-8-10