Ordinance 2010-348 - Laserfiche WebLink

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SECTION 2.1 AUTHORIZATION OF 2010 BOND: APPLICATION OF PROCEEDS. Subject and pursuant to the provisions of this Ordinance, an obligation of the City of Sunny Isles Beach, Florida, to be known as its "Stormwater Utility Revenue Bond, Series 2010" is hereby authorized to be issued in the aggregate principal amount of not exceeding Three Million Five Hundred Thousand Dollars ($3,500,000) for the purpose of financing the costs of the Project. Upon completion of the Project, the City shall either apply any unspent proceeds of the 2010 Bond to redeem a portion of the 2010 Bond in the manner set forth in Section 2.2(t) of this Ordinance or to pay interest on the 2010 Bond on the next Payment Date. SECTION 2.2 DESCRIPTION OF 2010 BOND. (a) The text of the 2010 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. (b) The 20 I 0 Bond (initially issued in one (1) typewritten certificate) shall be dated the date of initial issuance. Unless the interest rate on the 2010 Bond is subject to adjustment pursuant to the provisions of Section 2.7 hereof, the 20 I 0 Bond shall bear interest on the outstanding principal amount of the 2010 Bond from time to time at the Interest Rate. Interest shall be computed on the basis of a 360 day year consisting of twelve 30-day months. Principal of and interest on the 2010 Bond shall be payable in equal installments on each Payment Date commencing July 1, 2011. A schedule ofthe principal of and interest on the Series 2010 Bond is set forth as Schedule A to the form of the 2010 Bond attached as Exhibit A to this Ordinance. All previously unpaid principal of the 2010 Bond and all previously accrued and unpaid interest on the 2010 Bond shall be payable on the Maturity Date. The 2010 Bond shall be issued in registered form. (c) Principal of and interest on the 2010 Bond shall be payable at the office of the Paying Agent (the designated corporate trust office of the Paying Agent if the City's Finance Department is not the Paying Agent). The 2010 Bond shall be numbered in such manner as may be prescribed by the Registrar. (d) The 2010 Bond shall be payable, with respect to interest and principal, in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. (d) The City may prepay the 2010 Bond in whole, but not in part, on any Payment Date by paying to the registered holder all of the principal amount of the 2010 Bond, together with the unpaid interest accrued thereon, plus a premium of 1 % of the principal amount being prepaid. (t) In addition, the City may apply unspent proceeds of the 2010 Bond to prepay the 2010 Bond in part on any Payment Date by paying to the registered holder the principal amount of the 2010 Bond to be so prepaid, together with the unpaid interest accrued thereon, without premium or penalty, provided however that the City may exercise the right of prepayment set forth in this paragraph no more than one time. Auth. the Issuance of a Storm water Utility Rev. Bond 9 Series 2010 $3,500,000 MIA 181,312,776v4 7-8-10