Reso 2010-1538 - Laserfiche WebLink

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G) Maintenance of Account with Bank. The City agrees that so long as the Bonds are outstanding, it will maintain a depository account with the Bank with an amount on deposit therein similar to that existing with the Bank on the date hereof. Section 3.2 Bank Fees and Expenses. The City hereby agrees to pay a Bank loan fee in the amount of $2,500 and the fees of counsel to the Bank in connection with the issuance of the Bonds in the amount of $7,500 plus such counsel's reasonable out-of-pocket expenses not to exceed $350, said amounts to be due and payable upon the issuance of the Bonds. Section 3.3 Re2istration and Exchan2e of Bonds; Persons Treated as Owners. So long as the Bonds shall remain unpaid, the City will keep books for the registration and transfer of the Bonds. The Bonds shall be transferable only upon such registration books. The City will transfer the registration of Bonds upon written request of the Bank specifying the name, address and taxpayer identification number of the transferee. The Person in whose name the Bonds shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of principal and interest on the Bonds shall be made only to or upon the written order of such Person. All such payments shall be valid and effectual to satisfy and discharge the liability upon the Bonds to the extent of the sum or sums so paid. Section 3.4 Payment of Principal and Interest. The City promises that it will promptly pay the principal of and interest on the Bonds at the place, on the dates and in the manner provided therein according to the true intent and meaning hereof and thereof, provided that the principal of and interest on the Bonds is secured solely as provided in Section 3.5 hereof, and nothing in the Bonds or in the Ordinance shall be construed as pledging any funds or assets of the City to such payment or authorizing such payment to be made from any other source. The Bonds shall not be or constitute a general obligation or indebtedness of the City within the meaning of the Constitution of Florida, but shall be payable solely from and secured in the manner and to the extent provided in Section 3.5. No Holder shall ever have the right to compel the exercise of the ad valorem taxing power of the City or taxation in any form on any real or personal property to pay such Bonds or the interest thereon, nor shall any Holder be entitled to payment of such principal and interest from any other funds of the City other than the Non-Ad Valorem Revenues, all in the manner and to the extent herein provided. Section 3.5 Covenant to Bud2et and Appropriate. The City hereby covenants and agrees to appropriate in its annual budget, by amendment, if necessary, from Non-Ad Valorem Revenues lawfully available in each Fiscal Year, amounts sufficient to pay the principal and interest due on the Bonds in accordance with their terms during such Fiscal Year. Such covenant and agreement on the part of the City to budget and appropriate such amounts of Non-Ad Valorem Revenues shall be cumulative to the extent not paid, and shall continue until such Non- Ad Valorem Revenues or other legally available funds in amounts sufficient to make all such required payments shall have been budgeted, appropriated and actually paid. Notwithstanding the foregoing covenant of the City, the City does not covenant to maintain any services or programs, now provided or maintained by the City, which generate Non-Ad Valorem Revenues. {MI883440_2} 6