Ordinance 2012-384 - Laserfiche WebLink

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(I) Insurance. The City shall maintain such liability, casualty and other insurance as is reasonable and prudent for similarly situated municipal corporations of the State and shall upon the request of the Bank, provide evidence of such coverage to the Bank. (g) Complv with Laws. The City is in compliance with and shall comply with all applicable federal, state and local laws and regulatory requirements. (h) Taxes. In the event the Bond, this Agreement or any other Loan Document should be subject to the excise tax on documents or the intangible personal property tax, or any similar tax, of the State of Florida, the City shall pay such taxes or reimburse the Bank for any such taxes paid by it. (i) Investments. The City shall invest only in obligations permitted by Section 218.415(16), Florida Statutes, as amended, or any successor provision. Section 3.2. Bank Fees and Expenses. The City hereby agrees to pay a Bank loan fee and the fees of counsel to the Bank in connection with the issuance of the Bond in the total amount of$4,000, said amount to be due and payable upon the issuance of the Bond. Section 3.3. Registration and Exchange of Bond; Persons Treated as Owners. So long as the Bond shall remain unpaid, the City will keep books for the registration and transfer of the Bond. The Bond shall be transferable only upon such registration books. The City will transfer the registration of Bond upon written request of the Bank specifying the name, address and taxpayer identification number of the transferee. The Person in whose name the Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of principal and interest on the Bond 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 Bond 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 Bond 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 Bond is secured solely as provided in Section 3.5 hereof, and nothing in the Bond 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 Bond 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 Bond 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. 6 MIA 182.397,885vl 3-5-12