Ordinance 2012-384 - Laserfiche WebLink

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Section 3.5. Covenant to Budget and Appropriate; Limited Obligations. (a) The City hereby covenants and agrees to the extent permitted by and in accordance with applicable law and budgetary processes, to prepare, approve and appropriate in its annual budget for each Fiscal Year, by amendment if necessary, Non-Ad Valorem Revenues in an amount which, together with any other legally available revenues budgeted and appropriated for such purpose, are equal to the principal and interest requirements with respect to the Bond for the applicable Fiscal Year, plus an amount sufficient to satisfy all other payment obligations of the City under this Agreement and the Ordinance in respect of the Bond for the applicable Fiscal Year. Non-Ad Valorem Revenues budgeted and appropriated as required under this Section 3.5 shall be deposited into the Bond Fund and applied as required pursuant to Section 6. I of this Ordinance. (b) The obligation of the City pursuant to this Section 3.5 includes an obligation to make amendments to the budget of the City to assure compliance with the terms and provisions hereof. The covenant and agreement on the part of the City to budget and appropriate sufficient amounts of Non-Ad Valorem Revenues shall be cumulative, and shall continue until such Non-Ad Valorem Revenues in amounts, together with any other legally available revenues budgeted and appropriated for such purposes, sufficient to make all required payments hereunder as and when due, including any delinquent payments, shall have been budgeted, appropriated and actually paid in satisfaction of the obligations of the City under this Agreement and the Ordinance. (c) Nothing contained herein shall preclude the City from pledging any of its Non-Ad Valorem Revenues or other revenues to other obligations (provided, however, the City shall not make any such pledge if as a result the City shall not have sufficient Non-ad Valorem Revenues to pay all of its payment obligations under this Ordinance), nor shall it give the holder of the Bond a prior claim on the Non-Ad Valorem Revenues until they are actually paid in satisfaction of the obligations of the City under this Ordinance. The City may not expend moneys not appropriated or in excess of its current budgeted revenues. The obligation of the City to budget, appropriate and make payments hereunder from Non-Ad Valorem Revenues is subject to the availability of Non-Ad Valorem Revenues after satisfying funding requirements for obligations having an express lien on or pledge of such revenues and after satisfying funding requirements for essential governmental services of the City. (d) The Bond shall not constitute a general obligation or general indebtedness of the City within the meaning of the Constitution and laws of the State of Florida. The Bond does not constitute either a pledge of the full faith and credit of the City or a lien upon any property of the City, except as expressly provided herein. Neither the Bank nor any other Person shall ever have the right to compel the exercise of any taxing power of the City or any other public authority or governmental body to pay the principal of, or the interest on, the Bond or to pay any other amounts required to be paid pursuant to this Ordinance or the Bond or to maintain or continue any of the activities of the City that generate user service charges, regulatory fees or any other Non-Ad Valorem Revenues. Section 3.6. Prellavment. The City shall be entitled to prepay the Bond prior to maturity in whole on any Bond Payment Date on or after November 1,2012, at a redemption price equal to the principal amount to be redeemed, plus a premium equal to I % thereof, plus 7 MIA 182,397.885vl 3-5-12