Res 2017-139/Whisper finance agreement

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0) The foregoing requirements apply to each series of PID Bonds, if any. Section 5.02. Project Fund The City hereby covenants and agrees that if PID Bonds are issued, the Indenture will establish a Project Fund as a separate fund to be held by the Trustee under the Indenture. The portion of the proceeds of the PID Bonds issued to pay Actual Costs of Public Improvements and Bond Issuance Costs shall be deposited upon issuance into separate accounts within the Project Fund. Section 5.03. Denomination, Maturity, Interest, and Security for Bonds (a) Each series of PID Bonds is subject to authorization by the City Council. If authorized, the PID Bonds shall be issued in the denominations, shall mature and be prepaid, shall bear interest, and shall be secured by and payable solely from the PID Bond Security, all to be as described and provided in the PID Bond Ordinance or Indenture, as applicable. (b) The final and adopted versions of the PID Bond Ordinance and the Indenture (and all documents incorporated or approved therein) shall contain provisions relating to the withdrawal, application, and uses of the proceeds of the PID Bonds when and as issued and delivered and otherwise contain such terms and provisions as are mutually approved by the City and Whisper MC. Section 5.04. Sale of PID Bonds The PID Bonds, if issued by the City, may be marketed and sold through a negotiated or privately placed sale to an approved third party or parties with the cooperation and assistance of Whisper MC in all respects with respect to the preparation of marketing documents, such as preliminary and final official statements or in such other marketing and/or sales method mutually agreed upon by the City and Whisper MC. Section 5.05. Named Public Improvements The Public Improvements to be constructed and funded in connection with the PID Bonds are more particularly described on Exhibit "D" attached hereto. Section 5.06. Intentionally Deleted Section 5.07. Assessments from Two or More Series of PID Bonds If the total Special Assessments levied on a particular Parcel within the Project consist of Special Assessments stemming from two or more different series of PID Bonds and an owner of an Assessed Property pays only a portion of the Annual Installment due for such Special Assessments, then such payment will be allocated pro -rata based on the portions of the Annual Installment for each series of PID bonds outstanding. For example, assume that a parcel has 13 WHISPER PID FINANCING AGREEMENT