Res 1995-121 - Laserfiche WebLink

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(DZør; V' Bonds, the City is authorized to enter into an agreement with , which shall be substantially in the fonn attached hereto as Exhibit A, the terms and provisions of which are hereby approved, subject to such insertions, additions, and modifications as shall be necessary to carTY out the intents and purposes of this Ordinance and to comply with applicable laws and regulations; the Mayor of the City is hereby authorized and directed to execute and deliver such agreement on behalf of the City in multiple counterparts; and the City Secretary of the City is hereby authorized and directed to attest and affix the City's sc:al thereto; provided, however, that any interest due on any repayment obligation of the City under any such agreement providing Surety, by reason of payments made under any Surety Policy or Policies, may not exceed the highest lawful rate of interest which may be paid by the City at the time of the delivery of such Surety Policies. In consideration of the issuance of the Surety Policy, the City covenants and agrees with the Surety as follows: (a) The City shall withdraw any cash that may be on deposit in the Reserve Fund to be applied pro rata to the payment of amounts then coming due on all outstanding Parity Revenue Obligations prior to any demand for payment under a Surety Policy for the Reserve Fund. (b) In the event that Surety Policies have been issued by more than one Surety to satisfy the requirements of Section 8.03(30), the City shall draw pro rata on each of such Surety Policies to the extent required to make payments of amounts then coming due on outstanding Parity Revenue Obligations. (c) The Director of Finance of the City or other appropriate City official shall deliver any draw for payment in the fonn required under a Surety Policy to the Surety at least three days prior to the date on which such funds are to be required by the City. (d) The City shall pay from available Net Revenues any repayment obligations (including interest) incurred by the City to a Surety that has issued a Surety Policy, the payment of which will result in the reinstatement of such Surety Policy, prior to making any cash deposits that may be required to be made to the Reserve Fund pursuant to the provisions of Section 8.03(a), in order to restore the balance in the such Fund to the amount then required to be on deposit. (e) The Director of Finance of the City or other appropriate City official shall maintain adequate records, verified with each Surety issuing a Surety Policy, as to the amount available to be drawn at any given time under' such Surety Policy and as to the repayment obligation paid and owing to such Surety. ~ (t) The City may not discharge the provisions of this Ordinance until all repayment obligations (including interest) owed to any Surety have been paid or provision has been made for such payment. (g) The City shall not call any outstanding Parity Revenue Obligations for optional redemption pursuant to this Ordinance until all repayment obligations to any Surety that has issued a Surety Policy for the Reserve Fund have been paid. (h) The covenants and agreements contained in paragraphs (a) through (g) of this Section 14.01 may not be amended or waived without the prior written consent of the Surety. ***