Ordinance 2015-1683 - Laserfiche WebLink

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(a) The interest rate on the Loan; (b) The principal amount of the Loan; (c) The amount of principal of the Loan maturing in any given year and the final maturity of the Loan; (d) The dates on which the principal of and interest on the Loan are paid; (e) The existence and amount of reserve funds for the Loan, if any; and (f) Any other matters described in Section 11- 57- 205(1)(a -i) of the Supplemental Act. The delegation in this Section 3 shall be subject to the following parameters and restrictions: (i) the interest rate on the Loan shall not exceed 3.25 %; (ii) the principal amount of the Loan shall not exceed $43,000,000; and (iii) the final maturity of the Loan shall not be later than December 1, 2037. Section 4. Conclusive Recital. Pursuant to Section 11 -57 -210 of the Supplemental Act, the Bond and the Loan Agreement shall contain a recital that the Bond is issued pursuant to certain provisions of the Supplemental Act. Such recital shall be conclusive evidence of the validity and the regularity of the issuance of the Bond after its delivery for value. Section 5. Ratification and Approval of Prior Actions. All actions heretofore taken by the Mayor, any member of the City Council, officers and employees of the City, not inconsistent with the provisions of this Ordinance, relating to the Financing Documents, or actions to be taken in respect thereof, are hereby ratified, approved, and confirmed. Section 6. Pledge of Revenues. The creation, perfection, enforcement, and priority of the pledge of revenues to secure or pay the Bond and the Loan Agreement provided herein shall be governed by Section 11 -57 -208 of the Supplemental Act and this Ordinance. The amounts pledged to the payment of the Bond and the Loan Agreement shall immediately be subject to the lien of such pledge without any physical delivery, filing, or further act. The lien of such pledge shall have the priority described in the Loan Agreement and, specifically, the lien of such pledge shall be on a parity with the lien of the City's Water and Wastewater Enterprise Revenue Refunding Bonds, Series 2013. The lien of such pledge shall be valid, binding, and enforceable as against all persons having claims of any kind in tort, contract, or otherwise against the City irrespective of whether such persons have notice of such liens. Section 7. Limitation of Actions. Pursuant to Section 11 -57 -212 of the Supplemental Act, no legal or equitable action brought with respect to any legislative acts or proceedings in connection with the Financing Documents shall be commenced more than thirty days after the issuance of the Bond. Section 8. Disposition and Investment of Loan Proceeds. The proceeds of the Loan shall be applied only to pay the costs and expenses of the Project, including costs related thereto and all other costs and expenses incident thereto, including without limitation the costs of obtaining the Loan. Neither CWRPDA nor any subsequent owner(s) of the Loan Agreement shall be responsible for the application or disposal by the City or any of its officers of the funds derived from the Loan. In the event that all of the proceeds of the Loan are not required to pay Ordinance No. 1683, Series 2015 Page 3 of 10