Ordinance 2003-1417 - Laserfiche WebLink

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to apply all or any of the provisions of the Supplemental Act. The City hereby elects to apply all of the Supplemental Act to the Financing Documents. Section 3. Delegation. (a) Pursuant to Section 11-57-205 of the Supplemental Act, the City hereby delegates to the Mayor the authority to make the following determinations relating to and contained in the Financing Documents, subject to the restrictions contained in paragraph (b) of this Section 3: (i) The interest rate on the Loan; (ii) The principal amount of the Loan; (iii) The amount of principal of the Loan maturing in any given year and the final maturity of the Loan; (iv) The dates on which the principal of and interest on the Loan are paid; and (v) The existence and amount of reserve funds for the Loan, if any. (b) The delegation in paragraph (a) of this Section 3 shall be subject to the following parameters and restrictions: (i) the interest rate on the Loan shall not exceed four percent (4%); (ii) the principal amount of the Loan shall not exceed $12,500,000; and (iii) the final maturity of the Loan shall not be later than February 28, 2005. 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. 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.