Ordinance 1994-1170 - Laserfiche WebLink

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direction of the City (who shall give such direction ifso directed by the Bond Insurer), within 10 days of receipt of such direction, repay the principal of and accrued but unpaid interest on the investment, in either case with no penalty or premium to the City; and (7) The investment agreement shall state and an opinion of counsel shall be rendered that the Holder of the Collateral has a perfected first priority security interest in the collateral, any substituted collateral and all proceeds thereof (in the case of bearer securities, this means the Holder of the Collateral is in possession); (8) the investment agreement must provide that if during its term (a) the provider shall default in its payment obligations, the provider's obligations under the investment agreement shall, at the direction of the City (who shall give such direction if so directed by the Bond Insurer), be accelerated and amounts invested and accrued but unpaid interest thereon shall be repaid to the City, and (b) the provider shall become insolvent, not pay its debts as they become due, be declared or petition to be declared bankrupt, etc. ("event of insolvency"), the provider's obligations shall automatically be accelerated and amounts invested and accrued but unpaid interest thereon shall be repaid to the City. Pledged Revenues: (i) the Sales Tax pledged to the Capital Improvement Fund by this Ordinance, (ii) investment income as provided in Section 170) hereof; (iii) any additional legally available taxes (other than general ad valorem taxes), funds or revenues which the City Council hereafter pledges to the payment of the Bonds; and (iv) to the extent permitted by Section 18( e) hereof, the proceeds derived by the City from any legally available tax or taxes or fees (other than general ad valorem taxes) which replace or supersede the City's Sales Tax, regardless of whether such taxes or fees are imposed by the City, the State or any other political subdivision thereof; all to the extent that any of the foregoing are at any time required by Section 17 hereof to be deposited into and held in the Capital Improvement Fund, the Bond Account or the Reserve Account. The term "Pledged Revenues" does not include: (i) any amounts determined, pursuant to the Open Space -10-