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4437-87
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ORDINANCE NO. 4437-'87 1 11 AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA AUTHORIZING A LOAN FROM THE FIRST FLORIDA GOVERNMENTAL FINANCING COMMISSION, AUTHORIZING THE NEGOTIATION OF A LOAN IN AN AGGREGATE AMOUNT NOT TO EXCEED $6,585,000 FROM THE FIRST FLORIDA GOVERNMENTAL FINANCING COMMISSION; APPROVING THE EXECUTION AND DELI- VERY OF A LOAN AGREEMENT; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION WITH THE MAKING OF, SUCH LOAN; PROVIDING CERTAIN FINDINGS REGARD- ING SUCH LOAN AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Clearwater, Florida (the "Borrower") together with other participating counties and cities (the "Members") have created the First Florida Governmental Financing Commission (the "Commission") pursuant to a certain Interlocal Agreement and Chapter 163, Part I, Florida Statutes, for the purpose of issuing its bonds to make loans to participating Members for qualified projects; and WHEREAS, the Commission is in the process of issuing its First Florida Governmental Financing Commission Revenue Bonds, Series 1987E (the "Bonds") and is seeking to make loans (the "Loans") to Members; and WHEREAS, it is hereby determined that a need exists to borrow funds to finance, refinance or receive reimbursement for the cost of the acquisition, construction and/or equipping of the qualify- ing projects set forth on Exhibit A attached hereto (the "Pro- jects"); and WHEREAS, it is determined to be in the best interest of the Borrower to borrow funds from the Commission (the "Loan") from the proceeds of the Bonds to finance, refinance or receive reimbursement for the cost of the acquisition, construction and/or equipping of the Projects. NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF CLEARWATER, FLORIDA, as follows: SECTION 1. Due to the volatile nature of the market for tax-- exempt bonds and the ability of the Commission to access, additional markets and for the Borrower to receive the benefi.ts,of lower interest rates and issuance costs, it is hereby determined s that it is in the best interest of the Borrower that the Loan to the Borrower be made from the proceeds of the Bonds, as opposed to ' the Borrower borrowing funds pursuant to a public sale. SECTION 2. The Loan in the principal amount and at the rates set forth herein is hereby authorized and approved, subject to the provisions hereof. Ord. 4437-87 7/2/87 d_ ..jt6.• ..y,,,_ .n :.fP`'fr, •[. .. ..1?e 'r. r .. .».... ,x.,'_;:w- .:ps.. nr.rv_-••?, .. ?-?r. ,, n"t°. +.-vs ^'.?..a .. "`"?',*r 'r , i tt '?,}r?F"?,'•„3 ;?. •.t „?:..? 1 is =i •i>:;, ,}. .? ..?'w? ?,? .,i ?..+? . C; r?.nt.s s?•a.?il,4 ?' ?? A,4 ?•^+? L:?" 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"?.«. ?_ ?i-ro`E, :S'L. .'S ,. ?:xt "}.?}.,..,.... ?'1 ?'?• ? ? l.r ?r?° F'?'? .d„? 3 m??? -..]:;:'•i o ? '???t'" r ??r' ate. ? •.lit, G ? . ?•Y ? 33 v !'?. ? ?F 1 t,7 ' s '$a•?• y r? F• ?i sr i $.?' °5' •r •h ti •N %'Er'.. is=, .'i?. . rr r•tiF 7d?? .. f. .,7 fPr'?myx. '1. '.•t•+a I:?°' .. }r'.?..s . • d. P°w .f.. k?, 4 l = .:e kA .l' Vii" i;• v£•?' ?'r^."'r. ??? 4 @ :: ?'.. ??'i ?'1i°?• eft .i'' .r ti •? 'S. iLt'' t.r t i ?t"• ?it• ?°?, fit, v. i?"• '1 a. ?`ii• Jr.• s. ?[?r l?? iv •c'. .{ `r •ti - •:3' L L e. &• SECTION 3. The Mayor or Vice Mayor and the Clerk or Deputy Clerk are hereby authorized and directed to execute and deliver 1 the Loan Agreement to evidence the Loan, to be entered into by and between the Borrower and the Commission in substantially the form attached hereto as Exhibit B with such changes, insertions and omissions as may be approved by the Mayor or Vice Mayor and the Clerk or Deputy Clerk, the execution ther eof being conclusive evidence of such approval. SECTION 4. The amount of the Loan of the Borrower evidenced by the Loan Agreement shall not exceed $ 6,585,000 Such Loan shall be made at a discount which shall include a pro rata portion of costs of issuance incurred by the Commission together with a pro rata portion of a reserve fund and shall bear interest and shall be repayable according to the terms and conditions set forth in the Loan Agreement authorized pursuant to Section 2 hereof with such changes, insertions and omissions as may be approved by the Mayor or Vice Mayor and the Clerk or Deputy Clerk; provided, how- ever, that such Loan shall bear interest at a true interest cost rate not in excess of 7.23% per annum and shall mature serially, but not later than July T, 1997. The redemption provisions, if any, relating to the Bonds shall be as approved by the Commission. SECTION 5. The proceeds of the Loan shall be as provided in Exhibit A attached hereto. Such projects (with the exception of the Marina Building Renovation and the Seminole Boat Launch Dredging) are projects for the health, safety and welfare of the Borrower and the residents and inhabitants thereof within the meaning of the City Charter of the City of Clearwater. SECTION 6. The Mayor or Vice Mayor and the Clerk or Deputy Clerk or any other appropriate officers of the Borrower are hereby authorized and directed to execute any and all certifications or other instruments or documents required by this ordinance, the Loan Agreement or any other document required by the Commission as a prerequisite or precondition to making the Loan, and any such representation made therein shall be deemed to be made on behalf of the Borrower. All action taken to date by the officers of the Borrower in furtherance of the issuance of the Bonds and the making of the Loan is hereby approved, confirmed and ratified. SECTION 7. This Ordinance shall take effect immediately upon its enactment. PASSED AND APPROVED by the City Commission of the City of Clearwater, Florida at a meeting held on the __ day of , 1987. CITY COMMISSION OF THE CITY OF (SEAL) :SEE PAGE 3 CLEARWATER, FLORIDA By: ATTEST: PASSED OIL FIRST READING June 18, 1987 t PASSED ON SECOND AND FINAL READING AND ADOPTED July 2, 1987 X' 9 • Mayor.-Commissioner Attests- Ci y Clerk r Approved as to form & correctness: City Attor ey lj 4 1 R J • , r ? 1 pAkyJ- EXHIBIT A CITY OF CLEARWATER PROJECTS TO BE FINANCED FROM LOAN FROM FIRST FLORIDA GOVERNMENTAL FINANCING COMMISSION Project Amount to be Financed Radio Communication System .................... $ 4,433,000 Sanitation Facility ........................... 570,000 Purchase Fire Engine Replacement .............. 374,898 Seminole Boat Launch Dredging ................. 176,355 Marina Building Renovation .................... 160,000 nl 3- r 3,y•ir 4f f .? 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JY 1. 1 EXHIBIT B BMO Draft OG/0B/B7 1825.1 LOAN AGREEMENT By and Between FIRST FLORIDA GOVERNMENTAL FINANCING COMMISSION and CITY OF CLEARWATER, FLORIDA Borrower Dare of Agreement FIRST FLORIDA GOVERNMENTAL FINANCING COMMISSION REVENUE BONDS SERIES 1987B This Instrument Prepared By: Bryant, Miller and Olive, P.A. 201 South Monroe Street Tallahassee, Florida 32301 it / 4 t ' ? :! F' 13 .' f• +N• :i.,,ia { • ..fK v.4 . ,F• :r:•' - '> ' :5= ^.i .?' .'.i:ar sk.-' •v+'?':,? ";•.1: i.a cr ?y.r? All I\A .r;,j'r r o- 'S? T?'?• t .g..b°`.'a?g, ., 3'i?• • i.Y4 e a`1?.. •?. -?,vi t?{?-z,?'t??.. '?4r'$'.? l::x;; p _??{r 'rr,. }?? ?•'??'' 1:..' :?6. .: •. „? f,F, ?7•i a •.,". ?.?'? ?. ".?.z A••! ''? ( ? ?I°tie y't`• Vii:. "r?,.,? y., .t; ?;,-s5,<. !?y?S` ry.:' {• r;. ...i.? '?'ri `3.?•i"' ..x y: .!°'?5?? N -1: :r'?:?? ,r. '•}',. ;.k a-::. S;'?, •9, 5. .?e. zv<?`: •i?i.. =.??• "';i•;t ?e°: :,. .s4{i: s. •'r?. ,'t?. j>i1..:4 to _S!.? ;'?' $ ..4' •rr q. 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TABLE OF CONTENTS ARTICLE I; DEFINITIONS s . 4 DEFINITIONS. 3 r ARTICLE II +r REPRESENTATIONS, WARRANTIES AND COVENANTS OF BORROWER Section 2.01 Representations and Warranties ............ 12 Section 2.02 Covenants of Borrower ...............'...... 16 k?. r E: w, ARTICLE III ' THE LOAN ; Section'3601 The Loan .................................. 21 { Section 3.02 Evidence of Loan ?1 ARTICLE IV ?• LOAN TERM AND LOAN CLOSING REQUIREMENTS Section 4.01 Commencement of Loan Term 22 r Section 4.02 Termination of Loan Term .............•.... 22 ' Section 4.03 Loan Closing Submissions 22 ARTICLE V i LOAN REPAYMENTS Section 5.01 Payment of Basic Payments ...•.• ,•, 24 R" Section 5.02 Calculation of Loan Rate . , . ' 24 Section 5.03 Payment of Additional Payments 24 ij•3Y •6. ; k Section 5.04 Credit for Interest Earnings and ' Excess Payments ,..........•... 25 Section 5.05 Obligations of Borrower Unconditional 26 4>:"`µ Section 5.06 Refunding Bonds ... ., Section 5.07 Prepayment . . .................. . ........ 26 ti ARTICLE VI ::}k . i DEFEASANCE k Defeasance ............................................... 27. ' a **''• ,,:,_.:f..:., - ?:?-?--.... Nom; ?"?- - "?_ -,;,- .; . 4 ,'J. L°s: •a.••,S .fF.? t y4S fapa",.Sy 1 .4. ' s,? S ,.k,• J., ?w '?,, • :,.. mot. •' yX,4.'- .•••.S i ?. P•'4• ItR 'r . ,•P"`. ?C.`.II •s•YS: r ?{" +i'•y ?>>.. ` •M :4::r,?'' . ?}.C? r?, x ' .z Via' '!r, t...4`i' .? },' rh '.C?ea: :': s .Ilr. °•,':•t.' : 'r . t 'j 3 r -.ir'i'••?.'W' 4.N .. - F A On ita k x - 1 'f» rY ,? y¢Q., > t f > « ,: 41 It . r. ,4 Of ' r'8.[. '? .:b ) ?•J?'1i> 1.n . >7? ^ .4 F r . j.. •'1. • a ,, .. • .1 r r: -y 74 i, `Y 1•i .,(. •5• I :i'?' [ 1 fei' ?` .•FJ k? 11i s4'^•'I' y re .a g '[ f s dh t ?$ I., f . •'r,Y $ .i; :h• :1• Y. p f cf. Tq, Q*I !') is `?•1. f "; '. '? t::, [? ,.s Vii: '•, • `l:*i-GI's:'<?< °pJ A'. a ?•j Y ?a• 'r' SF'1 z.. x, My III s1 •f I` ' 3 . F c St .r: `.. 'Ji i • .00 1 SAW +'. c ..r: .i .i, . : r .r -! ' '' 'r' i.g •ta , :?: ?'?:i%;i ;' ,•i. d:.,?' i-'>,;`Y: ; , .t x f ` i" i.? s1 }s •r, J„ Yj.. 4.., ..i,; ? :e •.t ,..mow f 4t S S`V S +S .1 . E' !fir ` •y:,'. •d /'f i 3 •f 1.'".•:?` t.:xi: ?. •r,ty •6',i•--: ?.i-•.?h,r'.:. ., ..1.: •iS ,1?• , r,? tla ^ ARTICLE VII F„,• ?"'J y ASSIGNMENT AND PAYMENT BY THIRD PARTIES ^~ • ?•;r '- -?;';:t,°a?: ? ?''','".;?? ??•,^???' -° , .t:;r12.:?.4•',??1i1..r>;r'ti?i' :}iii':, ", sdJ?Y,?`::_.•, ", Section 7.01 Assignment by Commission ........... . ....... 28 N, Section 7.02 Assignment by Eorrower 1F :> t • • • • • • • • • • 28 t ic'i:^' .t v :l `:J:• ar'',' ky`?- t Section 7.03 Payments b the Bond Insurer 28 • ARTICLE VIII I REMEDIES r?'•F. -;•??`t ;?-..?,, ?tr.?. , EVENTS OF DEFAULT AND ctz" a- ??''> F '" r`?:''.?J,?-•..';.` s•l~ _ Section 8.01 Events of Default Defined .. . 29 "'}.-; • • • • • ? • • • • • • • • . J,_?:." ?`!..h,`! f''f>s dal ? Section 8.02 Notice of Default 30 Or ,. Section 8.03 Remedies on Default ......... • ............. 31 Section 8.04 Attorneys' Fees and Other Expenses ......... 31;r Section 8.05 No Remedy Exclusive Waiver Native .... .. 31 k Section 8.06 Application of Moneys .. .. 31 ARTICLE IX ?'..iFt.r: r???ifryriak ".';{,i°•Jf°. .Yk MISCELLANEOUS Section 9.01 Notices ............................ • ....... 32 Section 9.02 Binding .' } t "h . Effect ................... • ........ 33 F ;=?^, ,?'-: •?. rsL''.t °' ~ Section 9.03 Severability 33 Section 9.04 Amendments, Changes and Modifications ...... 33 ':'Section 9.05 Execution in Counterparts • • • • • • • • • • • • • • 33 .?l..?j't? 'i-'s?4i`''k?+Y"iSYt' C' .. Section 9.06 A pplicable Law ........ • .. . ................ 33 "Section U H Compliance With xti ' :?.? n 97 enefit of Bondholders; z",? Indenture 33 ; x5r,r?,?r{ ,?y.',{ ;, Y Section 9.08 Consents and Approvals ............... . ..... 33 <r±rr_Tst:;? IVkmtr-. Section 9.09 Immunity of Officers. Employees and Members ,?'4 `•:;;,, ??-?. ,, of Commission and B3=,,.:..; orrower 33 ' Vr:? r -41 Section 9.10 Captions ... • , ........... .. .. .. 34 Section 9.11 No Pecuniary Liability of Commission ....... 34 Section 9.12 Payments Due on Holidays 34 Section 9.13 Calculations r ................ • ............. 34 !!ti: Section 9.14 Time of Payment .. 4 EXHIBIT A -- USE OF LOAN PROCEEDS EXHIBIT B -- CERTIFIED RESOLUTION OF CITY OF CLEARWATER, FLORIDA EXHIBIT C - OPINION OF BORROWER'S COUNSEL EXHIBIT D - COMBINED STATEMENT OF SOURCES AND USES OF FUNDS EXHIBITS E THROUGH I -- DEBT SERVICE SCHEDULES FOR INDIVIDUAL PROJECTS IM1 [. i ii Ir - - _ - -slur.?,r.+.nw..aw,.r?...,............,...._ '. :a%. kv,sirysr•':J.^ s?1:r`?s,. ?• t ?a ;?;y,;i t.-kPt +ti..1k•?,?..Y.'s R*F ic.j3't. Q +t?' L' r :Iar S -p3_ ,:r L. ? _ - - ,: - 'r :'S','.' •.?L.."?: . •;,r'?!y, :?:s+,i, 0.e'=cr.'..-?Y"'('?` .,r•:4',:.µ' ..r'.4^=' ,;i-- F3r - ? .r ? 'x r'W rw.c"' , i•• .J e . mC 7' ?"' .5v -. 3.Ar M 7 ^i!'e' ?'f 1' 11. "4i''t" ?{ ,r' .i?tE`.•:: .Yu 1• Yu •</l•J• K` i, '1. S cif: -°?: il ''•sy ?l`e :'S'' `SS [i: t. t„s x,.a .. r-•:` i.-s .t,'fr-. .R" a'1•• ?.4 6•r "11 a ',-r,^ • yy t, ,p< f ' .r ?• ti r . - .y. F? f .' l aj' `•Jt • '1 1. ... `!- .-i .. `. '..ti'p'-'e.'...,.,•..? ^ LOAN AGREEMENT ??,,:Y:J??;?;?:,;•`:,'+°'?', . ri .t T,?qT<<•Ty,i? .. -.1.n?1"tY.i•v?1N ,?• This Loan Agreement (the "Agreement") dated as of 1987, and entered into between the FIRST FLORIDA GOVERNMENTAL FINANCING COMMISSION (the "Commission"), a public body corporate and politic, and the City of Clearwater, Florida ("the Borrower"), a duly constituted municipality under the laws of the State of Florida. W I T N E S S E T H. WHEREAS, pursuant to the authority of the hereinafter defined Act, the Commission desires to loan to the Borrower the amount .ty?. '1•,.,'? :, necessary to enable the Borrower to finance the cost of the Pro- jects, as hereinafter defined, and the Borrower desires to borrow such amount from the Commission subject to the terms and condi- tionsof and for the purposes set forth in this Agreement; and .Lr- WHEREAS, the Commission is a public body corporate and politic duly created, organized and existing under and by virtue of the Interlocal Agreements among the City of St, Petersburg, Florida, the City of Sarasota, Florida, Manatee County, Florida, Broward County, Florida, the City of Gainesville, Florida, the City of Clearwater, Florida and Pinellas County, Florida in accordance with Chapter 163, Part I, Florida Statutes, as amended (the "Interlocal Act"); and WHEREAS the Commission has determined that there is substan- "`'° y ' tial need within the State for a financing program (the "Program") whic h will provide funds for qua lifying projects (the "Projects") for the participating Borrowers; and . ,;?-.. WHEREAS , the Commission is authorized under the Interlocal ' Act to issue its revenue bonds to provide funds for suc h purposes; and WHEREAS, the Commission has determined that the public inter- est will best be served and that the purposes of the Interlocal Act can be more advantageously obtained by the Commission's issu- ance of revenue bonds in order to loan funds to the Borrowers to finance Projects; and WHEREAS, the Borrower is authorized under and pursuant to the Act, as amended, to enter into this Agreement for the purposes set forth herein; and WHEREAS, the Commission and the Borrower have determined that the lending of funds by the Commission to the Borrower pursuant to the terms of this Agreement and that certain Trust Indenture dated as of June 15, 1987 between the Commission and-the Trustee (as ui1 • Y `3 t'..`•11 '• a a•n,r- F "?k:: k•a°;' 3 ';.: `^i--. .a :",Thar w:. ; .R..:';.r`t",x. -.".. 1 _ ,?,.?'• .`'Ka., )•?,.••?!C[^, , `!'..".s'Y :v "....a-r,.:.; n,$: ' - '?f.. ^'4'?'r.s ... 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' j= :?s.?: ti • \r. :'?,''•S: ,'' :,K.,'s'.' ?xYlriC`•J' i!`=r• 4:, .J S.:4;: -r tr?'o v.` '.'.}r ?i':, ;: i:l'1 .'i _•...:'; i4 ?°4, iR e?r.L ..1.`+':' ?<;'.Y9'-° _ . ems' =5- s;ra,'P:' :.,i•:' s. '.i.?, :?. :'a. :•ksL:4 .1.'?^?.. ,•y;y; '.:5?'»?,?'7?r. -,5v.;.: ?.?_ --i.•'.. '': r,: i?.. 1.j•f {-J'. t?•.??r' `7;: .<.. .._... ':d '? t, _ [r ,,: ._ •reririlrlYt}MitJWiSfe?Fktii b? - _ __. _.4.-... ?."-_ _,_-.. _. __ __. __ ___-_ _. ___._ _ .. , if ?, r -. C x,'r try?• S;' f v •,yy x defined herein) relating to the Bonds (as hereinafter defined), 1F "i t including any amendments and supplements thereto (the " i• ° Indenture"), will assist in the development and maintenance of the public welfare of the residents of the State and the areas served by the Borrower, and shall serve a public purpose by improving the health and living conditions, and providing adequate governmental services, facilities and programs and will promote -, ' the most efficient and economical development of such services, facilities and programs in the State; and . WHEREAS, neither the Borrower nor the State or any political - 'rs s subdivision thereof (other than the Borrowers to the extent of , their obligations under their respective Agreements), shall in any wa be obligated to Y pay the principal of, premium, if any, or w interest on those certain revenue bonds of the Commission desig- nated "First Florida Governmental Financing Commission Revenue Bonds, Series 1987B" (the "Bonds") as the same shall become due, and the issuance of the Bonds shall not directly, indirectly or s;1 ., contingently obligate the Borrower, the State or an y political . subdivision thereof to levy or pledge any form of ad valorem tax- ation for their payment but shall be payable solely from the funds and revenues pledged under and pursuant to this Agreement and the f: Indenture. NOW, THEREFORE, for and in consideration of the premises hereinafter contained, the parties hereto agree as follows: r , :a AV Fas t?'F 2 ' ••k, s „.y. , - •. .i. '?• '-1'sl' xea-?ES?''''t ?'r7`?.'. .?e?:.,c,., a.,„ s ..C-Tr^ :T. .:l' ,•L;f :.i.' ,:l; .s.1 ':•?G ?•»kais'h R,;;,, .;`s4. '!r •I' ,+.` ;5;; fir;, 3 t .. t' _ +,1- w .. -•+ •'' V. _v{,'' 1.•1.,. C 1, 4?4 . .. - ... .:.: •' r .. r• .' °•.: Lr'.' ''ti P'' , 1, -(• .i . ,r •E : • a - Aaa 4• v 3u •A d 3 i.• . ; I F 'SS ' Y 'i4•. -?`°i.,"` .?`°' •.=:i'[ :1,. .?:a°.. Q., nli ` 'r r .,? ,s1 a?" Lf ' _ 'tI A "1iaf 7 t + W. 1 x i':','"'! t ter, ••C.4r'"s.,'. 'i.' ?,, Vi'e'; ..)..: ,.'.» .4'• .sLS.s ,?i. S 6 :4: ''C' j 't. i.:. a `'Si.r, ssL, '=5a r: "f1-e' ,.Y'' •[ w„'L .'@ FIn F;. m?.. i-%'5 (<En?i "k -.5.. ..,?t- ,=tC: `G ".?°?'_iee .\'. -E-, ?. ?' .sue v. •. ?''»a:i:?i ,?„"'.:" „"'k ?- t,a .t .`.tr% r ;t' -'.?^i ?1.,; .ir`; ',s4. t'?:= r.; ,kr".•:.• ..t. ?r\ ?, r. w.?•, :i" Fri', •`i' .2: i`.'%'' r.,::' ?I,t°•,. r1 310. t- t , /r pF ~: ',. .`N. ?.. •f, l,, t .?".? 'Yi 1•e .t"1 •E. rt4` A' 1":-ai "l':'' ?.F .r. ,,'l"'„1 ;+fv ,fq.'..?L .it'kc• •.'i- s t.'i?c' }' - '+:•ei ='r?F.?: "A :c';."gym ?`?,X51' 1 • s F 4iie .. t1F F { rF. "14.. •Y' ':i4 r`7 it!' SS; ,'l V: •'.?F ,i'•.t°•S^"::1•i r'3%;'4e-, ?.? Z'? if `K.p .""x`lr.i,- 3 L` `F '.'{. i.? L •J' .f'ir,= 'y," .Sri Vii, `rl°1. ,r , ,:-.,, .'• `.!j Y,• ,IF' ?[' :4- ?h, .t.`.. `, Qn 1, e.R.. i` ?3 6' l' •ft, 5i '{d F f^7r "SEw `rt ! l 4iL .t i •rt:• :f:, r, •e. 1 i' i.e .' Y:f' 1 ."Y. r''ti .? ,,f„" l•y. J°? ,.":?! It. I, e i. : t : ,iii' • ?'>; ;. a•lr a t ?C Z # :F. r ARTICLE I f.... , DEFINITIONS Unless the context or use indicates another meaning or in-- tent, the following words and terms as used in this Loan Agreement shall have the following meanings, and any other words and terms not otherwise defined herein which are 'defined in the Indenture, as hereinafter defined, shall have the meanings as therein defin- ed. :.' "Accountant" or "Accountants" means an independent certified public accountant or a firm of independent certified public accountants. "Accounts" means the accounts created pursuant to Section 'a' 4.02 of the Indenture. "Act" weans, collectively, Chapter 163, Part I, Florida Statutes, Chapter 159, Part 1, Florida Statutes, Chapter 166, Part f ? y. i .'2 • ' 11, Florida Statutes, Chapter 125, Part I, Florida Statutes, as 5'' amended,' and all other applicable provisions of law. "Additional Payments" means payments required by Section 5.03 hereof. "Arbitrage Regulations" means the income tax regulations -rk } promulgated, proposed or applicable pursuant to Section 148 of the Code as the same may be amended or supplemented or proposed to be amended or supplemented from time to time. ?1;;• s??. "Authorized Representative" means, when used pertaining to W the Commission, the Chairman of the Commission and such other err"?,r?: ''r>, designated members, agents or representatives as may hereafter be r :? selected by Commiss-ion resolution; and, when used .with reference -to a Borrower which is a municipality, means the person '' ?' ;?• performing `• the functions of the Mayor or Deputy or Vice Mayor thereof; and, when used with reference to a Borrower which is a County means the person performing the function of the Chairman or Vice Chairman of :Y the Board of County Commissioners of such Borrower; and, when used with reference to an act or document, also means any other person .' ? authorized by resolution to perform such act or sign such docu- };'''1.• went. "Basic Payments" means the payments denominated as such in tt,j Section 5.01 hereof. "Board" means the governing body of the Borrower. "Bond Counsel" means Bryant, Miller and Olive, P.A., Tallahassee, Florida or any other nationally recognized bond counsel. 3 ' d:r:iN 1111 :+1•.. - - t C 1 rA yif ?t _ .l. ;.r .• .., ...n.resr,,„4,le-6d.•a?..,`' •" '-"s. 1 ',;1, .yq,-. .y? .y?,?,;,.y?,awt.grwE+•'g;`. 5 ?i„ :.: r'S?? t?. ^?r rs?' .? ?:: ?K:r >..>' .•`Y.... tf '!•'J,: b' . :i. ?c. h f' ',t il? "F'Y ;, '•:?i":..}..S aYa.r.r4 •t r?I?1. ?$'' y }ai 'Fs- ,yi:?'uthli .d•. :') .??`•, r`' 't'-r of `.ll ? >?,>• '.k?l ,. .. .2"S .• r.- ?,.,; ?• ,. ', i,?.,'., ?i' 'tf Ott kx { •.w. i`:\.. X74'.. c.ri? t t°`' ??j rn i1 Y a! fi i,? :t .( is _ ;.i r-. %z S 'i' y }•'+-: .. ?.' aF, -S:c r. L`. f....a?av? .•l`??:e .'.r.. .C ..?? ?. ,3". "ir'-r• `7 'ry:%? ..:': -1. ..,z'•., '.s s:? t ..:+. .* y.,.. .?f, '.t .'3?F s..n. `t'` :??. "r?E, - •v r ? ''T4 air ? ? .."L: ?•C , {?• is '. • ) ?t'.. y J?y ?`.. ? i .?? ..k. F.G'. S'1= a {» r1?' ?5:.;».` ,+`i?•. ?,?ir'-'?i' f k 5F, r `J • Y '??s:''. .f ?i ."7:r ? d ?} T5 t,a. .E 7`- `','i„•x. :t'? 'S.i'r= r. la.?. •'t. ?e?•.'7 `? •1 1 •:3? .J??a'°"t .4? '°Y .1,?' `•. 't' f ??y t .•Y Y 3fr,•, ..,fir: -¢t :1 } !•V'' i '' '?•"' i. t. ?,i.;? ? C ?I,N'. •"s ,raF ?: #, ?,s.a' t ,{. •:stK, (. i? 4`,.i :ir. ,. ,. P =°r. ¢.3S;:;M?i. t ???:,, .vi ,.+ ,.lea":. i e?V?G.. rf:? a `T?=•? .£?.: d ':$r,? :J'? 7?I? .? I ,,,p 7 iY ? .? i4:..a SJ?p .P, - •i't :: ?. •'.t :z' i!s vC tit ?? .3.• "3,?'J' 'i.' ?'' .5-`? P .fv xa ''.a YY 5?.. 1'r '?@:.?x• .r'k'" , •,'• " _..'fi • t ' °t.• s +' Si , s ,ta;. "r: f1 v . ??` ? '4 1 -s:v 4`ay?e Y°t :k'?C, '`3S!'k-i, +1 ;r `,i}"'c`: .'i• ,. $-. t,? :J:3' `•r ,l•,: :5,°IW. '3a'1?%?' .ee t'1 •t '•r: •a.t- „a r, r: .,i, E•s..'L`? ?:3r ;?;:; .<.,}$:-3";?• `'it„' ?Glr, .:'. .;t, ,f: Ya .( ,?. C' .f,,r?'?" 4s. q ?{; ?s. ? 1? o, 1 b:..3' :. e. E ?s: s Ti+:3 .??`-4 ;z' ..F: .? ,v. ,i? '4,•n '•? ' :. :.?., :,;:. .?,• `:i? ', BEY 3 ,r 7'1.,;x`3` `.i •,'`i. . F'ss t',' ? -r• I k •i) . s. •S,'. ? `'. ?tl. "1 .3 •?%: I *1 c•1 n.•.v` '! L+ `S.5 `•? ,i ?Ei:';y g S'Sr:?}. •?J • :?f ? 'k i t k',: j..•..•. : r t . ,. F i. ..t l.' i:r??l-.-i `t 'i$. .rs i ;(S. .}'• ,r" S?r.ip` -=h r:'` •''i 6`i. } ',?i Tr ,a? a.r,. .c.`.t.; •'ti?% is': a, y3'":. ?• •?r:f s• l" J A •:C.? '•V '[? `r?y,r"' tP'^ Sy" in ;'•r: ,f } eF 1!w .R .P •'hl rid"? S ff ?.1 ;: ? ?i"' i• ..SL'? ?' S• i °"I rtq t = t IV. x, 3'•S-s"I:s 1 ?'.i?a':._ ?: ¢h ?yyry n^'.. 1 '?W: "1. ,Y. -e'• :,. ,• ySdt.. ,..,3 ,. '' ?.•.: ':: •'. '.,.. '.:. :6'a •3 ? :'Y? .'i' J'?1..s- •t'? ! . i3 •> - 1. ? 1F r .??.?,? ja ,'.k` ':3 ~ ?:y'a i^? w'4R`s. ,'a. ,?a F': - ' is '•l'i, t ,L Y ] . 1 ' ti •& k .t •tt• f a'4 its •;i :Y ., t,' `( r t ?S t - r @ , aer r l . tr. -?`? "r'• ?i °'ir3i"t F, is {;' t. v• ?.' .?''P? ra" 't' '•C'? ., t ?_'?' ,?' :?.',?4- .?.`f. S:x atia „C•;w S •} 1 1, `F tr: 5 .?ir `•1 • s. ?r A- q fi., 1 a'sk , tA eL 1 .•4 ti ?^ ! S 4 1 s ? yr?Y' f i' yi•. Vi'i''.: -1 , • e Y. • .,•.i%a;::.al.:... F...-'.. _.•e:.? .,b?i,tt':d:i3'- .rl,,tJ.F Bondholder or Holder or holder of Bonds or Owner or •;' i.r, ;::Y; "owner of Bonds" whenever used herein with respect to a Bond. means the person in whose name such Bond is registered. "Bond Insurance" means the insurance policy of the Bond Insurer which insures payment of the principal of and interest on {.: the Bonds when due. "Bond Insurance Premium" means the premiums payable to the Bond Insurer for the Bond Insurance. "Bond insurer" means Bond Investors Guaranty and any suc- cessors thereto. "Bonds" means the First Florida Governmental Financing Commission Revenue Bonds, Series 1987B issued pursuant to Article • :,f? II of the Indenture. "Bond Year" means a 12-month period beginning on July 1 and ending on the last day of June. "Borrower" means the governmental unit which is described in the first paragraph and on the cover page of this Loan Agreement til and which is borrowing and using the Loan proceeds to finance, refinance and/or be reimbursed for, all or a portion of the costs of one or more Projects. "Borrowers" means the Borrower executing this Loan Agreement and the other governmental units which have received loans from the Commission made from proceeds of the Bonds. "Business Day" means any day of the year which is not a Saturday or Sunday or a day on which banking institutions located in New York City or the State are required or authorized to remain closed or an which the New York Stock Exchange is closed. 7 "Certificate," "Statement," "Request," "Requisition" and "Order" of the Commission mean, respectively, a written certifi- cate, statement, request, requisition or order signed in the name of the Commission by its Chairman, Executive Director or such other person as may be designated and authorized to sign for the Commission. Any such instrument and supporting opinions or repre- sentations, if any, may, but need not, be combined in a single r instrument with any other instrument, opinion or representation, and the two or more so combined shall be read and construed as a single instrument. "Closing" means the closing of a Loan pursuant to the Inden- ture and this Agreement. 4 I??:zErs"+?:. ?t• '..a ,r? 'a`i °t•'?x' ? ? ? ? ? .. .. '• ? .•.r • .-,! k _•?' ?? l••t`? .?'iM ;aT•, T•::'h",[?.... :.r"•° `')?. ail' 'Yk :, M"•... ."??w,.J•,:fi'?'?tit!T•P{d'xk ?':,?d1, *.?i',? •? Y1 .•1 ' 's'::._4i'.u. ,i• z < .rr.'.:.`,,:: .•y=°it?,txki?'t?.s?bs.. :a••r??T? t. .,: ?t'%'' ,.•r.?.•, _ .- - .. •'? ".`^x.'?.tt )•.t:•- '1.?l's.ld qA 11:;• •a.R j ' r'.i .i+ , . 1. .. .. .. h..yr'".•,i„ iJ '• ?i.`5v .T ,,.:wS; uaW '.;? .'r, .l• ?I' ?flf= ref.: ? .r,i' rS ' if ':? .:.li. .4 • •; • }:,", ,•5 . ! y • ?. •a•s`, :3"' ..r.' .9? •.I. =.y. _ f' ?.t; 's` .r:,v."I1Ye:'.-:;.,'_,.i ':7 r,' f.?%t.« .?` ..? 1?,''' . is 3Ikt;,4°' „ 't:°3:' ,. :fY''. Q. ,•.a. br ?"?;"` t., i., Spa R" 'IJ , Y. ".i °. F . J •t tea. vl', :•,.' •aa i i.. _ s'. fit' •: , sf i? ar. 4t• i' s3r..-. "? w-^. r'. ?.ri+ta; : «'.r v. ?`, . eF ?r' ..L'.'1 ;yyyy1. ¢¢ '%4, ?tit •. .: r .( { 4 t•?,r _ '-5 a1`s?':'l it '',4 • r} • rr.,..t e w.'rc-. ., s4'I. ab7•le• wrr :i: '1I f A ..ry1. 1'" -t9 %s° t ll _ ? :J' ..t.:cm: 'arc' „'•?''' .,7:', t?. s . r v +T''• ,i":° YC' t:1.}' f. v?fF :i ::-'i.: S k. s1 t. t i. ii r; 1, 3"1 .'r '•i'g7«t'? l..: `'h ?, .'til. t4'°a' ?!ir~i'°°' °4? `t' Vii' ?',' ?°'a. 1 7•.:. ! . d: i.'. a ° .\ '''iJ. .j ? ,"c'• e:` -„ 71.3 cir' rs 1° q _ '-!i t?"• r1'. .iAw e.%_ '.t.r ! i= .''t=:.- .°?. "',t= I : w' :Y'a k .ry'1. ? _ _ .1i„r I:.i A•. t'-.t,::r C? L ?,t', a •'? .I. :?'.-S 3 ?i •.4' t.f ..S tj • •I'. .t: sl 5a?'ri F.°: ae ^: , - i. '.f' n 4'- f [- 't^f Cpl .F? f. FL` t ?ttlG:Tot?'?N1Pla.6?lti4L.l+fX1 kCJi?rw w tali Code means the Internal Revenue Code of 1986, as amended, and the regulations promulgated, proposed or applicable there t<'-:,f;f :. {. a under. a; _; 1;_1# "Commencement Date" means the date when the term of this Agreement begins and the obligation of the Borrower to make Loan s, Repayments accrues. ` "Commission" means the First Florida Governmental Financing Commission. "Cost" means "Cost" as defined in the Act. "Cost of Issuance Fund means the fund by that name estab- lished pursuant to Section 4.02 of the indenture. "Counsel." means an attorney duly admitted to practice law ' before the highest court of any state and, without limitation, may k L:' include legal counsel for either the Commission or the Borrowers. "Debt Service Reserve Fund" means the fund by that name established pursuant to Section 4.02 of the Indenture and all accounts therein. „„1; "Debt Service Reserve Requirement" means $ which shall be deposited to a separate account in the Debt Service Reserve Fund for the benefit of the Borrower and for which the "'ry ,;x•r Borrower will be liable for maintaining at the above stated amount. "Default" means an event or condition the occurrence of which would, with the lapse of time or the giving of notice or both, ;, r ris become an Event of Default. ;;tF 'tk "Event of Default" shall have the meaning ascribed to such term in Section 8.01 of this Agreement. "Existing Debt" means those obligations, if any, of the Borrower described in Divisions II and/or III of Exhibit A hereto, {.`_4} if any, which obligations are to be paid or retired with the .? proceeds 'of the Loan. "Financial Newspaper" or "Journal" means The Wall Street Journal or The Bond Buyer or any other newspaper or journal con---. - ' taining financial news, printed in the English language, customar- <.x.i;s ' ily published an each Business Day and circulated in New York, New r; York, and selected by the Trustee, whose decision shall be final and conclusive. s" S:' .K _ .S aYq ii J? . ' l7• na•.s. :a. :t,:?s: __ , e;t'tyYr p,: s:v w; ?„r.?w.,p.,?, - , gt.. .w,1, . 1 j. ,F. ..? .,aa ?? -°t,Y' f?>??f•;a,."•iil k?l:? t .- ?f a'I V • j' Jrw»?fis" F' '7 •5's` y'a K? `P 4 . s yf n1t' .53.'1 J*S •,a -Y . N i'0 L - t • s ?, 1. rr.?•. 3.24., ., I- ,. ,I: .'.i, ,t: :'?,:'• .l sxi. it ?,a '•d:•;•. •i -f ,"r Y •t: ,,r ''qLA. _ ( t .r i ,. i' ! •lc4 r: °F `=1, ,Q'', h. 1•r .-'.• .t., '• !`- Yi r i :,:' N;; 5!1,.t. ._ !e.l'" .T r.l x7,. 1• .. )'' ri.. :.t ?'-.k .'f,5.}t, tr5. s..f . YM ? -?` ,? •IlI ±f.t,,?•i, t. "Fiscal Year" means the fis cal. year of the Borrower. -?' :°,',R;:!• ?? "Funds" means the funds created pursuant to Section 4.02 of the Indenture. "Governmental obligations" means (i) direct and general ~:c obligations of the United States of America, or those which are unconditionally guaranteed as to principal and interest by the #" same, and ?a (ii) pre-refunded municipal obligations meeting the ` following criteria: S.k (a) the municipal obligations may not be callable prior to ,..,.r.;,' maturity or, alternatively, the trustee has received irrevocable instructions concerning their calling and redemption; (b) the municipal obligations are secured by cash or securities described in subparagraph (i) above (the "Defeasance " ',w'N'`i• t obligations"), which cash or Defeasance Obligations may be applied only to interest, principal, and premium payments of such munici- r pal obligations; (c) the principal and interest of the Defeasance obligations (plus an cash in the fund are sufficient to meet the liabilities ?'.''i"• 4? ?; of the municipal obligations; (d) the Defeasance obligations serving as security for the municipal obligations must be held by an escrow agent or a trust- ee; and (e) the Defeasance obligations are not available to satisfy ,b4al,?:i.?-tf any other claims, including those against the Trustee or escrow =''s`'i,'•'='"°' agent. Additional) y, evidences of ownership of proportionate inter- ?<•?,",s?,,,..ry:?? ests in future interest and principal payments of Defeasance obli- gations are permissible. Investments in -these proportionate interests are limited to circumstances wherein (a) a bank or trust :`:',?w; :•. company acts as custodian and holds the underlying obligations; (b) the owner of the investment is the real party in interest and • has the right to proceed directly and individually against the ,.e.•?t,,.,,r,,..,•,?F,f.:cobligor bf the underlying obligations; and (c) the underlying obligations are held in a special account separate ahd apart from the custodian's general assets, and are not available to satisfy any claim of the custodian, an y person claiming through the custodian, or any person to whom the custodian may be obligated. "Indenture" means the Trust Indenture dated as of June 15, 1987 between the Commission and the Trustee including an indentures supplemental thereto, pursuant to which u;;•,`.; ,•;:. 1°°'":' (i) the Bonds are authorized to be issued and'..'' _ :•''?-. (ii) the Commission's interest in ?5`,-?.s•,. ,.>:., the Loan Agreements and Revenues received by the Commission pursuant thereto are to be pledged as security for the principal of, premium, if any, and interest on the Bonds. °'>'•:? ?.:?::,.. ;- .f ?}j'yA ?# ??'3'° •"754 fz''lF ?tU 3? r5ri,}?? _ ns??4 .. ,i., r-? •:e g, ? p:..:?''t,:;`;.?: ?:, . aJywa?.,?.:•- ,.'?.t ^ o°ri;%i? - _ { +-L ?1? 1 _? .. _ .. ,S (+' •?"`4';F t.'l.ir. re{? jfriWr •. Lq',*i7??F6 ? ? ?,i? i h i 1.. ta" . l il•• •?.?; ?'. t wrlL f rFy 'f.' ;Y vf• r `.4, j.il rti'•> i(35 J°'t' ?1: y itiK..«?'`" _ t?: ',}?>., ,'&t. f•' ,Ci'YrSj,.., •,*.. -..,L'f:,c,;''a :::t,,.y'.:,<s. i. rft, ayS .4..h }^. •. 1' ,':t# Si=1?^# t 6 .l, d. i t:!1s•J'f:'S°I.tR, w.y? r .G,. ]ri ,,f',a.`S:. ,i• :3'' '•q,::':.:j:. .a"`? Sr..t: :?.•.. ,s7?..?'tY •r? .( 4,. •'? :ld. 1. la•'? >4; .. ' l:. i.'rl.: r [ p' :1: .'rte •,. "4' 3• { J ,?{ .!•;@ lit. •?;. l+(T', mot' r •S:a "P .$.1,. r 1+? ?.. e+/•,'' !`mot : ` °tl !e i. C,w . ! , a,..Yiwi:' .7,-. P' ? 4 .i t `' "' ° r - t, s ,. i'.w• 5,°' ,I':,-.. i:• •E'' Mi .i, i ? , 7r'J ?I r t' .,\ r i`!: "° ..di?d'{?tn?•:. ...1 •t. +[ K•' l?, ? •'1• .y 3?t? ,I:?`1 ?,ti ?: .:ti i:r<."" ?S .,?.5. .. i, _ '?' i! a"err. •?? '`i 'r' -'aY' .s i. ' .. .. 'a' , r' i"? ? ? ??? ' ' ? `y .Y?M1YriM1M1.w4?Mr - .,. w.i..-,?.J......Y<. .i J,' . .. /•." 1?. °ft?s.. "Interest Payment Date" means January 1988, and each July 1 and January 1 of each year thereafter. "Interest Period" means the semi-annual period between ., '`•?w "f'tE ,r'•;u?'.'; Interest Payment Dates. "Inter local Act" means Chapter 163, Part T, Florida Statutes. "Interlocal Agreement" means that certain Interlocal Agree- ment originally dated as of November 26, 1985 among the various Borrowers executing it from time to time, the original parties to which are the City of St. Petersburg, the City of Sarasota and Manatee County, as amended and supplemented by the Amended Inter- local Agreement dated as of March 21, 1986 among the City of St. Petersburg, the City of Sarasota, Manatee County and Broward County, and certain Addenda to the Interlocal Agreement, pursuant to which the City of Gainesville, the City of Clearwater and Pinellas County have-become members of the Commission, all as amended and supplemented from time to time. "Investment Securities" means any of the following invest- ments: (1) direct obligations of the United States of America (including obligations issued or held in book-entry form on the books of the Department of the Treasury of the United States of America) or obligations the principal of and interest on which are fully and unconditionally guaranteed by the United States of America, including (if such instruments become legal investments under the laws of the State for moneys held hereunder) instrument's evidencing an ownership interest in securities described in this clause (1); (2) evidences of ownership of proportionate interest in Government Obligations described in clause (1) of this-defini- tion limited.to circumstances wherein (i) a bank or trust company acts as custodian and holds the underlying obligations; (ii) the owner of the investment is the real party in interest and has the right to proceed directly and individually against the obligor of the underlying obligations; and (iii) the underlying obligations are held in a special account separate and apart from the custodi- an's general assets,`and are not available to satisfy any claim of the custodian, any person claiming through' the custodian, or any person to whom the custodian may be obligated; (3) interest-bear- ing demand or time deposits (including certificates of deposit) in banks (including the Trustee) and savings and loan associations, which deposits are fully insured by the Federal Deposit insurance corporation ("FDIC") or the Federal Savings and Loan Insurance corporation ("FSLIC") or which are secured at all times by collateral security (described in clause (1) of this definition) which collateral (a) is held by the Trustee or a third-party agent, (b) is not subject to liens and claims of third parties and (c) has a market value (valued at least every 14 days) of no less than the amount of moneys so invested and interest accrued thereon and the Trustee shall have a perfected first lien in such col- lateral; (4) investment agreements -or repurchase agreements (the t ., 7 .: t?. Iy ?L ',y r :`.' a fl .Y; .,.. ..i, _ , ? s, ?rs?. .. .,a.. ^r,. r ?. .e', <-?.^t`. .. _, .. x..,, _.,? ;.,r=. ., ,)"'ar: :... .,v;•:,, tia S.yrLrt-:t.x??•? f .?, >. ,?: 'q5i ??`. l,PI;' - ? •. ;l{+?,!• ?r:'?-j:sr»"?i" "r',tk?^" .i`^•Srh'r 'a ?'> .r• %i• l11• ?`: ak,. .f , S + .'t{.'t'r i? a3 -i• a 'a•w;• .n• ?'i?_ fir: ?-i r^' h ??. 7s: ??{{.?:'?M •.4%??'S' ^t, S5? '?e a..?'f: •' ;i?"1 '°:'; IS.?.':: :... ,;1•s. -?t' . r.,..,' J,. F"%!' -`z.•:-i'-?!? '•i: .:F r.r '.:, '•s .e.'r? g'';?. `j... -4 '. ?.., ,511. fr. Y.s. . ':?. •: +f • %: i' -i? %Ir ice,:. r.N:. .i' r't: ?Y? ? 't• L y' ..Y. kr' a i '.t i' k5 ?. .f .a4? !R"• 1. ,•C:? Pi° .•+"' .': 5.- ray :'dt. .r?- 'ir{:, :. .nt. a .s='i ,a ..SJ.t..c J •i F?i3 a C zt x+. ''='r• '3 '?x _ i:1:i 3;'??a ', ?',''-, :-" .fir. _ i?"• .r3 ..c-? ?•f '??'rY'r 1.4 •: 1 I? -tS K t!`'v e7. r! l" •i '7, 4.1 da?ar •a d? •1i ?11 ,'.V 1 ?S? ..S 'S'I J is '1 Y'.}?- '.•4 5 •. 1: ', [>'. l.yi It •1.4Y. t' - ?i/?.-?> • ;f a,• .z ? '.•;j '{s '7 `,' '• ?• '• :r" ,`y? ?tr Rio??.• .. ... •, ,:a::%'•.'..-........w..?M.,Wa'IidPel»vwM,..w.e....:.-,__.. _ :. ' .__?__..-..... . '.! . .Ytw4 .['•'l?' 0 Q maturity of which is less than thirty (30) days) with a bank or trust company organized under the laws of any state of the United States or with a national banking association, insurance company or government bond dealer reporting to, trading urith and recog- nized as a primary dealer by the Federal. Reserve Bank of New York and which is a member of The Security Investors Protection Corpor- ation or with a dealer which is rated (or the parent company of which is rated) investment grade by S&P-or Moody's Investors Ser- vice, Inc. if such investments are fully secured by FDIC or FSLIC or collateral security described in (1) of this definition, which collateral (a) is held by the Trustee or a third--party agent dur- ing the term of such repurchase agreement, (b) is not subject to liens or claims of third parties and (c) has a market value (determined at least once every 14 days) at least equal to the amount so invested and interest accrued thereon; (5) savings accounts, certificate of deposits and time deposits authorized E pursuant to Chapter 280, Florida Statutes; (b) the Local Government Surplus Funds Trust Fund created pursuant to Chapter 218, Florida Statutes; and (7) any other investment authorized for municipalities and counties under .Florida law and approved in writing by the Bond Insurer. "Liquidation Proceeds" means amounts received by the Trustee or the Commission in connection with the enforcement of any of the remedies under a Loan Agreement after the occurrence of an "Event ° of Default" under a Loan Agreement which has not been waived or cured. "Loan" means a Loan to a Borrower from Bond proceeds to finance a Project pursuant to a Loan Agreement in the amount specified in Section 3.01 herein. "Loans"- means all loans made by the Commission under the Indenture to the Borrowers. _ "Loan Agreement" or "Loan Agreements", means this Agreement or any Loan Agreements between the Commission and the Borrower(s) participating in the Program with respect to the Bonds, and any amendments and supplements thereto which are executed for the purpose df securing repayment of the Loan made by the Commission r to such participating Borrower(s) from proceeds of the Bonds and establishing the terms and conditions upon which such Loans are to be made. "Loan Rate" means, at any point in time, the applicable rate of interest calculated as provided in Section 5.02 of this Loan Agreement. "Loan Repayment Date" means December 25, 1987, and thereafter each June 25 and December 25. a 8 ;'.S=sr•IFe . a1b`'S ?, •y.:,•Ji', 4; Vii':• „.?','ar.;tb: a n ,5g ` 'er:r:?i1L,y'1.5 '- }- JIM' .. ,i :) ' Jc''.t . ,.?'r . 'ir'v.:. • .`r.h ,r'?!. r «t§?5` r:w:'?4+:'Y``N:'s?:''?..?.""' ?' .7 ? t , h r .C 2' (.5 k is-' '•,ttr ' F"• r' yr 1, y' d "• fi- ?' ,?<, :d ir'• 'v :+fi ;? :?••` 'IT '.. I, •'M 1 rs > i • 1' f• '•1 "-"fir '',t sr •' i't: ? .7 `ix? ti's `•? , 'a• s' / . ti '•7' l s`i ,. I. ;? .era ?;,..1 .'<t, \:> '1: jl•.s ,.v:•` _ :t'. ::b .•=2' .1 ,d "i?'Y'c :.. ?f •is3;. -;f l•• Wr' a! e 1 .: t e` i•` 'E t "VW --.-•c:• i •i. .,' t .'fir' r r ?. ?R .t4' << 1 r ?•A'' Cj; f :i °I? 4 'tire :l? -f f F 1 z, 7f t'A. ,S Loan Repayments" means the payments of principal and inter- est and other payments payable by the Borrower pursuant to the -r } <'_. `1;: ):a 2 z. ' provisions of this Loan Agreement including without limitation ' Additional Payments. "Loan Term" means the term provided for in Article IV of this `'' "'r t~ Loan Agreement. at• OZ, ` ti: r`S• rye': ?t,+,.',;,,• "Moodyfs" means Moodyls Investors Service, a corporation organized and existing under the laws of the State of Delaware, : :;{'•`i s''rx,':-j `,i.:' its successors and, their assigns, and, if such corporation shall be dissolved or liquidated or shall no longer perform the func- tions of a securities rating agency, Moody s shall be deemed to ",.r'•''?r;3"??'ury refer to an other nationally recognized securities rating agency designated b the Commission with the approval of the Bond Insurer, by notice to the Trustee. 11 .,i• s j.`E';,,• Non-Ad Valorem Revenues" means all revenues and taxes of the Borrower derived from any source whatever other than ad valorem f =:';.h??:?wa.t..>.'•:, d taxation on real and ".:1•w ir?dN` c° personal property, which are legally '`+`??" ••i???? ??'j;`°?=??? ' available for Loan Repayments. "Opinion of Bond Counsel" means an opinion by a nationally ;''rtfz4="ffe; ";? r'•. recognized bond counsel firm experienced in matters relating to Yi =< the exclusion from gross income of interest payable on obligations of states and their instrumentalities and political subdivisions, and which is selected by the Commission and acceptable to the Trustee. "Opinion of Counsel" means an opinion in writing of a legal counsel, who may, but need not be, counsel to the Commission, a Borrower or the Trustee. "outstanding" or "Bonds outstanding" means all Bondr. which have been authentigated and delivered by the Trustee under the Indenture, except: _ a (a) Bonds canceled after purchase in the open market or because of payment'at or redemption prior to maturity; (b) Bonds deemed paid under Article IX of the Indenture; and ' (c) Bonds in lieu of which other Bonds have been authen- ticated under Section 2.06, 2.07 or 2.09 of the Indenture. "Person" means an individual, a corporation, a partnership, an association, a trust or any other entity or organization in- cluding a government or political subdivision or an agency or instrumentality thereof. r "Principal Fund" means the fund by that name created by Section 4.02 of the Indenture. 1 rN? ? ,fit' t:~? ? `? ; ??,?`. `a,'S,;?;•jCt - i• fir"`' _ is F? 1 ' a. F s ' 9 - r .,r..ww.ar•F. „fw•?Fw;.,, .':r,?:•?Y,?ES'h°^;,i:.a.,?rfi.c•rS• F ?t .. <;,• •'i,, .r::5 .- ? ? ' ,' Ord ,, :. ,; ,??j:? ., r; t"?Ij;gi!•ii•i•itkZ";°r,n:,sl, fr.< r•. _ i, '1'.,,7 .!, 1`sit.' 't5Y'' 1:":•. 'fv}lt''g-.,-'?;^i'°i "", ? ?' 1: .<4. 1,j. .7 :?Tv: .Y"'' it.?Si?\,;..w'.'",?rd...§§S3r°, t)ty r ,S'•i t:f rt M 1 ?,+?' :•Ff < 'f it l?•' .•.1 :it's ' .!' : ?f :i.,.. f .:ti`• rpr .F t'1 •.9 ?i'a •1 ''.{3'?' t ? 4 ,w .? ?ry f 1 r " rw.1".: f ?,r .f .??' '. ?:..•;~• .t:: :...'ter, •.•,: 'i .. Y• , 44 :yl.., .`,. :'a ? 1 .4', to t•l. yx. Rrt F C .+sE •' .!. :1- t'ra `•+ea t•?' ! ?7A'• Irs? .Y 1, u.Y, i.t. '•F j 4-'1 s., ar' -3s .' J '•%'. 1. `f ,.1.. )`' _ iE. ;•7, °,t -LC Y ?x' ?r•' •1' :J K>Stls .1' sc'? •e .+ X •'a ?? '. i'? ,fir': ?Jti.''• } F-'.:(IY L •% t• '. , t •i i..z. :fir: II ,`;!` r'i';• ?-aa" •?•f. .f" ti i a. r:1 f f'? i y % X04 • i .' • 'ti t' a ' S ' ? C? `1 "? ',f. 'l• !5.' li: 1?J !.?tJ' Vii'' ?;., •rm. E. , ?3 ..r,. ': (`? •?1e : tS' Il Y' { i V' T•1' 4,r . '.f, q a' \' S •iti 'f y } ?.? 'F i. ,'•:>' .} 1 gat; Yy' ••J .1°i?x ?~ E iY"•i 1 ,d • "t.:. ?a - 'cif "?;''r , • i •' 'T; f "-,dy7 ltd :?`';? j i:;l ;.t i "Principal Payment pate" means the maturity date or mandatory ' redemption date of any Bond. "Program" means the Commission's program of making Loans M1. under the Act and pursuant to the indenture. „ ct" r" r ectg" m r ent l u r k Proje o P of eans a dove nm a nde to king approved by the governing body of a Borrower.for a public purpose, ;- including the refinancing of any bonded indebtedness. "Project Loan 'Fund" means the fund by that name established pursuant to Section 4.02 of the Indenture. "Proportionate Share" means, with respect to any Borrower, a fraction the numerator of which is the outstanding principal amount of the Loan of such Borrower made from proceeds of the ;-` Bonds and the denominator of which is the outstanding principal. amount of all Loans made from proceeds of the Bonds -and then. ? outstanding. Nf "Purchase Price" means the purchase price of one or more ,'"`• items of a Project negotiated by a Borrower with the seller of such items.' .. ' Redemption Price means, with respect to any Bond (or portion thereof), the principal amount of such Bond (or portion) plus the applicable premium, if any, payable upon redemption SE='S) pursuant to the provisions-of such Bond and the Indenture. "Revenue Fund"-means the fund by that name created by Section =''' ;)F 4.02 of the Indenture. Revenues means all Loan Repayments paid to the Trustee for the respective accounts of the Borrowers for deposit in the Prin- r,,1,f cipal Fund and Revenue Fund to pay principal of, premium, if any, 7 and interest on the Bonds upon redemption, at maturity or upon acceleration of maturity, or to pay interest on the Bonds when due, and all receipts of the Trustee credited to the Borrower under the provisions of "this Loan Agreement. "S&P" means Standard & Poor's Corporation, a corporation organized and existing under the laws of the State-of New York, ?,•, ..;:.: its successors and their assigns, and, if such corporation shall ?r5fa ' " be dissolved or liquidated or shall no longer perform the func- ?1. tions of a securities rating agency, S&P shall be deemed to refer to any other nationally recognized securities rating agency j'. ?? V' , designated by the Commission, with the approval of the Bond ??,• JG Insurer, by notice to the Trustee. "Special Record Date" means 'the date established pursuant to Section 14.05 of the Indenture as a record date for the payment of _'- defaulted interest on the Bonds. { •f '7.> ? ' b Jr'y F. tai; .r??? ?•.fxs 10 x 2'j : ' te r ; } ? r ; ?, ??rr Y. ty?? ;iE Ilia-- Z a 1•_ f ° }?a T X4 l. . II ??+ ' -- w.a.'a: rrrw?iwwee.Mu+?e...wn..?..if?•?..?«•?.•..,r _ _? - _-._.,_.?.rwr,.?.?-?.... ?...... _ __ -_ _ _ _ ,e .,-.. _ ?._ _ _ .. ? 1 S G "State" means the State of Florida, "Supplemental Indenture" means any indenture hereafter duly' authorized 'and entered into between the Commission and the Trustee, supplementing, modifying or amending the Indenture, but only if and to the extent that such Supplemental Indenture is specifically authorized in the indenture. "Trust Estate" means the property, rights, Revenues and other assets pledged and assigned to the Trustee pursuant to the Grant- ing Clauses of the Indenture, "Trustee" means Sun Bank, National Association, as Trustee, or any successor thereto under the Indenture. r4 F r I Vi,.?:. #xsa .? ? ':? ?!' :r. sy,;?:i:<'v''?tr„?,"+5,z,t?•?'s?H?'i'rl??:'vr{s?^• ?'rE'z"?r,?".Ys"'?ict'ti,;. 7 . a•i. 1 i' k•Y?6'>.~?A. :. t,;., L ?4l 'SIC. iru Y?iY" fT+,.t e.{ {,+:i'.??a.'. I"r pi. ,. ??..," 1? rit:f'? S t)}e a•?, )t.•{??;••?t-•(..1 i.4?1.a••rc?tC??}y?.R Jf' :v+^:•.i`.f{i.?9 ??•'?. • 4.? .F.• "` •+ Y .?. v ?. t+o .. r'. :-1 EJ. S,T :J,? ?}: '?S' : r". _ r Iu;.'i`; rv1A, iiY ?:5 i•{: .y ` y? yt I1a ? 1 J {. ?'i it 1 ? `'? _ -S: •YI '!', `?{.;:'i'•'. S? .'S,'i•? xt}, ?•? ':?°. .;'.+, ?' IlSt 11 _ l'a" Y i '.. . 1 • f :0 e, ?+ Ar •ii-• 'Y •.'? ''6 '.! } it '. ?`•. •??: .v•-- i?, 'i2 •••F; li-.. _ . -. lt, :I,` V'U ?': ie :w' `}'?;,'; y.s•!,'i'!3e ••t ti+ ,4'J, 10 ,'r,. +,. `',C: .i,.• y,.. •,.t?„>... • E, . is 'f° `2v a s§:• .14 .. ;r., x•11^' F.^ , t?' „ ... .. a' •?e;: 'yv.?',?' J . -E ' % _ - 1 •4 •F ? 'i - ? tee. • . 11:0 '?? , i,) •i? ? ?l`ffi?' ?krM?1Lw11M.Ybrrwr,? ? ? j ',t i•'?:Y c,, y,t'.. .il ,"' ? i • °i y?.Y • 3 1 0 ARTICLE II U REPRESENTATIONS, WARRANTIES AND COVENANTS OF BORROWER SECTION 2.41. REPRESENTATIONS AND WARRANTIES. The Borrower represents and warrants on the date hereof for the benefit of the Commission, the Trustee, the Bond Insurer and Bondholders as follows: (a) ORGANIZATION AND AUTHORITY. The Borrower: (1) is a duly organized and validly existing municipality of the State and is a duly organized and validly existing Borrower; and (2) has all requisite power and authority to own and operate its properties and to carry on its activities as now conducted and as presently proposed to be conducted. { (b) FULL DISCLOSURE. There is no fact that the Borrower knows of which has not been specifically disclosed in writing to the Commission and the Bond Insurer that materially and adversely affects or, except for pending or proposed legislation or ;. regulations that are a matter of general public information affecting Borrowers generally, that will materially affect adversely the properties, activities, prospects or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement. The financial statements, including balance sheets, and any other written statement furnished by the Borrower to the Commis- sion and the Bond Insurer do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein or herein not misleading. There is no fact known to the Borrower which the Borrower has not dis- closed to the Commission and the Bond Insurer in writing which materially affects adversely or is likely to materially affect } adversely the financial condition of the Borrower, or its ability to make the payments under this Agreement when and as the same become due and payable. (c) PENDING LITIGATION. To the knowledge of the Borrower there are no proceedings pending, or to the knowledge of the Bor- rower threatened, against or affecting the Borrower, except as specifically described in writing to the Commission and the Bond Insurer, in any court or before any governmental authority or arbitration board or tribunal that, if adversely determined, would materially and adversely affect the properties, prospects or condition (financial or otherwise) of the Borrower, or the existence or powers or ability of the Borrower to enter into and perform its obligations under this Agreement. (d) BORROWING LEGAL AND AUTHORIZED. The execution and deli- very of this Agreement and the consummation of the transactions 12 soli ?. 44 .'`?,?; `.•?t ' 1 •y ?} i ?i ;. R i .. °; .rvr 'f. .d'. S ?e• .:k°.t /F.Yy:?93 :d,.•'';k^ ...?kl?•Skm??S ',5'°xy. .. i4rk'.9 - r .. •- :i t i• w3 t?.i. '.Jn"{'°i?'>"': ?: 1:'n', ,•1't^,." F .li?U' ,f a 1:• t. ?e s?' ''i`• L.? 6 ice. 'i. rp. .1'?r• 5 ,. 1?1111??.(?,,wwu... ?4try. .. ,. 1t. :?.'? .. ._. ... •1, _ .. ... ex:,'e 'Y ,U„bt•:i :Ar S .?;` ' xS? .t •L ?i' ', 5...,, -:: j? °"' .'f 'DES 1','T iA' ? f' A:1t't! 1 ` yy?' 1. :S•".da.. . x " l-af @ F -? 't • sb- ?'lir . d , L" ti ,., a ?,• r f"A •? 5 >t '.L. 't •' 'k. ?.,`?{ ?.1 •. X1:0. P.. )f". a' 't ' 1' ? 't'" .`[rte !-'' ''-4?.°• .'i-' _ ,• it ,:s -:'J., ;•?. : ? ?{ Ira:. t:°t• a f} V AJ d' d .^b t e ..•d? k Lr,' p ?.4 _ 15 L s -- - Miiwnl?ltllilJr' F. ' provided for in this Agreement and compliance by the Borrower with the provisions of this Agreement: (1) are within the powers of the Borrower and have been •? . '- ?:-? ? duly and effectively authorized z' :r;-,•° 4 r` "' by all necessary action on the part of the Borrower; and •- ,,-:; :? (2) do not and will not (i) conflict with or result in any material breach of any of the terms, conditions or provisions :x :.,,,.'> ?i•;? of, or constitute a default under, or result in the creation or ??:.':';z',"?:>?,,?}?.,:?,`?,• .', _ •:'...?:? imposition of any lien, charge or encumbrance upon any property or assets of the Borrower pursuant to any indenture, loan agreement or other - _ ? agreement or instrument (other than this Agreement) or s;•°••?,?:;:-5•'- restriction tc which the Borrower is a party or by which the Bor-- ?'.; , rower, its praperties or operations may be bound or (ii) with the :ice or t - ".`.:. ,giving of not he passage of time or both, constitute a breach or default or so result in the creation or imposition of 7 ? JCS; any lien, charge or encumbrance, which breach, default lien charge or encumbrance (described + y- .?e••F$:°-'?,?."° ;?';:.. , in (i) or (ii)) could materiall ,:?:. t. h`"°'• and adversely affect the validity Y or the enforceability of this .•,,._, '';?;Y?'s?;g, .,.,.`. Agreement or the Borrower's 7~ ability to perform fully its obl iga-- 1.. t ions and .~ 3 3 er this Agreement nor will such action result in an violati y p4$^?.. S x;>,•- , on of the provisions of the Act, or an laws ordinances >•-'s;._??=f;',.;ra''? , '`'" ` ';'.`•': , governmental rules or regulations or court orders to which the Borrower, its properties or operations may be bound. {F ' °; ;IY (e) NO DEFAULTS. No event has occurred and no condition :d?-.:?; -.'• exists that constitutes an Event of Default, or which, upon the ,«;?'?;=x•;??,,;.?°??:??;r- execution and delivery of this Agreement and/or the passage of ti i me or g ving of notice or both, would constitute an Event of Default. The Borrower is not in violation in any material respect, and has not received notice of any claimed violation (except such- violations as (i) heretofore have been specifically disclosed in writing to, and have been in writing -specifically consented to by the, Commission and the Bond Insurer and (ii) do not, and shall not, have any material adverse effect on the transactions herein contemplated and -the compliance by the Borrower with the terms hereof), of any terms of any agreement or other instrument to which it is a party or by which it, its pro- perties or operations nay be bound . (f) GOVERNMENTAL CONSENT. The Borrower has-obtained, or will obtain, all permits, approvals and findings of nonreviewabil- ity required by any governmental body or officer for the acquisi- tion and/or installation of the Project, including construction and renovation work, the financing or refinancing thereof or the reimbursement of the Borrower therefor, or' the use of such Pro- ject, and, prior to the Loan, the Borrower will obtain all other such permits, approvals and findings as may be necessary for the foregoing and for such Loar. and' the proper application thereof; the Borrower has complied with or will comply with all applicable provisions of law requiring any notification, declaration, filing or registration with any agency or other governmental body or tjsa. 'r,°a`4o` 13 _;: , , .. .. .,f..•. ., ':1':r+ c}w.\'r.•..-.a".+r?'y!iyy;J1A?,?^3"?'•. -? _ ,` '-Y,'.. :n??r.t?ri'y?{"°?'?>;.a':•?''??,Jti; lfy3i%q?k*k:??:°.'":ir? 7577 s.3 - Ilr ':e'f ..ia.vi' - f ".i- . Cp ,i5;vp^y q' i1 G y$ •y y • t• .? ' ae.l ,.?. 4 i{' w• • ! t a. 'lid v t F n t ,ti 1t 1'. ?i $?+{?.r'n:?? ,All`T s n?.' '`d'i" o'ff' :e"??:?;.,... •'e ?.,' .t .g.,. +A , taYVlr.Sz".:.LCS'.,?.L•iY?l}: { ,?.'? t.t?:'^ +'•v: 'i1 s < y, .1. .y n.'?' t t % S •• Ar 4 r Y ?.• - .ri a3 e?t'?' 1"• ?' _ nil .. . Via" •1?• _ {a.1 y; istf.i.. ;..: •1;tS1: etr >Y^ .. t S' Ip J{ w?.. r , ? •i .. - :r?' `'iii r.; P`°?, .rat, 1 ' Y : - • ' 't k ?f a k.' -.. •...<, t.;, < 1'. 1 `y 'IY 11 • 19MY.???MIIFI.N r - _q-• •?`'E?E}} •1?0`•'', i % .1",• yr '°'?i ':\: `e.,Y ?: ".•. officer in connection with the acquisition or installation of the Project, including construction and renovation work necessary for such installation, financing or refinancing thereof or reimburse- meet of the Borrower therefor; and any such action, construction, i` :• ."• installation, financing, refinancing or reimbursement contemplated ;•_;;,,r+ y<,=:;4.; in this Loan Agreement is consistent with, and does not violate or "^i:'.'';;:•::`lx•S;' yf .. i.. jr.`., conflict with, the terms of any such agency or other governmental consent order or other action which is applicable thereto. No further consent, approval. or authorization of, or filing, 9 t: registration or qualification any with an governmental authority is ?' ' '' ?`?'°'•°```•°??` required on the part of the Borrower as a condition to the execu- t-. a ,'• tion and delivery of this Loan Agreement, or to amounts becoming outstanding hereunder. ice.:: ??,?. ?',ti? rri ?i,i.,.<,?• ? (g) COMPLIANCE WITH LAW. The Borrower is in compliance with rv:.i;?r'::•'? plee r - all laws, ordinances, governmental rules and regulations to which f _ it is subject and which are material to its properties, opera--j:y,;.`???y%s:'. `i ti tions, finances or status as a municipal corporation or subdivi- 4:f°??'•,?} ' ?'' fe,Y sion of the State and this Loan Agreement is a legal and binding `;.r,. t'•: f ,`.',? ; :?r` ~ ` y•! ors 5'?'??1 ?•?,'i:r 3 obligation of the Borrower enforceable against the Borrower in ,.? accordance with its terms, except to the extent that the enforce- ?•h?,? _,a ability hereof may be subject to bankruptcy, insolvency, reorgani- € zation, moratorium or other similar laws affecting creditors' ' rights heretofore or hereafter enacted and that their enforcement Y`s' y;3!a?"'° „ J ?"'• i. y. lit, , _, ?1.-' „•:y ',' ,..!l. w'•.ttl? Y'r ir': "??• a:y' 2f?fy d` may be subject to the exercise of judicial discretion in accord- :j7 . •{Y..Aµ i>'ii 1. M='''• ?`? !? i ante with general principles of equity, and to the sovereign afgIN police powers of the State of Florida and the constitutional ''f' v ."1 .?• •7'.. `Gtr.., L;i'-.,"%q hs .4.SFi1C''};i:?'.. powers of the United States of America. H? t? :+i ,"S.f. S •` `T',y7?.,Y 4t iiflt ??,; ,f' ? 1 (h) USE OF PROCEEDS. ,< V;-''<_•,f` (1) The Borrower will apply the proceeds of the Loan from the Commission solely for the financing or refinancing or to -:3 - reimburse itself for the cost of the Projects as set forth in Exhibit A hereto. If any Project listed in Exhibit A is not aid _ {-• ??,: for out of the proceeds of the Loan at the Closing of the Loan, Borrower shall as quickly as reasonably possible, with due ._ diligence, and in any event prior to June 15, 1990, s the remainder of the amounts listed in Exhibit A and any investment •t,ti.??: ry•: 1.r5 'fir ;V-, f'µ tr??: 5:,'i•'.; earnings thereon to pay the cost of acquiring or constructing such ?:;:' ,. ? • ';??;;"s',-t1« Project, provided that, such time limit may be extended by the rRr#: written consent of the Commission and the Trustee, and provided further that Borrower may amend Exhibit A to provide for the =Yyr,;,,'',.•;,:°:;n•;y,`?.?:?4' S 7'?'?`3F financing of a different or additional Project if Borrower, after e'? s• =:his:-: .: ez::E' ,. ;'` `' ; 'F, j. the date hereof, deems it to not be in the interest of Borrower to rt`.r°..: .,.: ,,-,• s4=t acquire or construct an item of such Project or the cost of the ?- r .? , .•''r.,-;?':,Ei.; ' '.? Project proves to be less than the amounts listed on Exhibit A and Frgx' S the investment earnings thereon. Notwithstanding 'the foregoing 4Y d i?•!?a•" all such proceeds shall be expended prior to June 15, 1990. ',•? .? > _ •. ..;L?: •' j Borrower will provide the Trustee and the Commission with evidence .,.:fsii z ,ft'..+?:::•-; ,' of the expenditure of the remaining amounts of the Loan and the 14 F • r• '!. .. . '1. .. . . ?. It i.1. S.''f+'?s. ate .'te 5 .•tF .. r %s '.i , j 53 .'jl^A .r 1' Ff?+ yv ! a;'.' `s.' '?.•. .s`.'19 '{l[ ''S:":.:.?{lA'r Wit.,; 't to ?,. lc: 5• . J s1.i ^ `d.x s . y ??.-` '•,: pee ?r > .4 i ,s -F'' .. •r '? i 3. -S •' .r Y` N ids s• 6':i` ?t'a• .s .y r M1?'ir D Ss .l t a v'a . ? rryt lry I a...? i' .. fir.' }` ?^' 'a• '" ?; ,, . , ,. , • f •ti I y,)-. .: . 1pc .S,Y"gpb4. {'•^? s 31 F< " 1 Y. ?•' 5'. .':fir 6. q. t, investment earnings thereon and the respective date(s) thereof as soon as practicable following the expenditure of all such amounts Y...1•.',.,,.'' o costs of the Project''''`::;' r (2) Items of cost of the Project which may be financed, refinanced or reimbursed include all reasonable or necessary direct or indirect costs of or incidental to the acquisition, con- struction or installation of the Project, including the incidental costs of placing the same in use and financing expenses (including the application or origination fees, if any, of the Bond Insurer :':.,::';•.rY:;..':;,:,::'- ' 'r.'.;'':a;:...' it<:,.;,.,-? ?. • : ' In addition, in r. • ' and the Commission), but not operating expenses. the case of refinancings, accrued interest and an prepayment penalty on the obligati on to be refinanced may be included. `,',•? r?;{?y'f;,.=? i :i'a., :!'„L ° !.rnf,r-•, `rti •?Yr.-*jr-s.':;tr f _ • ,:t. (3) Borrower understands that the actual Loan proceeds ' ?=,' d;;;?- :,J;?',' ?•:; ?'•? ,;;??>;?'.. received by it are less than the face amount of the Loan Agreement in an amount equal to (i) a discount equal to % of the stated principal amount of the Loan plus (ii) an amount equal to ..4„ z;.r•#????=??sk?*j j_<<,, e ' the Borrower's Debt Service Reserve Requirement. The amount of Loan proceeds received b Borrower will thus be smaller than the principal amount of the Loan. Borrower will accordingly be through the Basic Payments onion of ;';=r;'r,'°?cr }y; •. responsible for repaying, € its Loan Repayments, the portion of the Bonds issued to fund its r Loan and Borrower s share of the sands issued to fund that portion ?°•?ry?:???,??; ;??';???-?,,?:?'; ?s: of the underwriting discount and other costs of issuing the Bonds <;Fi"" p. •'.?'.. -' -?-' as well as the Borrower's Debt Service Reserve Requirement. ?.,`,f, :.,;??;j•..' ,...1.;.'•. Notwithstanding the fore0oing, in making such payments, the r. --; -, aat+iy ;' ?--e'?.?,ei?;•'?,`iti yr'?•, • Borrower will receive credit for investment earnings and amounts on deposit in the Debt Service Reserve Fund to the extent such moneys are not used as provided in the Indenture, and a credit J' against its last Loan Payment for thr, amount, if any, in the : ,...'? Borrower's designated account in the Debt Service Reserve Fund. ?•;, ,,,=?lr.,.,?r?r?;Fa,{T: _• :J Any balance thereafter will be returned to the Borrower.'' p,f (4) If Borrower is receiving reimbursement for the cost ?','rss.c r of the Project expended by Borrower an or before the date of ,=?;-•?,.::y'.:.,,; j`.> .?,.,•• approval by the Commission of the Borrower's application for the Loan, Borrower represents that (i) the Project or any portion thereof for which it is being reimbursed by the proceeds of the ,a':4? Loan was acquired or constructed, and payments therefor to be reimbursed were expended, b Borrower after August 1 1985 and the Borrower expended such funds in anticipation of being reimbursed -?: for such funds with bond proceeds and ii if such reimbursement will be used for the repayment of the outstanding principal balance (together with accrued interest and redemption premiums, S if any) of indebtedness incurred by Borrower to lenders or sources other than Borrower in connection with the Project that the ;,]•3,?,. interest on such debt was exempt from federal income taxation; all ; °stf,;.a?'.?xt. evidenced and confirmed to the satisfaction of Bond Counsel. (5) The Borrower covenants that it will make no use of ?..',t'.« r'?;r;•?: ?'?'''• . the proceeds of the Bonds which are in its control at any time ??,,;•..t-?- ,.:.,,''s°?'• :F .b ?.? ?-` r.?.;F`y-f: ;• during the term of the Bonds which, if such use had been reason-{" t„t:,;?.fS?y+? .•?L:it?iy?erj•'FMS ?]''x?•`?yl,'r"'L?jy:YY:: .],-l'3f y A:?f } l ?t tq{ F C ,.jr#.. 15 ?'.. '. ''" r ' - ?... , .is ' •. .e.-' - ,. r ff-"7? 1'. A?9Q •?}?'C??''•,.' f _ •t .')f• !.!.'- S`^?. _ .5.. ..T. >l Z•, A' .?S'??rtt '??'ft.r??r"T'-G r..'t. ' a4''i: r qyt .. ' k 47 s.. i., rE' ..f•' yes . F' . .?' t' .,. }'' ; ? ,s ,r, • `^S,l' ,.1:x,1 ??_ rr S ? ?A •Y ? i a t 'r •` a • , z st` ? `sl .. .. yr d f l_;rte;: % . % • i ;i ' :;.'?.,..- ' M?i}MI!M.MM1YrN?-?N'iT5'?IrY rr.--- - _.. _.....L...:,.....°.....6. ii"•:'. •', •s::':.r'F (',.":r,;: ably expected on the date the Bonds were issued, would have caused such Bonds to be "Arbitrage Bonds" within the meaning of Section 148 of the Code. Y =.t. ',".f°{;`'`.,4`:?':• F' (6) The Borrower, by the Trustee's acceptance of the s" Indenture, covenants that the Borrower shall neither take any :.xGS .. " action nor fail to take any action and to the extent that it may ;.r',?;?°;:`?•,:;!L;r?; . ,? ;,:1'.:, do so, permit any other party to take any action which, if either ' taken or not taken would adversely affect the exemption from Federal income taxation on the Bonds. ..r4`;? :;.?,???=;.'....:?:•. (i) PROJECT. All items constituting the Project are as such term is defined in the Act. - ,q,.L.:°•r°1''„ • ,.r:.:. •• fir). (j) COMPLIANCE WITH INTERLOCAL ACT AND INTERLOCAL AGREEMENT. All agreements and transactions provided for herein or contem- plated hereby are in full compliance with the terms of the Inter- local Agreement and the Interlocal Act. SECTION 2.02. COVENANTS OF BORROWER. The Borrower makes the following covenants and representations as of the date first above written and such covenants shall continue in full force and effect during the Loan Term: „ (a) SECURITY FOR LOAN REPAYMENT. The Borrower covenants and agrees to appropriate in its annual budget, by amendment, if re- quired, and to pay when due under this Loan Agreement as promptly as money becomes available directly into the appropriate Fund or Account created in the Indenture, amounts of Non-Ad Valorem Reve- nues of the Borrower or other legally available funds sufficient to satisfy the Loan Repayment as required under this Loan Agree- ment. Such covenant and agreement on the part of the Borrower to budget and appropriate such amounts of Non--Ad Valorem Revenues or other legally available funds shall be cumulative, and shall con- tinue until such Non-Ad Valorem Revenues or other legally avail- able funds in amounts sufficient'to make all -required Loan Repay- ments, including delinquent Loan Repayments, shall have been bud- geted, appropriated and actually paid into the appropriate Fuftd or Account. The Borrower 'further acknowledges and agrees that the Indenture shall be deemed to be entered into for the benefit of the Holders of any of the Bonds and that the obligations of the Borrower to include the amount of any deficiency ih Loan Repay- ments in each of its annual budgets and to pay such deficiencies from Non-Ad Valorem Revenues or other legally available funds may be enforced in a court of competent jurisdiction in accordance with the remedies set forth herein and in the Indenture. (b) DELIVERY OF INFORMATION TO THE BOND INSURER. Borrower shall deliver to the Bond Insurer and the Commission as soon as available and in any event within 180 days after the end of each Fiscal Year an audited statement of its financial position as of the end of such Fiscal Year and the related statements of revenues and expenses, fund balances and changes in fund balances for such Fiscal Year, setting forth in each case in comparative form the s .. 16 qV-i ?PZF-r':s'y?id 1.7."x+ C'A'F ?; 4 A .,y-'"''P4 ??l?fr •,'•' yk, ., .y. '14 ' r;r•, tM1`':.f:?, Sri. ???}.:e'?`?t•-?i,?t•.>6 ?, ' .a...?.tva avcr*.warn,enaffcastw'r..r?+!ae+,+vts.......,,r...cn...r.,..w.....?...rw..+?..?.....'?•?w.wra,.r.w?.,?.._??.--_.____.- ?. - _ - '•• l,_ ?" ? _ l .. f. -.... ,:1.' !q. r ,. ?5'r',: .srj:`'.? .''C"°"" "?J•.''?: .Hff `k;'s?', L:t?t 'J. " - .?k•'' '?. ,,,'ve5li?ef;;.t efe'i ri?f!" . . a' a - #va' 9r ?i'` ?' .. ?':€, >•i"=€y "?$`f pit ?`' •k>: '.a•. ` F:. h .4, a ..a. r•ff' ?St ?. SC'. :i'i r ,Y ?%iNit's' ix-k. -'1. 't.? ..., a•T'iii.s? 'S?v, F, T'?fx-ft .tj vs, .i.: ,? •c? - ?1?? ,. ',f' '. t., ? f-,,: •I???:7,a ;f :l.a't=7:yr. f ._° ]? n: ?' lac .'.i 71t,; t€ - ! .i' . '!.'.l•, 1, 4 n t_ tF' i. a ^ ?,1, . J" ' L .:4 •. '? ? ,.J : f :' ."s€a•1ti°;a: ?!• ?,, •.?'? .s « 3 E "i 'f'? s' .4 ... ;q ms's: i;° ', 1,, ,•a, '?!„ i iJ' fi ures for the Fiscal Year, all reported a ,,:,' r?!`s.: ,;,; r?'+= :Jr•° tis;':?•,:,? y. ;....,•.. ?;d;,y;.: r . g pr e v i o u s by an independent certified public accountant, whose report shall state that such financial statements present fairly Borrower's financial position as of the end of such Fiscal Year and the results of operations and changes in financial position for such Fiscal Year. Within 75 days of the close of each fiscal quarter, Borrower shall file copies of its unaudited financial statements with the Commission or the Bond Insurer,, if so requested by the commission or the Bond Insurer, respectively. (c) INFORMATION. Borrower's chief financial officer shall, at the reasonable request of the Bond Insurer, discuss Borrower's financial matters with the Bond Insurer or their respective designee and provide the Bond Insurer with copies of any documents reasonably requested, by the Bond Insurer or its designee unless such documents or material. are protected or privileged under applicable Florida law. (d) INDEMNITY. To the extent permitted by law, the Borrower will pay, and will protect, indemnify and save, the Commission, the Bond Insurer, the Trustee, the State, each member, officer, commissioner, employee and agent of any of the Commission, the Bond insurer, the Trustee, the State and each other person; if any, who has the power, directly or indirectly, to direct or cause the direction of the management and policies of the Commission, harmless from and against, any and all liabilities, losses, damages, costs and expenses (including reasonable attorneys' fees), suits, claims and judgments of whatsoever kind and nature (including those in any manner directly or indirectly arising or resulting from, out. of, or in connection with, any injury to, or death of, any person or any damage to property resulting from the use or operation of the Project) in any manner directly or indirectly (in any case, whether or not by way of the Borrower, its successors and assigns, or directly or indirectly-through the agents, contractors, employees, licensees or otherwise of the Borrower or its successor and assigns) arising or resulting from, out of, or in connection with, the Project, this Loan Agreement or arising out of the breach or violation of any agreement, covenant, representations or warranty by the Borrower set forth in this Loan Agreement or any document delivered pursuant hereto or thereto or in connection herewith or therewith but not including an action arising from the alleged invalidity of the Bonds, except to the extent that such invalidity is caused by an act or omission of the Borrower or is caused by the invalidity of this Loan Agreement. `(i<?i?"i•CO,''i''?1 1'Rit ti'3'?)? 1 ?. I •?'F,,rjti The provisions 'of this paragraph (d) shall survive the termi- nationof this Loan Agreement. (e) SPECIAL COVENANTS AND FINANCIAL RATIOS. The Borrower ;. •,<, ;, covenants that in each Fiscal Year of the Borrower the total out- ; -i II standing non-self-supporting revenue debt service of the Borrower s??5 shall not exceed 50$ of total general purpose Non-Ad Valorem :'•'+`; .;'e` g s _ ; g ' 17 } _ MOW .-.. -... ..4r: y. ....--. r , .- u. .. .. ..-. _ .... .. r.J. _'-4 reek' J• j ",:, .. t .. •' , t' ... .. - 'c-?' - .' a.,' ??'•?': ???`'• .try ?,rwb' , i.. ?3',°°Si?:?t?;i-5???? :L r -lit 'IT R r :i t.' "J ,•F y .i FCIF f} ft % tL Revenues of the Borrower, The Borrower covenants not to incur any t indebtedness payable from non ad valorem, revenue sources unless :,. '. :. (a) it has received the written consent of the Bond Insurer (which •:>,-.. s.?'.,; ,.,..{??':::•", • ' consent shall not be unreasonably withheld) or (b) (J) the rose non ad valorem revenues (all legally available non ad valorem revenues of the Borrower from whatever (source including investment income} of the Borrower for the preceding Fiscal Year were at least 2.00 times average annual deb t service of all indebtedness ?° -•Y• `"`°' of the Borrower payable from such sources, and 1' "; Y:` ?''.' r ;•; t''.'' (ii) the net ' , .,??,=r' :`'•,',,'.:?:': available non ad valorem revenues of the Borrower for the y; ^.',:a,i?+r.•' i' preceding Fiscal Year were at least 1.10 times average annual debt service of all indebtedness payable, from such sources. As used above the term "net available non ad valorem revenues" shall mean "gross non ad valorem revenues as defined above minus cost of operation and maintenance of the Borrower (minus, however, an'"L="k'`°'?'' such costs paid from ad valorem taxes plus legally available unencumbered fund balances). .. For the purpose of calculating average annual debt service on any indebtedness which bears interest at a variable rate, such indebtedness shall be deemed to -•i :::-;?.c,lT?j,t.:.:._?:.;:-.;rrJ.,`?? ` bear interest at the greater of (i) 1.25 times the most recently l4, published Bond Buyer Revenue Bond 30 Year index or (11) 1.25 times actual average interest rate during the prior Fiscal Year of such Borrower. Each Borrower shall give written notice to the Bond Insurer upon the occurrence of any such indebtedness. Further- more, the Borrower covenants that on the date of execution of this Agreement, its general fund equity, based upon the most recent audited financial statements, equals at least five percent (5%) of general fund expenditures -for the year reflected in said audited financial statements. ^''=F (f) FURTHER ASSURANCE. The Borrower shall execute and deli- - ver to the Trustee all such documents and instruments and do all such other acts and things as may be reasonably necessary to enable the Trustee to exercise and enforce its rights under this Loan A r t d g eemen an to realize thereon, and record arLd file and re- record and re-file all such documents and instruments, at such ..;4 time or times, in such manner and at such. place or places, all as may be reasonably necessary or required by the Trustee to ; 1 1-.. validate, preserve and rotect the -p position of the Trustee under this Loan Agreement. _ (g) KEEPING OF RECORDS AND BOOKS OF ACCOUNT. -The Borrower shall keep or cause to be kept proper records and books of account, in which correct and complete entries will be made in s accordance with generally accepted accounting principles, consist- E 'F-+ ently applied (except for changes concurred in by the Borrower's ' independent auditors) reflecting all of its financial transac- ¢?? g t i on s . (h) PAYMENT OF TAXES, ETC. The Borrower shall pay all legally contracted obligations when due and shall pay all taxes, assessments and governmental charges or levies imposed upon it or I? is # ? ': ?'tom-?,? `,•ri., i . ,. , a} ?, • 4"`?t'it;•i•, Fd•`.itt ?! t•,Rr..t''•,t ,'?'s.s .?lf,lt ;•.e'j',f •J '•: ty(v l?1j'i9?L:?f'•, ??.:??? '?.`; e,"°?ig?3??_"f 'i:fir.°•°` . at.` "i--T;t?. rT;:`4. [S kJ- ?. -. ..?.a ?' ,. ... ..,. .rM ^e.. ? .. 1 •_ ... , :a.• .,y-,. .. ? ?a.ayt .+.;.• ? ^- ias,W• y•+r..rq?E'.Y.'f,.+f. nye+'S,yNF.i' i. ."1:.1.? :.'? z: • q..r? srrn ..'_ . ryr=-#' , %5`J. :,30 ?•,' s:t?'r, .?: .? ...tw ?ss??{{rfs"?.n.?l.N,', :?i .;rt,... •? •:?: 'T ,? sl9.. '•b ?: .:.4 Ji [..C;y ., .5..$?-; 3•..,y.•, 1rR::? ^''1 ,. .: • t1'?e= b'k,'fY :y:..> .. n'. ?i'i W.? a:y. ?. '?? ??A` .x . ,. ,. a ... 4. h. 's`.f ?)e taw r. ?c'° '.ti `;:?x?.•?a:, b^. Sr+C' a?,•, ,p., iY... r. a.:z Paw«1,•.; f 4., • flr .?.•: rry.. ` Sri ?. ?;. s. { ir<u :?•?:??''°'?-ci. ?°, rim' t s+t: ,r°?2.,r1', . f, "4 r ?Y vs'Y.' •'';- . f i ' A; :'f.°' •N.. wc?-','v. ±} ?L ""'?i:].iL4 77 3i d h ''pri •A' Y.? ! `.x ll ff. fir'' + e 1 f' 1, 6• _ -wiiMCaR?Y/F}jtiiti7lYil..w.?..+.rrw1Y?...`• -(: •?.??%s ?Y,????- • upon its income or profits or u pon any properties belonging to 4r;i: '.,_::•;?:;..,•.>.ay `'s''''f it, prior to the date on which penalties attach thereto and all lawful claims ` which, if unpaid, might become a lien or charge ".••,'°?.?.1r, ?"-'`:'•`" :; upon any of its properties, provided that it shall not be required -.,.? .., . _ :..' . ' 3 ?y`'. - R .?.<I i,.l`c,. F?e.fq,?r{•t? a r'.,_fr ?i ?, to pay any such tax, assessment, charge, levy or claim which is being contested in good faith and by appropriate proceedings which shall operate to stay the enforcement thereof. (i) COMPLIANCE WITH LAWS, ETC. The Borrower shall comply with the requirements of all applicable laws, the terms of all grants, rules, regulations and orders of any governmental author- ity, non-compliance with which would, singly or in the aggregate, materially adversely affect its business, properties, earnings, prospects or credit, unless the same shall be contested by it in good faith and by appropriate proceedings which shall operate to stay the enforcement thereof. (j) TAX-EXEMPT STATUS OF BONDS. The Commission and the Borrower understand that it is the intention hereof that the interest on the Bonds not be included within the gross income of the holders thereof for federal income tax purposes. In further- ance thereof, the Borrower and the Commission each agree that it will take all action within its control which is necessary in order for the interest on the Bonds or this Loan to remain excluded from gross income for federal income taxation purposes and shall refrain from taking any action which results in such interest becoming included in gross income. The Borrower and the Commisq.ion further covenant that, to the extent they have control over the proceeds of the Bonds, they will not take any action or fail to take any action with respect to the investment, o€ the proceeds of any Bonds, with respect to the pay- ments derived from the Bonds or hereunder or with respect to the purchase of other Commission obligations, which action or failure to act may cause the Bonds to be "Arbitrage Bonds" within the meaning of such term as used in 'Section 148 -of the Code and the regulations promulgated thereunder. (k) INFORMATION REPORTS, The Borrower covenants to provide the Commission with all material and information it possesses or has the ability to possess necessary to enable the Commission to file all reports required under Section 149(e) of - the Code to assure that interest paid by the Commission on the Bonds shall, for purposes of the federal income tax, be excluded from gross income. (1) LIMITED OBLIGATIONS. It is understood and agreed that all obligations of the Borrower hereunder shall be collectible only from Non-Ad Valorem Revenues or other legally available funds and nothing herein shall be deemed to be a pledge of ad valorem taxation revenues of the Borrower or to permit or constitute a mortgage upon any assets owned by the Borrower and no Bondholder r ' , 19 ':k. 344•: L f,?°r,'•?t'?tV?';:rL1?.?'? 441. ?.. ?:r??i%.` •?n?.; :. ':?.y;`6 Wit' ?', • n.1::`r' fit' 1.^'i?&?'ifh"'°?:? `rNf. if ?. tis ., .,. ?,,, Y+-..•r' .r, -: ns:.•ar+ywp:. .. ^r.' .+1 y c''tw?f4'. 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'40 j 3. ji •'t:. a ; %^ ? .'r _ Ta' n „!_ E}'p "'Y/ ,.r J'„ . .t'. "•f' , s.• rn . T: - ? -+} i ` =;' sR:i `'r ?{.`'?`? .1, ;' .t •+p,'? :j ?. ?';: ?}1 ??... !'.7,` '"k: ,f. »? vR. 3 t,? r is '?? ' Y, t"t" :rS !„• f?•t-'t. s.?.:a? i '; r?-II "5;:.: .?": t, , a.? ..: aJ-x:;.i +r ts., ;:b°qqj ;`e: w" -'. r. .t-. /.' ?''•' '.{S. .• `41•. ,?.?.?''°s; :?`?.3t... 'v, a ?r^. ?' r;'s: "t? :t•ts.' ?i:? ;r.,` -?(,, rltiE?,e Y"..a?' ,;?, i??r• _ ';?''vJ.: ?:i; -r. A 1• r,°rS-: .:S`-f •: ?5• t'r'y 'J." - s. F, +•i4 ,i,;;, ,5'.'s;::?'`. °?-?,-.?-•r.-, -'???:?' n,a' ? s?: er,• ..a.?;'w:' _ /!)-:. 'L?S4 •:a. "ts. ?n+'s.,` 'a: :3K'. `!' ''E:S: .l ? J :3..• r• { ^r,.,4 AOt/. $. .F try,. ,t. .1r:' r;t. •.! . S.Z Je ,.5.=" ':1: :?l':i: ,?.i:?.. _'t ::.'? i; •i Y v'?f•?s F-a?+a 31. i.F arr t -J. ..Y•: ',i- ,'r`p is ?rcr:.;-'? •:4.- ea,: .ry 6"d • i .n. tt' yS• Y: ' fir. y5i ? • S t Z ?r' {{j;o .k.t n'4Y.,1° qq .s:' ?"e -' ,4 ++,.•.. <F'? "i:' '+T'^"? 'r:r .f v?^ ?t.? ..?5 "d? .i•" .4 `.'.h- -t'r Y.?? 4f :wS "T". ie.° 't .,T r.?R•? f •?T `J.? `t t S ?: 1 1 _ a,'F° S rq,7 n? ( •^ LV , it ? h.",:? ? •: F!.' ., 7 .E't . •?,8„' j hy.` ,i7`¢:,' ir'' 1"": :)." 4. i. t,. .. '1? .. r' .. _ °q„'• Tyr:.r°rf "Y'. t.? Sr?'6?u .. !: ..°?:.irnlsiN?}.YlY?e?C?G?t't, a - _- .-.. ,: t:.'••` .._?'+f!_P"^E?:..- _-r•,V/f. r L S 1, ;r f may compel the, levy of ad valorem taxes on real and personal property within the boundaries of the Borrower. The obligations hereunder do not constitute an indebtedness of the Borrower within the meaning of any constitutional, statutory or charter provision or limitation, and neither the Trustee, the Commission or the Bondholders shall have the right to compel the exercise of the ad valorem taxing power of the Borrower or taxation of any real or personal property therein for the paymetit by the Borrowers of its obligations hereunder. Notwithstanding any provision of this Loan Agreement to the contrary, to the extent the Borrower is in com- pliance with all provisions and covenants contained herein, this Loan Agreement and the obligations of the Borrower hereunder shall not be construed as a limitation on the ability of the Borrower to pledge or covenant to pledge said revenues for other legally.per- missable purposes. Notwithstanding any provisions hereof or of the Indenture to the contrary, the Borrower shall not be obligated to exercise its ad valorem taxing power to maintain or continue any of the activities of the Borrower including those activities which generate user service charges, regulatory fees or any Non-Ad Valorem Revenues. Neither this Loan Agreement nor the obligations of the Borrower hereunder shall be construed as a pledge of all legally available Non-Ad Valorem Revenues of the Borrower, but shall be payable solely as provided in Section 2.02(a) hereof.' It is the intent of the parties hereto, and they do hereby covenant and agree, that the liability of the Borrower hereunder, is a several liability of the Borrower and that the Borrower shall have no joint liability with any other Borrower or the Commission for any of their respective liabilities. (m) REPORTING. REQUIREMENTS. (i) The Borrower will file or cause to be filed with the Bond Insurer any official statement issued byr or on behalf of, the Borrower in connection with the incurrence of any additional indebtedness by the Borrower. (ii) The Borrower agrees, so.long as the Policy-is in effect, to provide not more than 10 days after the. end of each fiscal year, a certificate of it's Chief Financial officer to the effect that the Borrower is in compliance with the terms and conditions of this Loan Agreement, or, specifying the nature of any noncompliance and the- remedial action taken or proposed tp be taken to cure such noncompliance. 20 :7?-y}w;-; .a 'till. 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'e'i•'.'3' r A. ,*E:•i';.:u <:;'"i?'d:,r t.fA !t .t ?9 j i.t ] .,Yx,?J?li' -S C']' ,.'?.;'. i ?. i:''r .I..l.9 *., ..•5.1:.•'• .Jri ,' '.a e. 1 Mµt M.j r••r <S .rte :{"?li_ 1,'•?.;?.. .. F; :{tJ ,`?x`*-,'st' :4;'::.;.'.• „',: P'•f''?%°. ?`r :?•J:- ,lj ?°. 1i1 ,.t, ...?,;; :,? ;? f`? .{%» °S'1iC£?aLa ;;., raf>. :t ?• .S:C?I.,r°. '';gJr':7•, ?J, ?:e Ss"'•'i °i`,`,'t°•. oiY' ? .t`s>, j?4.?,•1 r"?. .s....?'`?.. :r-.:ti' sit .i.S ;'t .xi+d;?_ ??i?'S'e'c .1?4ry; "t 4?:,?•'-t•.`f :'?Y°f??'`.. :L. „? .f: hi _r J-i?'=? ?i,' .Fi4,..•i.` ra :<.?? ] '?. ??[?:sr? yr z'.,s. .}. p.r; frt... t`: .t?tg<', :'$..,., a,h; ,c. '•L' 2l'•"' a` .'ii' ,=,.r'°'L?S'•.y4:?^lj:•ti ,,w.-.f4, .a,.r?.,t :, s* ,{: .'{s'?'.•M1.-"'? :{'rt :N; ,.}}s.. ?i`ye k:r?,ss. .,4,t?:' ?.w7?17 Ler .,1 -r.+t-., L•r.3-e ?t.:r; s,.t_ 1? :•? .Y.17i. _„yJ'!' :,s,,' .j `fit`' ?'=C ? Lt° :Yr'i: ??•' '.f ? :'4'.•: 'a. -•yy .:.? .-.'.'r`.s.: L'1?Ff"? rtF' . rt., ,: "t . . `1:,???e St,•r ?' ';•t? r3l r; :"?','•FJ '•?`'?--' -y• t.' 'S}. ''7". -ate':':`' ?'.'i«.. f„,,. L,' :4t'?'rta. ,y:.ti Vii;, ?. i ?'?"` r: ?'•• r..e.?{?:•,tY-•?'? .4;i :'1>: ..4'i,i :_h":q.f •:r .?.};?il,s..'} '.bw';,°...:s J..:i ` sf;if;:i^^ ARTICLE III THE LOAN SECTION 3.01. THE LOAN. The Commission hereby agrees to loan to the Borrower and the Borrower hereby agrees to borrow from the Commission the sum of $ (which amount includes a discount equal to % o the pr ncipal amount of such Loan to reflect t!ne Borrowe s share of the cost of the initial issuance of the Bonds and $ which represents the Borrower's' Debt Service Reserve Requirement) subject to the terms and condi- tions contained in this Loan Agreement and in the Indenture to the extent such amount is (i). approved by the commission, (ii) approved in writing by the Bond Insurer and (iii) determined by the Trustee in its sole discretion to be available in the Project Loan Fund (established pursuant to Article IV of the Indenture) for such purpose, such advanced amounts to be used by the Borrower for the purposes of financing'or refinancing the cost of, or re- ceiving reimbursement for the equity in, the Projects in accor- dance with the provisions of this Loan Agreement. SECTION 3.02. EVIDENCE OF LOAN. The Borrower's obligation hereunder to repay amounts advanced pursuant to Section 3.01, together with interest thereon, and other payments required under this Loan Agreement, shall be evidenced by this Loan Agreement. i k f e .t • • i I E; r 'J E ? of St. 21 • fr 1 ' r.{r- tR ., ,1r e. -... .. ? .. ?'.,.. r, , r -.. ? - r ',i}:•}-?yfwE?-lRS t'"- .:"''`rs'A`L?' a':- .. - e,.?E:" , x "`h?_? r •-.P'-:=' ..'. R. r..e _ 4f ,i,• ^?S: 'i. 'i ,. •, ? .. ? - -a- ;i'sy. Y4', p,`•1".7:.5'.L?y:?:+.i?y'tfsir .,:?.`'s 1 c' d N% f 3 , Y?, "?r II- r. 'i?" •YX^.. ?N f': IJ ?L'.°? .lj• `s:.i•??' 5 YS'SS ?K''S J' 3 rv ir. • ' - •r• :r •?'.r ?: Z e 1, .. t r . '•?r'- "3 ='xr ar. :'ti i' s1s fi . h . 'Gp ?Fr? "`b' :i ?•1.. !,. •Yes. t I?, T 3 AL rF? t •?i? .,f'a ..t . 4 °??2:..•! ?E '' ,J. :GAY„ .? i'_"j, .`'. 1- sS'< LN1. F. ` - , s `•?1 ,rfE? i- ? .CJ ?1 T1 'i° , `rk:t i? tirr?]r[.. .. ... - .. .. ?- ,ri' ?k• .,?' •[• ='fti?' r`ai ' i:,' t' •+'? 'l: Y ;y]Nfff[?!r!'?IFt ..., »...+-.%;:.?-...-......? ,?{1'a?s'r:" `'''??j`. >1' r: is ARTICLE IV LOAN TERM AND LOAN CLOSING REQUIREMENTS SECTION 4.01. COMMENCEMENT OF LOAN TERM. The Borrower's obligations under this Loan Agreement shall commence on the date hereof unless otherwise provided in this Loan Agreement. SECTION 4.02. TERMINATION OF LOAN TERM. The Borrower's obligations under this Loan Agreement shall terminate after pay- ment in full of all' amounts due under this Loan Agreement and all amounts not theretofore paid shall be due and payable at the times and in the amounts set forth in Exhibit D attached hereto; provid- ed, however, that all covenants and all obligations provided here- under specified to so survive shall survive the termination of this Loan Agreement and the payment -in full of principal and interest hereunder. Upon termination of the Loan Term as provided above, the Commission and the Trustee shall deliver, or cause to be delivered, to the Borrower an acknowledgment thereof. SECTION 4.03. LOAN CLOSING SUBMISSIONS. Concurrently with. the execution and delivery of this Loan Agreement, the Borrower is providing to the Trustee the following documents each dated .,the date of such execution and delivery unless otherwise provided below: '?.. (a) Certified resolutions of the Borrower substantially in the form of Exhibit B attached hereto; 1t.. ,? ii:?"? , • (b) -An opinion of the Borrower's Counsel in the form of Exhibit C attached hereto to the effect that the Loan Agreement is a valid and binding obligation of the Borrower and opining 'to such > i h other matters as may be reasonably required by Bond Counsel and *4?: the Bond Insurer'; - (c) A certificate of the officials of the Borrower who sign this Loan Agreement to the effect that the representations and warranties of the Borrower are true and correct; (d) A certificate of covenant compliance required by Section 2.02(e) hereof. (e) A certificate signed by the Authorized Representative of the Borrower, in form and substance satisfactory to Bond Counsel, stating (i) the estimated dates and the amounts of projected expenditures for the Project and (ii) that it is reasonably anticipated by the Borrower that the Loan proceeds will be fully r. advanced therefor and expended by the Borrower prior to July 1, 1990 and that the projected expenditures are based on the reason- able expectations of the Borrower having due regard for its capital needs and the revenues available for the repayment there- of. i? k i si 22 5.5• S .:Y' t '. (fWThis executed Loan Agreement; (g) An opinion (addressed to the Commission, the Trustee and the Bond Insurer) of Bond Counsel to the effect that such financ- ing, refinancing or reimbursement with Loan proceeds is permitted under the Act, the Indenture and the resolution authorizing this Loan Agreement and will not cause the interest on the Bonds to be included in gross income for purposes of federal income taxation or adversely. affect the validity, due authorization for or legality of the Bonds; and (h) Such other certificates, documents, opinions and infor- mation as the Commission, the Bond Insurer, the Trustee or Bond Counsel may require. All opinions and certificates shall be dated the date of the closing. f , t 23 .,. 4 r7 MA. i '* ; .-.-?. ?_. ; ? ? r rr" .. - ».,x...r...uw.?wdwra r.?...rr.?..?•"'?c"".... r. ?...».. a?? ``-i; ,?,.?,,,? ? c?r?'?'r'„xs,"• i. ? . 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LT cc,, r t'Y`' i ? Y': ' •1' •.i's, ..f ;•c+.' »J.; s_:F" ??,..... J. F ?L • tifA< ',t`a1:1 S. ''.kEf .? _ el. .?'-' ,•,}. :rl•#t. ,;;>;,?.. .? ?t? .?s,[J"=,} ,5?r.. •z' .?ti-? .°'(.? ,, iy.. .'e'. 3, •-,: ., j`: 3.?. (`,fr, .?A -sit,: ',L .i• =r1` aF,. ?'s;;,('i '°3•',.. >?;: 5t .fit t'J. 1', .? y its .i ..1'r° ..t'• '.i • ..e', A•1 t e - f l Y' : Sr- ta`i'4'd :• rd t i? ,i` ,•yryw r'i? •.R;J ir.. ?i v. s L 4 'r ' :.?•: i r .mot`. .`F-.'s d' .t :i" ..,.1'• i :may'.:",:•• j.: WN Pm-d-1 •t' .3' .fi., 'R' 'Yi ?, E? ri .t ' r'YVr'•z `? 1 ARTICLE V Y ' LOAN REPAYMENTS t = i/ SECTION 5.01. PAYME'iT OF BASIC PAYMENTS. Borrower shall pay to the order of the Commission all Loan Repayments in lawful money -: of the United States of America to the Trustee. No such Loan ;:.•<.i Repayment shall be in an amount such that interest on the Loan is in excess of the maximum rate allowed by the laws of the State of •1'::. :' Florida or of the -United States of America. The Loan shall be repaid in Basic Payments consistin of: , g - J -' (a) principal in the amounts and on the dates set forth }, {• in Exhibit D; ?. -: ,z-l7Ey (b) interest calculated at the rates set forth in Exhibit D; plus (c) the amount required, if any, to make the amount on deposit in the Borrower's Account in the Debt Service Reserve Fund equal to the Borrower's Debt Service Reserve Require- ':a w ment. On the twenty--second (22nd) day of the month immediately preceding each interest payment Date, the Trustee shall give t`°^ Borrower notice in writing of the total amount of the next Basic Payment due. [The Basic Payments shall be due on the twenty-fifth (25th) day of the month immediately preceding such Interest Pay- " ment Date] (a Loan Repayment Date"), commencing December 25, 1987 .?? and extending through , unless the due date of ? the Basic payments is accelerated pursuant to the terms of. Section 8.03 hereof.. Y4t• a •- L SECTION 5.02. CALCULATION OF LOAN RATE The interest . por- tion of each Basic Payment shall include interest on the principal. amount of the Loan outstanding on the first Business Day of the ,r.f' ` month in which the" Basic Pa ment is due on the basis of a 360-day s year of twelve 30-day month SECTION 5.03. PAYMENT OF ADDITIONAL PAYMENTS In addition to Basic Payments Borrower a rees to a n d d f th , g p y o eman o e Commis- sion or the Trustee, the following Additional Payments: (a) Borrower's Proportionate Share of: the' annual fees ' of the Trustee; fees of the Registrar and Paying Agent; the y annual fees of the Commission, if any, the Bond Insurance ' premium, if any, of the Bond Insurer; and the fees of the :'• rating agencies. 24 r j. i :r:,?Lty raw - •2.?••+vt? i?4r.a a' ;•`I?•ji: N• t* % u. '.';rr,,;tir?n' yq,.<:y?.w.,,?ru;•r?es+?k.,•er"•?:+t°?:'w,La?.?.??;•t•ke'a'«' <''s'#.,.''?;?YY,•. ?r• w, r .,,r. _x.•-c y2"°`:y,,.. ?f.,?,'a4`?.yeT.?-s?4awt'?'?r"''a"d^t=:,?..tP .,:'? 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'l ?*`:Yir:r'.?'c .t _^f,'a ..q¢.F?dk?',?'',.4.. ?-F...i''?S. ?' :''- ?nr:.=y `•.i'. r?i_Y' .x?' .';J4-t:y:'r ::? .r. ..? ;FS: ?:'??^ ( ] 7:•?•' r z `.,' .`y..n. 4 jr•.:. ,i,#?': .:t 4 „•'?,{'? `>.7f5"( r-:, '?,'4 +. , i'.s..i ®;c f. 6_!1? a .w!'n.r:•.i••..i ".Y'. , ?.{.- - _ %Z 7 .i S'{. 'y7t' .d ;??? :'?,':"' "ax}} ? .,r.,j.' ?{' ?:.`x' "y y;y?:., ?,v: ?.•;?'< -`L"", •,-r. r4 ?.a:'rrs.,?k.,.. 13 ?, ..k . y4e •'. „Se't' ?i' r:::.':'n _ :y?' -.1.?`•:'K `{ ;?;'r ?. ,l ;j. ? ?' ,s` ,.?;"tr'?',t: a x!Fl Lt"!','' v.?3.3}... ,,,. .di ":.' ••,r?! r?.. .!?' .3'•"?'YEr y'. :?t,?f 11 ??:ti.T?•?° it .`'.' a•.F-,3 • ?yi :>y?§. +? t. •t,,r.-',°t'? , >.. 1-5't . °=,%:i'..'. ,.,::, s, .R,? r. E?,..;: a,ti..;s •b r'?s,?? .1,r ,? .,?9?'?4r' I'1`' .4., .: [ik•Ll'?•".'.5 •`??', 1.3'x•.' ...t .; ?? ./ ]. ?,.. 'S •"L'?'.i nf?,?cjS?.' sxy.?e'ka ir?r'y'+'e ..Z°,«?,i-b4'' `SN .,_ ',°" :, 1:: •r.` _'.i:?. ?i;?'",7)?""E<- '"3.< .... Y,^t'„?«+ 'w,_ p, (b) All fees and expenses of the Commission or Trustee ' relating to this Loan Agreement, including, but not limited to: (1) the cost of reproducing this Loan Agreement; } (2) the reasonable fees and disbursements of Coun- sel utilized by the Commission, the Trustee and the Bond Insurer in connection with the Loan, this Loan Agreement and the enforcement thereof;' (3) reasonable extraordinary fees of the Trustee following an Event of Default hereunder; (4) all other reasonable out-of-pocket expenses of the Trustee and the Commission in connection with the Loan, this Loan Agreement and the enforcement thereof; (5) all taxes (including any recording and filing fees) in connection with the execution and delivery of this Loan Agreement and the pledge and assignment of the Commission's right, title and interest in and to the Loan and the Loan Agreement, pursuant to the Indenture (and with the exceptions noted therein), and all expenses, including reasonable attorneys' fees, relating to any amendments, waivers, consents or collection or enforcement proceedings pursuant to the provisions hereof; and (6) all reasonable fees and expenses of the Bond, Insurer relating directly to the Loan; SECTION 5.04. CREDIT FOR INTEREST EARNINGS AND EXCESS PAYMENTS. (a) On each Interest Payment Date the Trustee shall credit, against Borrower's obligation to pay Loan interest and Additional Payments,' Borrower's Proportionate Share of any interest earnings which were received during the prior Interest Period by the Trustee on the Funds and Accounts held under the Indenture. (b) The credits provided for in (a) shall not be given r.,.•''' to the extent the Borrower is in default in payment of its Loan Repayments. 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SF, be credited in proportion to the amount of credit missed, to =;ek the non-defaulting Borrower from the past--due Loan Repay- ments. {E°ray AtU S F; (c) The credits may be accumulated. If the credit ,- allowable for an Interest Period is more than required on the next ensuing Interest Payment Date to sati,'3fy the current 1`6, Loan interest repayment, it may be used on the following Interest Payment Date, SECTION 5.05. OBLIGATIONS OF BORROWER UNCONDITIONAL. The ; obligations of Borrower to make the Loan Payments required hereon- der and to perform and observe the other agreements on its part 4j contained herein, shall be absolute and unconditional, and shall >t. not be abated,. rebated, set-off, reduced, abrogated, terminated, waived, diminished, postponed or otherwise modified in any manner si+ or to any extent whatsoever, while any Bonds remain outstanding or • any Loan Repayments remain unpaid, regardless of any contingency, act of God, event or cause whatsoever. This Loan Agreement shall be deemed and construed to be a "net contract," and Borrower shall pay absolutely net the Loan Repayments and all other payments ? required hereunder, regardless of any rights of set-off, recoup- meet, abatement or counterclaim that Borrower might otherwise have against the Commission, the Trustee, the Bond Insurer or any other party or parties. SECTION 5.06. REFUNDING BONDS. In the event the Bonds are refunded, all references in this Loan Agreement to Bonds shall be deemed to refer to the refunding bonds or, in the case of a cross- over refunding, to the Bonds and the refunding bonds (but Borrower shall never be responsible for any debt service on or fees relat- ing to crossover refunding bonds which are covered by earnings on the escrow fund established from the proceeds of such bonds). SECTION 5.07. PREPAYMENT. Vie Loan may be prepaid in whole or in part by the Borrower on the dates and in the amounts on which the Bonds are subject to optional redemption pursuant to Section 3.01 of the indenture, if any. 26 t. '.F.'....; x tilZY••/ .,-t--a.tv,,.• .., nt?4 .- t A9 t:'•`:...Kw>,_y.+' Y?? ICC , .. ;'??r `V,'•'?I'•'y,?a"s.i"q°?•?,<,s?',"?t•:??";?4:i,-ji`,+'v'M??r?•5r ?. ? ' _ ` ,": ..- S ,.JIt45 ? `?? a?.Vad4 a{«ixF!;y ?, i;?S"•'Sy1'°'4 S: "•Y-f• :f• S•" aa tt11 Y ?: ` ry 4l c, t. ,l .. Y?: • ?f ,5: :%, r 7P ? a1r ?1? • ;' : a..'r;-. . vst...ys: • •,;zr-:.....:? ; .,xr... ?{ i t .7 •..p •? a' r :i. ^.4' 1' y.l.`:. ti:X d. '; i.e, x,v ,?,3, ='s•Y .. ' h' i."' _ , i s t ^ t -.2'`,- . !. .?. s;<.• ?"?S.c ?- Ss .r, {, i- '. ):• y ;t:: ', i t ,i.. ` y'. ?;.. _ ?.i1?.3: ?a?•' `^?`' 6,1':¢".'-' L'.f ??' ?Sa.R Att." ^•2k v N Y11 -s ?,. _l •i :• wi`. ..'?i:` :ak°°'r. 'a'te:' °r .?+' {•t' •sT xr'' r' I ?? t ' d w h? ?,. ('{"J'#''9rr 9k, .i 'S1•".Y' 'I: :4 .f. :k.t. 'il :•t Nl .i` aJ- 'r.e.a.l ' '^tJ i.i, .}, iii .l:''.i'' .. ?'- ?'i .# °t•, •;':?"! ? { r`S'i'p-?i' ..? ( ; 5. e~. :1: Y '?: .L:1 ;?. •,r SS? s . t ' ? . '?r:' ,.'t. ,:#'- a' ° i F'': a ,art:,°.• :1. •#? f ^l. ''.!'.. ,rfi?'•. ?s '=i:?-•'- ,'s•t 'v++`.:?" i,^"t ',"ai (?i;' ,S,Kr; :C'r _ .S, 't. e :t - .a%i.,....5'?-L+cE!t 4•^ } ,=5,.?1 ?. iyf.. ,f :*? •:?;?,. ?;'?;,`::;' tai E,• tRi<e , tS•P ,l' i AL 7, Jk ( '?•e r '.E ? SS ,sr c .l a ,i' c t '•Y .,`i"i, an,'r?'" ?f.' 't`.. 'i. l• l:?; 'r..t,' r ,:•s ;: a. J=_ ?.#.-7 r.S• is ?T •i): >'.,F" .. 4'' i1• .'r: ??• '.R...!/, it fr 1J,3 ! ?? ••,E' %t. .?•r w, k' /'.' t rF•.'"'-. y ,.fin 'ICt?F,, t• -t. :k:° ''S , 1j .si „rl•1. :'f R r"F s? 1 . tt° ` ARTICLE VI s ? ° ' `•e't" DEFEASANCE This Loan Agreement shall continue to be obligatory and a ro`'r' r binding upon the Borrower in the performance of the obligations Imposed by this Loan Agreement and the repayment of all sums due ' by the Borrower under this Loan Agreement shall continue to be secured by this Loan Agreement as provided herein until all of 'the indebtedness and all of the payments required to be made by the Borrower shall be full aid to the Commission or the Trustee. :;;';j• provided, however, if, at any time, the Borrower shall have paid, " or shall have made provision for payment of, the principal, amount .• of the Loan, interest thereon and redemption premiums, if any, with respect to the Bonds, then, and in that event, the pledge of and lien on the revenues pledged to the commission for the benefit ` of the holders of the Bonds shall be no longer in effect and all r t a.s` future obligations of the Borrower under this Loan Agreement shall. cease, For purposes of the preceding sentence, deposit of sufficient cash and/or Governmental obligations in irrevocable r°.;??st trust with a banking institution or trust company, for the sole :x benefit of the Commission in respect to which such Governmental Obligations, the principal and interest received will be s sufficient to make timely payment of the principal, interest and s, redemption premiums, if any, on the outstanding Bonds, shall: be Mwr° ?. ?? considered "provision for payment. This Loan Agreement shall l d the t i d t t di i i ff b: s are no onger ou ng un er unt s an l Bon cont nue ec n e indenture. r Nothing herein shall be deemed to require the Commission to za.?t;wt? call any of the outstanding Bonds for redemption prior to maturity pursuant to any applicable optional redemption provisions, or to impair the discretion of the Commission in determining whether to exercise any such option for early redemption. • L;;.: ' If the Harrower shall shake advance payments to the commission in an amount sufficient to retire the Loan of the Borrower, c?:'sr including redemption premium and accrued interest to the next succeeding redemption date of the Bonds, all future obligations of "r='+ the Borrower under this Loan Agreement shall cease, except as provided in Section 4.02 hereof. Notwithstanding anything to the contrary, if payment is made ?;.. on the Bonds by the Bond insurer, the assignment and pledge of and lien on the revenues, and all covenants, agreements, and other obligations of the Borrower shall continue to exist and the :.:. ;E Borrower shall pay interest on amounts so paid by the Bond insurer +a `rf at the rate which Bankers' Trust Company, New York, New York, Y Y " announces from time to time at its principal office as its prime :•,,?~' ? i iH 1 F lending rate for domestic commercial Loans,'such rate to change on ,. ? t the effective date of each change in the announced rate but in no ??--, '- event shall such rate be in excess of the maximum rates allowed by the laws of the state of Florida. 'a•p ;F -i 1 1 9SS N 3?S 1 f l - 27 M ref y .b •-•. .t.l,. ?P:"?">._ , .".-d'.,• ..??'Fi"«Yv?t`w.,'?}y,'?!k`%" f?2'`']'?'??.?', ..t.'C.a•.•.'k'+?sr,.yr•,sJ?r?R;si,?"."",t'C?`"'+'A,+"'•, ?? :?u? . _ . ., - V ., .:.:. r '-% A+:?w:47?'tJj{.?P,£:.ti.'•-;ii;+':!t: S "•.?i,?r`?`Sr L+,:{??z??°'a±??;f;':b•°{?y`?y}'?>S?4t.> S' r?` hsX, 1iD fa'. '35 ,•Y•F ,e'•? i ?::" .l`• •,3d ?.:. ?L,???JJ p3 t: f 13. 1$`?'F?ti ?S rhr?5 ?'-t ,? aY4??1 `'le.: ': ;,ksF :r, ?. ?;'.. ',7,°?',;?,... ';5.cryP5 .;2 Yi'•`?"S^'?,`?..?.?;i •?C"n'??°?x ?•:'ii5s. R?V 1. .1 ^;?.,, j,?.?ra;.,. {. ,'r. ,.? :i. ';.,'} .'i.',R .str;s+.:."g: 0,?°1?, 3L vrv. ?i: .v., :• •.??1. sti<r? ,$?j> 1? 4. aeq,}sxis t:?,.it S'. ,•t. `.zse •.a i, S;.' .. 4., i aat 4ci. ,C'^ ?-' l..i `{`r ?•??`'`°" s+?; ?E •`: ,,? ri?''?fky+ •'`. 'P$ 3. °3. 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JB'?:vl „y 't•;. .F ?"??ts t'" .ix ?:?yr.t:i !?:'; a: '?.?r M1,"?,U s, i'.r°Si,. ?s?'w•`y?, i:r _'.sK. aA;: .ur .. s. ,.? a .°,} °???" r ? ` y:`;?{py4y?'t7 ? l -?.• lh ;4 ? ..ra !+ ?;??.•i,-+ .? t'.',?=,? k?, r of , .r. t +`ss • s,yi?x>r. rr; ;1• `;"'1'?M i- z t. ?',r,.: » ?Y.,'if: ???F ? s?s?'?" r ?. 2• L'v .fy,?,.8? fb5 `7 KG. ,4F ?• t'd. g?;,?, ? ? iF. ''^tw 4 n.J `' ?.'?`'P'• ?.? 9' .Y- f'? •• .3 :n C «; i,,;;t;:t °`. "?'i•43?t?:r ,;r13` '.e':•:' ;?::?•ri:;e,?.:???f, ..'?,rA•s #r?^ :.:?r??a'tw r t.i, t.S -...$?• '.(fN?'g?,•- .-a? ??`" -,,'t 'S`ri '"?i,.- '?d.i ,.•, r. .E`:u -i:i: ?",¢ y. ?" r u'? ??ti P v: t.G `''•: {':Ag+K3ai.tk? ,tip.. .f;+.s. r. :!;5...u}.??i2'±.•? ''" U.._'."; i'. 'hS. s?2%. ry'.'F, r,?? j,?if?z?t? :a .s;?+,4 t:y3 g', t:'., .4 4:, 3; ;rtiE .ry '•5, .Z`„ :,t',.f:4 .Y.t?•P•t;'. ?,." ?9t.,, ;k ?e..r.?: `` 1 <3., s: a.t r. ,tia4 ?. .s i? 11y::.':?iFS Rt. atp?r.#,... 's. 7, ¢o : :?;,. xa ?- '.:fc ,h'?.yi? r.: '??";' :r;',3 .1 :? ",q., ;. _ .?° ', !,1':'`''?'-??? 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S { }„x.• .,r ... n' i { i ? .r:, ink .n}y,, y;? •y c-. g •t; f=' 'S• rs n"l5; y•=?'.:s7?''w ti: e?',ri'.°:? iii =tits: °i'r`V'. `ea x•. ..s''. »'1'!%« :'I y1ry,.!??'r• e:. ?: ::,n`.: ws?: '• F?x',?.,ei°p,?.?; ?• '`rT,". 7?';?4:. .l.•;,,. +:N :. ;,?„t7 a.. i. ? ? ri`??J s ?? 1 ?:-. ^? , i .t; :i?:?, .1;? . 1 ' 'Y:: . ? `??'•'°:; " ?,i• ^ ' „ ,i a,':7?ky t •s . ,:'! .1.M±, ??Ftyq?'4 S., .? rr??{{ .i',L 11 -El. .?f 5 •:J t, a1• .mil'. :?.,.., 4,..,:: g `5':4:' r,Y•. YL"C+ N, 1??? ",{'r? .SIT • S?,p: x'e r;?j, e.? .35?,°.F. YG ?'y :i yz?r;,, t,?•?:s -A, f :• :.,C:"-'??'?'ii?1 = .., ?. "rg `' ?": '1-? 'p [.?+ : r: ' f..?{ ?' g. kkj':A'':.x' r?? •°f "xka.KaE.t ,t?f,.£.l', .1 °=F.'A:j }?.c" ry "i5,. .5 .: s." ..?;-S."?•r •,?` '3' ``!':l?:l?'` ,.i?, Aei ? vY° ,?'i ... ?` ? ?,-'9li:r, i,•i, ?'?5?' "?::cxw'r,sF.:?'? %?+' ;;??``:.= a..!::'v yy'.,tt. s4;,?.??,?°';' ''•t, ?;?,.c?t .z ;-?1?.. s..iaik;.a?,? "?f'?'? Ij af.,.1h?,, s+r?";:'?,v5,r:, :?i;'b:. ,>9r. •, .;;,;;.; .r'. t,', s i'.{,°';?•,' ;1:?'.<.,. .•? ?r m ARTICLE VII to- ASSIGNMENT AND PAYMENT-BY THIRD PARTIES 3 t? y}v SECTION 7.01. ASSIGNMENT BY COMMISSION. ° The Borrower expressly acknowledges that this Loan. Agreement °•;: and the obligations of the Borrower to make payments hereunder 1< (with the exception of certain of the commission rights to 4= indemnification, fees and expenses), liave been pledged and assigned to the Trustee as security for the Bonds under the Inden- ture, and that the Trustee shall be entitled to act hereunder and S' thereunder in the place and stead of the Commission whether or not the Bonds are in default. SECTION 7.02. ASSIGNMENT BY BORROWER. This Loan Agreement may not be assigned by the Borrower for any reason without the- express prior written consent of the Commission, the Bond Insurer and the Trustee. SECTION 7.03. PAYMENTS BY THE BOND INSURER. The Borrower acknowledges that payment under this Loan Agreement from funds received by the Trustee 'or. Bondholders from the Bond insurer do not constitute payment under this Loan Agreement for the purposes hereof or fulfillment of its obligations hereunder. 'S r 1 { •? Y Y• • y 28 i ?.? .ter. - ? ? , , A ' l ? M. . om.\T ?? ??..?.e.?.+-?:,'• _` .1 ? , • i •..I 'i«' . . _ ?? T .. . 3 r4?v a''. y 'l.iT .AL .o. f Y ... >4 ... s' . ; ..::' s 'i3 i^ii' ?1Y :Z? ` ' 3'',S•y`? J?h i`.'4t+ ? , ??,y'+.,.i'..sAC.Lv t3?'•'?'?V •K J' ? .-??i t%`?.... ;-Sim S ?F:.' +J. •, te..iw ,?. Sri. .4 `f?"r C ^i' y t , l r •i , '1 A 5 •'f '. . fe.t? •?,, yYt? ° C ?. s L?• r? 1 •Y- - Sa L :'{'.'?'?' a '4 •' .i1'a';'h F•? - l Y .•?a •, 5?'•?r 'fr' M +1 '.s•; ? ids :^'y .ta ,?" a •`" :Y:r . +t' ":?. rig. ''f''-•.' .51 :->'• .R?`•:,: E37 a-.. a -. "?,.. ',. r',)- . ? h ,,? "}_:.: •>':'? } ;• ?r { .fir ..T+ 1. •b': , T!r`. f ? i?• v' hqf}!. Q? ;.,r•' ?t ?'. `=tw? : ?. t";:., .i??. •? } .ter '? t, ? ..C. ''{'v t' ?.},.?'•''"1'?Fti]i .. 4 .., a, ,.?,=.R .e, )D^ :?. ''?f?< .r'•?? a>th'•,• `•-ti'.?r?"'.• ?'?... .,: ?;:?? ., ,t .Lt' t•33'' .'fr ,3 6.l ?' .Sr •? "}; :tz,?j,•r 'Iryr_•f L. .i y.t ;j;;, y 31.!is"... d :•:.°?'s a,?:'. ,p,t; a: +S .I?r f ,v:+, '%?»•3,,Yd,'?:+: '. C^ .A x t`] 4`if?" ?•*.w!1 °iRr. °'°t D7 ., ??t?' ".S i,. .V ,..?,.. ^'?`,?... ,, E, si. ?. Y'.> ::1• . 1 E. 4 -s "ra. ?L 3 •7 'i' '+d.' ?} 7v. .s,b:a `:?. r,,.'r• .i :Sew !" :d r.4 r-J :".s' • ; ..n..,;:b'1"n 2C'?r`. .i. .,i?,..4t??3'- t; .(: ''l '• 3 r4.`? ,5=? .S';:. 3:A;,' ,7` :'3^'' `'La¢, ..ir. ..1t=.tt t:r.?,t? ;t y ?Fv Y Y ''•i.. °:.j, ? •r.., '`f ? ?-?f `L• L is ° ' •3:. s. 'b' wqr?: ,L. ,9?; . E t : ?,a.. .:f:.^ .S'.• Y?'?t: `.`: '?: ;?=:;5*'v: C t:h. ?.? '?i SEC ,}. P.. °.aI..4': !,}. f^', t.7, '•,,i.[''a'::.f, .r R :t. .4'' :' "i: .'4 .;,i}? ">t`r ^ ra.?.t Y?. 'i'• ?s 7 i.r''r ?• ?i.i :`3, . l.'' ''Y+,l ? tM1: $ : i x .1 t . (• . 1 E'{' r. ? < .Y'. f..,J .'n }". r?•. .,.i.. *+. .'J iL ,•a .? rl7. vi,"". •r.. 1s iY .r'p 'I Y:e xxll .-s. -'n r, r eS'?• 3s o-s 3'wr 1 ., i•k'?c 't'om- ?': <trN„ IFf -z,t" 7777 'te`ar »h, 9 °C4F2 -?l s•..'• •'? it :?F:..S, ,f. ?i» ': 5.? :t?•.? ".. ?' ;.a ?ti.`' .i': "i \ 1,< •.1 Yi ?';?,'.is.,y +.r .fin': 'rt.• 'rN: •}!°.1: a - 1' }. .b ..the. t. ,?4, do 1 t'I ;. rt' .lli. aIF -zi yy Y'° a .4 y t .Y f.' ..1• f. }, ral,. zF 1? Ww' Y'r `sE t r•; tf?' 'J I .t, -hr •i% s l s :'7 .r,. ', ?:?''.t,. .; r; .'j? _••-?1?y.,dd .?e{,L `?r,;; _'?? i?i..:4s.i?:.e ';f'.+?"??i f? e,1 .:?' ..... "' - -?_. •rr!<rbYlltlL'd?4A7S'17WSC?1/ 7a..•`k°. ARTICLE VIII EVENTS OF DEFAULT.AND REMEDIES i} SECTION 8.01. EVENTS OF DEFAULT DEFINED. The following shall be "Events of Default" under this Loan Agreement and the { terms "Event of Default" and "Default" shall mean (except where the context clearly indicates otherwise), whenever they are used in this Loan Agreement, any one or more of the following events: (a) Failure by the Borrower to timely pay any Loan Repay- meet, when due, so long as the Bonds are outstanding, and failure by the Borrower to timely pay any other payment required to be paid hereunder on the date on which it is due and payable; (b) Failure by the Borrower to observe and perform any covenant, condition or agreement other than a failure under (a),• on its part to be observed or performed under this Loan Agreement, for a period of thirty (30) days, unless the commission, the Bond Insurer and the Trustee shall agree in writing to an extension of such time prior to its expiration; provided, however, i£' the failure stated in the notice can be wholly cured within a period of time not materially detrimental to the rights of the Commission, the Bond Insurer or the Trustee, but cannot be cured within the applicable 30-day period, the Commission, the Bond Insurer and the Trustee Will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Borrower within the applicable period and diligently pursued until the failure is corrected; (c) Any warranty, representation or other statement by the Borrower or by an officer or agent of the Borrower contained in this Loan Agreement or in any instrument furnished in compliance with or in reference to this Loan Agreement, is false or misleadng in any material respect when made; (d) A petition is filed against the Borrower under any bankruptcy, reorganization, arrangement. insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, and is not dismissed within (60) days of such filing; (e) The Borrower files a petition in voluntary bankruptcy or: seeking relief under any provision of any bankruptcy, reorganiza- tion, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, or consents to the filing of any petition against it under such law; 29 os r 4i: -is M .. y s'- `• 7 .l i i ,r• r •. : F . • t. :4 .f rf , egl",r>t '?'? "sry ?,WC-1 }!iE ,r } I i"l- .-..._.3t. .. .. ?. r ..s,r ?•A,:n +.. c,.: •, rr!•.. -+'r'rz `y ^trs.,, -c•!??+a.:'.!!u`?"'.K;.w .{,:.. - . s.Q'i`?`S'L<, r . ' • ,r .?.,,, . ;?•,t ..?*t.;r411it J2: ,. J: - ' J- L A1.d.: ?',j, •?aai ?.h?>E`v'F'?.a;': :.'J.° v .?. as';.. y:, "':?f]'sa,..,+,:?.'_.`, .i+ti's?"•h dry,. ar. ,_. .ki:•' !_: i'; :tp r_ u: ?,t?";+-;: ;?;z .,y?? :7 err, §?: `'jl,?a? •?a. i1:i," ? ., •i',:g aJls ,`?, i. ?t .t re;.t:4's° ?1y?"Jy?f'?` z'??? • a 1 'l• . ?",.i'C?"': ?'ti ray : f,r '•I'• ` mac' ,=a ` r 4 e.?? n? i' lP A , }[ }, E• i ..r { _.t "3' `i•x ??as r ) iii'; E :!''- ,.rY'+ 7. :foe. f.. ?r,fs„ ?.' •?`,: ;?5• ' it ? ?'r'•? • .a.?,r<? _ '.s.:i,?• _ `:r.c :5•'E ?'i s' a} 4«• ^.icn/; °t ?, s r `Y _ _ ,.3•w• 1 ?,? ate. '%r. F.t,.,, '.r •r A J.j _r J:•n,'?i' .3=r e:F-• ?t'v'^ s :s'.' i 1<,,jk. ?C. 3'G ,i;;><. '.3 •3^.°,„'r'•? .}?, .F.: ?Yt,. aw. faT` i•??. c>:+1r4? .J1 ?. ,..,?•r 're°. ?d.',.: '!e•';` ..S t:!'?... '??,4 a,° BRRyyyy t^1' ?.: `F*,; •'.,i •° ?`.? '3. ;1s <^•.sr ., .d r <t 4 4' ' . s. ; • F•. - f.. , ?.:., r":si •r1,E,+ _). -kAiLb..'4 g 77- .-? • •4Aa . 7 r t r ,11 . ) -t? ?e, to • ->ti ti rr i'v. c:: tJ t >'t r '`N 7•'• L-t,r • ?, .t r, . ... r :.r . ' z- uE Ir. 'sF ,', w::fsz •y '? a ? y? ` " l s ?+ti • . fit! 'S r i.. has , ,.i? ,. ?i? •. •,T: + r` (f) The Borrower admits insolvency or bankruptcy or its inability to pay its debts as they become due or is generally not paying its debts as such debts become due, or becomes insolvent or bankrupt or makes an assignment for the benefit of creditors, or a ?'• custodian (including without limitation a receiver, liquidator or trustee) of the Borrower or any of its property is appointed by court order or takes possession thereof and such order remains in effect or such possession continues for more than 60 days; (g) Default under any agreement to which Borrower is a party evidencing, securing or otherwise respecting any indebtedness outstanding in the amount of [$100,000] or more if, as a result thereof, such indebtedness may be declared immediately due and payable or other remedies may be exercised with respect thereto; (h) Any material provision of this Loan Agreement shall at any time for any reason cease to be valid and binding on Borrower, or shall be declared to be null and .void, or the validity or enforceability of this Loan Agreement shall be contested, by Borrower or any governmental agency or authority, or if Borrower shall deny any further liability or obligation under this Loan Agreement, or (i) Final judgment for the payment of money in the amount of [$150,000] or more is tendered against Borrower and at any time after 75 days from the entry thereof, unless otherwise provided in the final judgment, (i) such judgment shall not have been discharged, or (ii) Borrower shall not have taken and be diligently prosecuting an appeal therefrom or from the order, decree or process upon which or pursuant to which such judgment shall have been granted or entered, and have caused the execution of or levy under such judgment, order, decree or process of the enforcement thereof to have been stayed pending determination of such appeal. SECTION 8.02. NOTICE OF DEFAULT. The Borrower agrees to give the Trustee, the Bond Insurer and the Commission prompt written notice if any petition, assignment, appointment or posses- sion referred to in Section 8.01(d), S.01(e) and 8.01(f) is filed by or against the Borrower or of the occurrence of any other event or condition which constitutes a Default or an Event of Default, or with the passage of time or the giving of notice would consti- tute an Event of Default, immediately upon becoming aware of the existence thereof. .t - " Ui• . v s*a:' $v S f .IKT? ne _ tyy4' .S N'.7. r 'M it ,.l it 11 J?i.:Rr ?v . ;i F,.E •k. f• > Fir ` c ?, , '[; t 'Vi'i r ?/ "Al .:C11 f.?3 elf vt• ?; Ji ??th: ?j3'i'd,l ?' rs ? , k tk s'yY. r. w? 1 c. i } 't „f ?G Ij ?yd 30 } ! f*t -,.5- ,v..??,?l.r„,t...yPy.,+ra°-,..: ..;. _x.,it. .-.g????Enre.i.?•?, r: ? ' ` ;:F":= •,.,atf,„,,. v,•?r,. ??r ::?,:•,?;, y. 3., Pr- . " 2.,;fi: u ,•'.,. ? n+; , _ - . - . - _ ,? ., ,:5?.'' ? 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Vii'''' :•?t^% ?•i.' t '. r {:.? t?r' r•! •.? ?ftt !f. (, `r •??; SIT ,. - .u.il:-V,.wr••+ `??}': ?fal ll?,{ •7.13- ",,.'.." ' JZION 8.03. REMEDIES ON DEFAULT. Whenever any Event of Default referred to in Section 8.01 hereof shall have happened and ;;„asr r_, a: be continuing, the Commission or the Trustee shall with the writ- ten consent of the Bond Insurer or..upon the di'frect ion of the Bond ;.t•,-Yr(?; ?,;6 Insurer, in addition to any other remedies herein or by law" provided, have the right, at its or their op6.ion without any -F demand or notice, to take such steps and exercise such w` a5f %'°a remedies as provided in Section 9.02 of the Indenture, and,4 .ZarSry without, limitation, one or more of the following: (a) Declare all Loan Payments, in an amount equal to 100% of ' the principal amount hereof plus all accrued interest thereon and ' all other amounts due hereunder, to be immediately due and pay- <." able, and upon notice to the Borrower the same shall become imme- diately due and payable by the Borrower without further notice or demand. :'Jffj 1 4 (b) Take whatever other action at law or in equity which may %r;^r appear necessary or desirable to collect amounts then due and thereafter to become due hereunder or to enforce any other of its ' or their rights hereunder. SECTION 8.04. [THIS SECTION RESERVED] s SECTION 8.05. NO REMEDY EXCLUSIVE; WAIVER, NOTICE. No remedy herein conferred upon or reserved to the Commission or the Trustee is intended to be exclusive and every such remedy shall be cumulative and shall be in, addition to every other remedy given ai'. under this Loan Agreement or now or hereafter existing at law or in equity. No delay or omission to exercise any right, remedy or y ..? 4 power shall be construed to be a waiver thereof, but any such ;. .: -? right, remedy or power may be exercised from time to time and as ??,• often as may be deemed expedient. In order to entitle the Commis ` reT sion or the Trustee to exercise any remedy reserved to it in this Article VIII, it shall not be necessary to give any notice other than such notice as may be required in this Article VIII. :ia..:z?•; SECTION 8.06. APPLICATION OF MONEYS. Any moneys collected by the commission or the Trustee pursuant to Section B.03 hereof shall be applied (a) first, to pay any attorney's fees or other expenses owed by Borrower pursuant to Section 8.04 hereof, ' second, to pay interest due on the Loan, (c) third, to pay princi- .if pal due on the Loan, (d) fourth, to pay any other amounts due `t hereunder, and (e) fifth, to pay interest and principal on the x Loan and other amounts payable hereunder but which are not due, as ' { they become due (in the same order, as to amounts which come due simultaneously, as in (a) through (d) in this Section 8.06)• . ; 31 ; .. P` it V/R? x e 3 F ?y t ' ARTICLE IX MISCELLANEOUS SECTION 9.01. NOTICES. All notices, certificates or other communication hereun der shall be sufficiently given and shall be deemed given when hand delivered or mailed by registered or certi- fied mail, postage prepaid, to the parties at the following addresses: . Commission: First Florida Governmental Financing Commission 201 South Monroe Street Suite 500 Tallahassee, Florida 32301 Trustee: Sun Bank, National Association 255 South Orange Avenue Orlando, Florida 32801 Authenticating Agent: Citibank, N.A. 111 Wall Street 5th Floor New York, New York Bond Insurer: Bond Investors Guaranty Insurance Company 70 Pine Street, 53rd Floor New York, New York 10270 Attn: General Counsel Borrower: City of Clearwater, Florida P.O. Box 4748 112 S. Osceola Avenue Clearwater, Florida 33518 Attn: Finance Director 32 S S. ay'y f;• ai_ y oj`?t ? SY iEF= .. '.t' , 4° ».i .?F ;:1 ?".•?,- .fs>`, '.Sit ` r'?;?:i'-aX"Tk . ? .:.?-. _ •.'r.• _ .{'}Vir^i:',"r'.,,.?+? !, : a?j{?5" q-,.:.L. Y"` s.Y ?. ,'S .. .. ? r 5 ? k•Lf ^?i? d.'F?' }j?? ): 3 .•1??.':.C i r? A! a' .i.a ?, x tt? g A_R r t+?; If !' / ;> -r4YF s rT.?' _°r r 4+' ::$•' +C,-As..': v :.pre +G,-+ i.. 1':,, 4s,^. t: ?., • .: 1. ¢' ^'t? 'F s, .Y`:;,'r+. .F a { .. v-' u? i..,..z ',x'y 'r L $''•' ti?.. ..i?: •e4, ?r.. ,h1 a :'G 4 t I + "ca. ' .r •A. s.. 'Vi'i`, i•a: ' ?. f F • r' tq Y: .Yt;`: . J.?t ; •k.' ..erg; Lz r •r F ?.r . Yk? `,ter (;'?i''.). -t,• f y'j. r .!?? ••.3" ,i 'a °°i :i"ryas P . ' 'R-Si. .I 1^ i z v_ - 4 i' 2`t , 'f ?3' r i1 t` r Y,.4 f+' 4: S 'r `i• Y?Ti`':Y? 't. i')..'t'eE 'S i. .3?t''/ yt ,?I N`!?' j'`ty tt _ ?4' ii /I, - ??' I, ?..• of the above parties may, by notice in writing given to ` the others, designate any further or different addresses to which subsequent noticcc, certificates or other communications shall be sent. i 3 i t } ,i ?S a k • ?F SECTION 9.02. BINDING EFFECT. inure to the benefit of and shall be and the Borrower and their respective This Loan Agreement shall binding upon the Commission successors and assigns. SECTION 9.03. SEVERABILITY. In the event any provision of the Loan Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. SECTION 9.09. AMENDMENTS, CHANGES AND MODIFICATIONS. This Loan Agreement may be amended by the Commission and the Borrower as provided in the indenture; provided, however, that no such amendment shall be effective unless it shall have been consented to in writing by the Bond Insurer. SECTION 9.05. EXECUTION IN COUNTERPARTS. This Loan Agree- ment may be simultaneously executed in several counterparts, each of which, when so executed and delivered, shall be an original and all of which shall constitute but one and the same instrument. SECTION 9.06. APPLICABLE LAW. This Loan Agreement shall be governed by and construed in accordance with the laws of the State of Florida. SECTION 9.07. BENEFIT OF BONDHOLDERS; COMPLIANCE WITH INDEN- TURE. This Loan Agreement is executed in part to induce the pur- chase by others of the Bonds. Accordingly, all covenants, agreements and representations on the part of the Borrower and the commission, as set forth in this Loan Agreement, are hereby declared to be for the benefit of the holders from time to time of the Bonds. The Borrower covenants and agrees to do all things within-its power in order to comply with and to enable the Commis- sion to comply with all requirements and to fulfill and to enable the Commission to fulfill all covenants of the Indenture. SECTION 9.08. CONSENTS AND APPROVALS. Whenever the written consent or approval of the Commission shall be required under the provisions of this Loan Agreement, such consent or approval may be given by an Authorized Representative of the Commission or such other additional persons provided by law or by rules, regulations or resolutions of the Commission. SECTION 9.09. IMMUNITY OF OFFICERS, EMPLOYEES AND MEMBERS OF COMMISSION AND BORROWER. No recourse shall be had for the payment of the principal of or premium or interest hereunder or for any claim based thereon or upon any representation, obligation, covenant or agreement in this Loan Agreement against any past, present or future officer, member, employee, director or agent, as 33 ,..,.. rF' '.'a•?J rH' w".,w.r e,r..;"-' '.7,• - .. ,. .... .. .1 Si + ?" „?'-.Si?'.'r,' .+h.??,t P;. '3l 14" .,t " .f Pn-:-, ".tw.•": 'ld:`' y1 x.4_? Sri1 S1f?° ?•;? .,t.> r: ?I' S? '!'. ..i?.?,?:=,:' ,:s* "r,r?x."'r. "'r:.•,'?t?v •?'.p„',..-,?"N ?5?F'?.?a; : ?'§el nri: •a•ik k 1 3`h? Mx .-F?"?:Y 1i•Q' .?i'?if f. "4 'rn, i'•!' - : rY i <.: ro' ?' ' ?o t•,t? "i'' • ,• •:S"sk• ••.t ?' Al } '.U. 4.-'° : is `' , t : .t' •' ?•',.° 'x 5 a'r5. - 'i'.- F a t fPlt' L; "PAR ? ?:-F i ' • a'-r .'j' •.`.'?• ?1 'i"s+ i< , of ?. t.. r _ '..?a '•'v -:Y•. 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". gry: ?• n? 1r: ??a F.9 r :'1.! :t; :?..?:'}•: ".ar .tY-, 'S'l'y' "z° Y,Ir`, rtr,' !t_,. '"t...?. 1+ r(>»?_•. ;'(.% ;r.'.;y ..??+at- x?.'-,': °F;', ??y k:r..,;-. `F', Y; ?•_a:a1''?5:' .h?1, ?y•?c.?x. ai. )rF °( •t--5: :: 5>.'. .. A? .!' 'T. Y.r '}.l•.ir ,?.:" ''S- :t::l?• .t.. '.l? r,,3n { •E;?':" -e'a, .4Y. '. C: :.?,., .:-,':. .•,>::, •f, 3?:. d.l &T' .:<P' •a` ??ir .•'S'' °q" :jg •`arr. n' ?+r. ,'4'.-. 'w' a!:f: } }k, J4 k" - Y, i '•rT?' t_ S• "7' y Tk` ' 1 .,pal: - n'?E' ,•fi}. ,r. •r? - 3 t ?.43° '. 4a• r:f= t,l ?• :f t. .7 ? . i7 •5 ? kr?r ? i ?.e ?`r.` •g'y . H '4Yy T• a'•'- . :,- 'i...,-. u.- ... :. .....,_?....a.r.:v.•r+..YbaY A:.r??..`.... ... ;i<.. .. .. 'r.` ., .. .,ins.,. -... .;..`ar, C? O such, of the Commission or the Borrower, either directly or through the Commission or the Borrower, or respectively, any successor public or private corporation thereto under any rule of law or equity, statute or constitution or by the enforcement of any assessment or penalty or otherwise, and all such liability of any such officers, members, employees, directors or agents as such is hereby expressly waived and released as a condition of and consideration for the execution of this Loan Agreement. SECTION 9.10. CAPTIONS. The captions or headings in this Loan Agreement are for convenience only and in no way define, limit or describe the scope or intent of any provisions of sec- tions of this Loan Agreement. 3 SECTION 9.11. NO PECUNIARY LIABILITY OF COMMISSION. No prov- ision, covenant or agreement contained in this Loan Agreement, or any obligation herein imposed upon the Commission, or the breach -t thereof, shall constitute an indebtedness or liability of the ;• State or any political subdivision or municipal corporation of the State or any public corporation or governmental agency existing under the laws thereof other than the Commission. In making the agreements, provisions and covenants set forth in this Loan Agree- ment, the Commission has not obligated itself except with respect to the application of the revenues, income and all other property u as derived herefrom, as hereinabove provided. SECTION 9.12. PAYMENTS DUE ON HOLIDAYS. If the date for making any payment or the last date for performance of any act or the exercise of any right, as provided in this Loan Agreement, shall be other than on a Business Day, such payments may be made or act performed or right exercised on the next succeeding Business Day with the same force and effect as if done on the nominal date provided in this Loan Agreement. SECTION 9.13. CALCULATIONS. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. SECTION 9.14. TIME OF PAYMENT. Any Loan Repayment or other payment hereunder which is received by the Trustee or Commission after 2;00 p.m. (New York time) on any day shall be deemed receiv- ed on the following Business Day. IN WITNESS WHEREOF, the First Florida Governmental Financing Commission has caused this Loan Agreement to be executed in its corporate' name with its corporate seal hereunto affixed and attested by its duly authorized officers and the City of Clearwater has caused this Loan Agreement to be executed in its corporate name with its corporate seal hereunto affixed and F , `I 1 34 7 rr ' I I I attached by its duly authorized officers. All of the above occurred as of the date first above written. FIRST FLORIDA GOVERNMENTAL FINANCING COMMISSION ATTEST: By -------- •-- By.... Chairman CITY OF CLEARWATER, FLORIDA By Its: (SEAL] ATTESTED BY: Clerk Approved as to form an legality this' - -Fday of 1986.`-? By. Attorney 35 3 EXHIBIT A USE OF LOAN PROCEEDS DIVISION I DESCRIPTION OF PROJECT TO BE ACQUIRED OR CONSTRUCTED Description Allocated of Loan Item(s) Amount Marina Building Renovation $160,000 Destruction of incinerator and $570,000 acquisition and construction of administrative, shop and storage facility, including improvements to . the sanitation complex parking lot. Purchase Fire Engine $374,898 Construction of radio station for. use $4,443,000 by all City departments, including two radio towers, satellite and microwave receivers and radios. DIVISION II ,DESCRIPTION OF PROJECT ACQUIRED OR CONSTRUCTED SUBSEQUENT TO August 1, 1985 FOR WHICH BORROWER WILL BE REIMBURSED Description Allocated of Date Construction Loan Items Started Amount Seminole Boat Launch August 1, 1985 $176,355 Dredging N DIVISION III DESCRIPTION OF PROJECT FINANCED WITH INDEBTEDNESS BEING RETIRED OR REFINANCED Description Type Allocated of: of Loan Items Date Acquired Debt Amount ;? Ali 'i r, .L?: r. . AMP& DIVISION IV OTHER USE OF LOAN PROCEEDS Description Amount Debt Service Reserve Account $ Proportionate Share of Issuance Cost k i i . Borrower hereby certifies that the description of-the proper- ty and uses set forth above constitutes an accurate description of the property and uses being financed with and/or refinanced by, and/or for which Borrower is being reimbursed with, the Loan, as defined in the attached Loan Agreement. If the Borrower is not, on the date hereof, using the total amount set forth in Division I to acquire or construct the Project in Division I,? it hereby agrees that, as soon as reasonably possible, it will use the remainder of such amount and all investment earnings thereon to acquire or construct the remainder of such Project (or, with the consent of the Commission and Bond-insurer, substitute or addi- tional Project) prior to dune 15, 1990. [Projects funded with private activity bond proceeds may not be substituted]. Dated: , 1987 k? ?y ff i? !R i Attest: By Its [Title] Borrower By Its [Title] F »-T •'?.,b., sri?LMNJty.;]:=+.i?` .. _ '!. .. .. 1^?, ... w?r..1i .':,.? - Ir1r.w c ayy..,-: bl,:frwY,Ylit.1'?r..1r.? ^1'weP .TS1,n+... v. .:1+'....7r.fk'3?'h.?-:•m'!Yr?'a"'W{jiyGf'? F??. J: . r is 0.i s.r»`fIH,:.-. .? -y ?',t iitL?. Z,"d •?•';i'3• .'1`y''Rt " I d . f'. r . ? ..9.e ;l?:.r.:` . A ? .. fi,L -t.+;i•' i'?=7 ya.?•. y y?y?.yi`'y„? ` +Y '• i32?" Sr •,G... i!, .1 ): "+?+'Ai"!'t•.i..i,. ,L.?j yr•".. ,YS ..L'. ?-:r.,y.? :. `1' nh, +"?. [ k• "rte '" .a' a Y e • t' ` r? s SI+i ?i -; i. t z', j T3i? ??! - 'iae• •Y''..' '•t a 't-P, ?.1': .? -, k,a, ?hr..i "5, t' ,ar.r .•r? ?i ¢ _ x i t tn? r 'n fit. .iI^• 'i?: ? -Y`t ?.. ??.. '>•r.;.'u L;: . i ^.+'r?..°. - e;.+' '•t',?1:-„°r.r..C-", 'i'.*tt °•r t .k °'? s5 -l" PY' a". his'.,:.' ??s' •'A`:{' .4 I•-`'{. ll .? 'S? . t 1. . at- x 1 1 4i; . ??. "`p"?Sy- .5:. r, r°[l. f??j.' .i, .•, :'sty' at 41.4: ?t r.?.. ! ?-1'.ro- °? ii:.'a,? ?'+ `:i? 'r-. %'t .•l _,^t`-r `- ?' &i?' 'ra+ a?' .?'?,, p,.. ]4 >Z???fe.a , 7, i? Ji: ., .iL'.S:r ?. r";iqs v ?`.-. •^r: `'i ? i Y • '1 $ .d.^ , n- J. 4 *?. i K f'.. 'r gw+ a 'tis. •Gr ?.1 a'" a ,'F+' G, r'{'. !? '.T- [?.•' 1. 5.a D•' ,,rr f`G' i.- c" Y a• 1• F. .l,?+ ' ?r : .x' • 14 :. ^;,. 'i 3`° ''t. .i. `?" .]• .''ai• s.o `f.,?,`. i?'tt .?, '{: ...{`., „iJi.•1 e1'J 3 ? ? f 1 •.a '4,`° ??. is 'h5 ?{' s e=]: •±-3? 6 f •'q'°s;` i.d ??.: }f. s t ri. ..t +%fw ? ?F v.f .S?:Y,, i I ? 14. y+'w ?1,''!" t j• . 1 ' . % i?.. . Y"i w`•? r' ..fir r.37`. "i.r 1:?,a ••'fs' y <-•3r: .'r?,' s+i'' ?fi '1 dr k { .:t 5• s.ti l,`• t'"'•F: .:t:,1.^+ }b S{ ? s'.? ,'t. t5 .r'} .} 'ik..[ ?': .Ti' .. ^Z: a '?1• y .R: ,.WS l 3 . C . •A i'. ?' "I'4' .:s• :r?? '?5' .fit ,r. <i'. r,i ?-' :rf?: .'1). `S .Fa:.? 'r+r. •.t? VF ?J 1::'7. ? ', ?f `. J.'.1. ? P "p+l, `;4' e.ir. ?L- ? G "la,. ?['?.. '? ?. I ! ;.?. r?r; i?e:?i? .d '7"- :.4 ?It .F` 'i. 'ti aF ? 'i `f,, t.t°+?.>'?'.,.A.l? R`•4. r-+d:.'v., .K 0C.' J "G y li '?"SL a 'IJl ), it t. +i:: a 1': "@r. f•: t f ,, 'v z s. 3.. ;s tt?? , ?. u I tK .. £° A, '14 1 • ry 4i• I }?S. I, .t : t° ri `.er R??'J•. 't IY , al• 'i` .1 nk' .Sid r,` :? •f?. ',' ^"r? -S'.'; k.. .'k ''''i ,7.tv -'i ,.a *,y'r,J a•- t . rn •7', r. 1:f= :?= r'` ''r s ] j a+ -"?•St+ b "mY E tri. rf ',l rt ?'? ? ?'f' _ s,.?•rt '. y?yy l.1. 1?r,r. 'f• , A '??'?•?.'?': ?:i?l '.b r'?'.., 't.:' 6f.??'? 'i-?. y,t:: w,. ,? s. 'P, , 'v 7' ~ Y' ?'t J a M r ,S. 3 ? §'1•? il' ... ? •%1 - +.: .,.sae ? ?.,' +'.ta t,S`y:... .i {>tT Jri 1 .s ERH IS IT 8 r-?F?rs••C ss GPs • 1k f. ` ( ] CERTIFIED RESOLUTION OF INSERT NAME OF GOVERNING BOARD 1 ... ..:•? I' w.a3.: :A.?'vk?.?.`..ifyr?w'''?:«. EXTRACT OF MINUTES At a duly called meeting of the (Insert name of Governing held on the :i,.'rt.,h. °_-.•?,:g,r,,f?.r?.?r?', •'. Board] (the "Board") of (Insert name of Borrower] :Y ? , at , there were at 3a.1 rfi''•f.4'',?r";aY Sj? r..1?J,,?,,'+,i •' , ` times present the o low n?'g members constituting quorum of the ... Board Tt' kP??r 'r• r„ , mo't'''` ? ?5'ti' i? `s tt??r{"?•t y??Y'Sa• ?.+ At said meeting introduced and moved the • ', adoption of the following Fteso ut on e 5 ??,; r '.•`;??-,,}„•? ???:.''. i . i,... ,, NO 0.r=r3 M•,c^?' ?'i • ` • 1 t 4.,???J?l.!r .?'j" Li,' 1.A'?,'•lA3li.• A RESOLUTION OF }• ?;`e, £`ro= 3s?trr.,. [INSERT NAME OF BORROWER ?'•????°?P'?fi?"'J'?.'?? ?? AUTHORIZING THE NEGOTIATION OF ONE OR MORE LOANS IN AN AGGREGATE AMOUNT NOT TO EXCEED [$ oO,aoa,aoo] FROM THE FIRST FLORIDA GOVERN- MENTAL FINANCING COMMISSION; APPROVING THE kfia"'``''° ` •,. t:'; EXECUTION AND DELIVERY OF ONE OR MORE LOAN AGREEMENTS; PROVIDING CERTAIN OTHER MATTERS IN l, CONNECTION WITH THE MA at KING OF SUCH LOANS AND r PROVIDING AN EFFECTIVE DATE. WHEREAS, [Insert Name of Borrower] (the "Borrower") together with other participating counties and cities (the "Members") have created the First Florida Governmental Financing Commission (the "Commission") pursuant to a certain Interlocal Agreement and ?r: Chapter 163, Part I, Florida Statutes, for the purpose of issuing its bonds to make loans to participating Members for qualified projects; and WHEREAS, the Commission is in the process of issuing its First Florida Governmental Financing Commission Revenue Bonds, >• Series 1987 (the "Bonds") and is seeking to make loans (the "Loans") to Members; and lip WHEREAS, it is hereby determined that a need exists to borrow funds to finance, refinance or receive reimbursement for the cost of the acquisition, construction and/or equipping of the qualify- . r ' inq projects set forth on Exhibit A attached hereto (the "Pro- jects"); and WHEREAS, it is determined to be in the best interest of the ' Borrower to borrow funds from the Commission from the proceeds of the Bonds to finance, refinance or receive reimbursement for.the cost of the acquisition, construction and/or equipping of the Projects. NOW, THEREFORE, BE IT RESOLVED BY [INSERT NAME OF GOVERNING - BODY OF BORROWER], as follows: e:t-!'.' s?y - .. • 1 t:•: ?`?. ?'1:r"_ .t?? ' i T.,': s. ,rya 'S??,? t ?. ' ? ?'?` r ' i. `-.. .if:• ,, ... rZ .t1:f.r,, Ki tiz .,, 1+ ... FS•• ° 1'v- '?,: trot'.,{:;r .,i?.rµs +.' rg?,7!'.i ,Oval ,F x?f,'1.• q b• • J °fk;• Cr s 0 3- J r l5 i, a, ?•i % .k': 114,. ,';.' , r•[. } xsr . ,'t?]? fat. -r1 ,z., J' :.x. N , l" r' J •4' •' 3 r rf', • .1,1.3 ?:F `•. ":{ [.? .:rte <<..? ?`. '1 i•:>. .?... 123 S 'a. _ 1 . ' •! "R ' F ` ? 3 %t :iJ. W'•}:':i !t" t. S4e 1'' si. T S M1 t.' i' ?r FS <?. ?•1 ' 't^ ti"•z r 71 :'t s 1 -.a-.n ,;t7. pd'r t• k ,s' `S.•` • a' t D r f t a,. , r +[?''!• •917 ( ?'. ^i Y '+.J Wn TA ;1? .? 9: a• s1.•t 4, t1 " 1 i 4 t! I 6 F' ,, "1i Sa 0" .•? ":t "r.W 'i:= .r ?t'J r:. N .fib .t•,'rr t- ;iii ,'.;rJ i '.4 : 'f 'jf iSL ,9 3 ,}a: ,.:`, it F s?,:.:,kl-. •:3, ^' 2`. . . t ? qty. Y J now- _ i !YV I, r ? . .?s ?t1?? & ? by •g,F, .D;.?s kb."Ta SECTION 1. Due to the volatile nature of the market for tax- --..=.i;,....';"?`;:'.'i ;.} exempt bonds and the ability o . t;?': rj?<'s•?'`:?? ::5?;?' ;;y' . f the Commission to access addition al markets and for the Borrower to receive the benefits of lower interest rates and issuance costs, it is hereby determined that it ' is in the best interest of the Borrower that the Loan(s) to the rA..t Borrower be We from the oc e 4? pr a ds of the Bonds, as opposed to the ;;•_?,_;`'''T'= Borrower borrowing funds pursuant to a public sale. SECTION 2. The [Mayor or Vice-Mayor] [Chairman or Vice Chairman] and the Clerk or Deputy Clerk are hereby authorized and ?,;?._:•1ik???;ti,,,?;??';?,?,•,,,?.J.? directed to execute and -deliver one or more Loan Agreements to evidence the Loan, to be entered into by and between the Borrower `.: '„'::;•.,?,,>:,};;;r=r;,;i and the Commission in substantially the form attached hereto as Exhibit B with such changes, insertions and omissions as may be } approved by the [Mayor or Vice--Mayor] [Chairman or Vice-Chairman] and the Clerk or Deputy Clerk, the execution thereof being conclu- 4<w;r.:;?rt?" '? 1' s ive evidence of such approvalf 4??H'°;' qt - `'.- . .. :•: ,?4''•?,.j•'ti? is • ).??. ??ia;,}fyi ?? ?. SECTION 3. The amount S,"ti;1•, 7r 4 of the Loan(s) of the Borrower r evidenced by the Loan Agreement(s) shall not exceed [$00,000,0001.?t,:•'?";,•;?} Such Loan(s) shall be made at a discount which shall include a pro i '' asv '4'?3W`?ryN_N j"Ag WON, Lion, ••,;;?.w rx rata portion of costs of issuance incurred by the Commission ,4. ya€s' together with a pro rata portion of a reserve fund and shall bear t interest and shall be repayable according to the terms and condi- tions set forth in the Loan Agreement(s) authorized pursuant to xj11T'?'s Section 2 hereof with such changes, insertions and omissions as '' h;eta. ,,`?;,?;, ?4a ? :";,,•. may be approved by the (Mayor or Vice-Mayor] [Chairman or Vice- Chairman] and the Clerk or Deputy Clerk, but such Loan(s) shall .r•' „t { .. J,",vz.}?•jT 3n`f'ral?a•..F?tryi:.• ,, i;n4 .S =bear interest at a true interest cost rate not in excess of [ $ ? ?;`??'.s •? ?,. ;., ',r .?,' , ??;; and shall mature serially, but not later than duly 1, The redemption provisions, if any, relating to such Loans shill be as provided in the Loan Agreement(s). SECTION 4. The [Mayor or Vice-Mayor] [Chairman or Vice- `=> Wh Qj 014 lo, Chairman] and the Clerk or Deputy Clerk or any other appropriate '` officers of the Borrower are hereby authorized and directed to execute any and all certifications or other instruments or docu- -',?=:?:?•5,_t. '-: ments required b this Resolution the Loan A reement(s or an r- =3t. rt N. other document required b the commission as a prerequisite o t,° 'precondition to making the Loans}, and any such representation made therein shall be deemed to be made on behalf of the Borrower. All action taken to date b the officers of the Borrower in 1t???.?• ,?` '? 'J? too. furtherance of the issuance of the Bonds and the making of the _Sry,t L1Y, Loan(s) is hereby approved, confirmed and ratified S :'fir^a 9t. ?f"•?• + ? era; SECTION 5. The Representative or the Alternate Representa- tive of the Borrower to the Commission is hereby authorized to approve the final rates of interest an the Bonds, and the redemp ?,S';} 1 ?•?•: ?,° °y tion provisions thereof, if any, on behalf of the ?., •?:.? r Bo r r o w? r . >::?,,? [ ? ?,•.•? ?s?s?,1 ?'?i1,.., SECTION ' ?r'•?:a,;,::,,?;Ti??? 6 This Resolution shall take effect immediately '" :f upon its adoption. :`tiz?'?f?'?z;V'_,,,,F•' g 1 ' [ ,I t t (y S ii r xt-+?<•1S"CSt:A+a?=A, Y'ye"..4!w Y rnll . r; ,... -3L, s+,sqs??^. r?ir' a.,{r{.r,.}.S:'. • .. .. .... ,' fix` L µ. .. ?t.}.3??::"?4' ?'?)?N °'??1i'?':.?C'<°? ?3??.K••• bb , ,.Z . •.4" .• S'ir^ v ,,--..LL (( 1 .11' h . t+ ( E P 'Ar ..yS., .'4.;,;•:.?: iy.'%)`j', .t .,r..d ,r '3. .rb •'i x }, .3• ?E'? ;l(, ?;e t. ,.ti'p' :.i:, w ?m ?`r>'? °s_ ?? °'?' ,><.r> 't. :(" .,z.'-.r•` ^t..'?,F?, .r.,, C?'-, .?..'eri' ?" .?-} J'rt...'. s'L °a' ?. 7 •i ?.' r.' "F :"i, 5:. , ' i.•°' i. ,f,•,.; o-t t.: ..? . C •?• •t'. . f $' h.x .f.•:u"r :' .i?r, ` a4 .c ? ? f r `?F • 5 ?r,:, :,': #il': . '•. ,'u : r tl ?:H:I ?• }r, N }.. ? ,'s ??.3_.: t: ,;ti° •L''-ti'4 J:° 'Y. , w.'• .r?,' ,„r?..Na[ t-f "c 'rr: .» rt. }.:?• ,r[ .t ta: W1' „ C<: ll . l ? L. : i .e :?-;',>..?.. ,=r '•„-'e ii}} i','X}? ?E t ' -a 'A+>1'F. 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PASSED AND APPROVED by the [Insert Name of Governing Body] of the [Insert Nance of Borrower] at a meeting held on the ? day of , 1987. (SEAL) ATTEST: By: EXHIBITS TO RESOLUTION EXHIBIT A - PROJECTS TO BE FINANCED THROUGH LOAN AGREEMENT WITH FIRST FLORIDA GOVERNMENTAL FINANCING COMMISSION EXHIBIT B -- DRAFT OF LOAN AGREEMENT Motion to adopt the foregoing Resolution was seconded by put to a vote and carried. The members of the Board voted as follows: AYE: NAY: Thereupon the [Chairman of the Board] declared the motion carried and the Resolution adopted. The [Secretary] [Clerk] was instructed to enter the following proceedings upon the minutes of the Board. The undersigned further certifies that the above Resolution has not been repealed or amended and remains in full, force and effect. WITNESS my hand and seal of the [Governing Board] of this - day of , . acre ary er } [SEAL] S 1i. 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'as 1?i: a' raa'e.1,. - ?'S `` ,.Ie {' S,1 }'i•'k) . `.?'l: •'?•ff t.'"4: .•„ia: •,!i.1Y y.<'.. ;.?.. •; Y :.b'y.:: ?+ .a,..~ :I )." 'i •'{.:',:: '.5 ,.'?/.'Y.°' '1:ry'..4 jt. Y.•... ,F `` i'"?.:x •?,,: 4.{tf{ EXHIBIT C OPINION OF BORROWER'S COUNSEL [Letterhead of Counsel to Borrower] [Date of the Closing] >: First Florida Governmental. Financing commission 201 S. Monroe Street, Suite 500 -- Tallahassee, Florida 32301 a. Bond Investors Guaranty Insurance Company New York, New York Gentlemen: We are counsel to [Name of Borrower], [County] [City] (the "Borrower") , and have been requested by the Borrower to give this opinion in connection with the loan by the First Florida Govern- mental Financing Commission (the "Commission") to the Borrower of funds to finance or refinance or reimburse the Borrower.for all or • a portion of the cost of,a certain Project (the "Project") as „^' defined in, and as described in Exhibit A of, the Loan Agreement, dated as of the date hereof (the "Loan Agreement"), between the Commission and the Borrower. Y. . In this connection, we have reviewed such records, certifi-- px sates and other documents as we have considered necessary or • 'r' appropriate for the purposes of this opinion, including applicable • ' 3 ? lawsr and resolutions adopted by the [name of governing board] of , the Borrower, the Loan Agreement, an Indenture of Trust dated as of June 15•, 1987 (the "Indenture") between the Commission and Sun Bank, National Association, as trustee (the "'Trustee") and the ? resolution adopted by the Borrower on June , 1967 (the - - "Resolution"). Based on such review, an d such other ' considerations of law and fact as we believe to be relevant, we ;y are of the opinion that: (a) The Borrower is a [County] [City] duly organized and validly existing under the Constitution and laws of the State of ,y Florida and under the provisions of the Constitution and laws of the State of Florida. The Borrower has the legal right and all ' rw power and authority to enter into the Loan Agreement, to requisite adopt the Resolution, and to consummate the transactions contemplated thereby and 'otherwise to carry on its activities and it t own s proper y. 5 ; ? i s.. .n 4.: >A} ., „a,& ;?.,. .-r .r.,. r '•'7;• a:_• ra?[y?!?"""°ryS?i' .. - srY ? 'r,.Y •$. ;,l.", ;fix [r. trr: ,•? ? t : • J •s ? ? '?? ? :?r 'T'? t:? ::ta?'17t ..?!- a' ` ,; ?;^?.: Yiryk?- ?-? A : 3:+?I r1'JS" , ',,, -" ' :; s,. ;,;;`' .-`.) .i• 'S'r`i. •j ???. .,5' °,{. ,. .f4,?4 :?? 1 c,+-. L::'i ,. <L .YID: 1.f.?},>`,.._'4 _ o :.i}.. 't : 1. ^'z•?. J,' X51. ^ ', r:' i •.? 2? ''?:.. ?'! `? }, lre .t, $.t:Y.N .. ... - {Y•'' .'7:i' .i y -yF-. 'J 1. .5 .(<. r•',i.. ..x%v . :Ly .. i'x •{dl i :. D:.:t •'1..` f, }ty ,t'•T1,. t•. E •. t r, .•r{ ? .'l'ist w?3,.e 5 ,'', V6 S 4 a.' R y .E'' - to d 4')', .ASP, - r ? Y 1 .l f •L •s _ R t ''''c-, _ 1 s'?"'fie '•vk''i' ?tt SH > }e • "? i .; „?') !,?.'' tj?'.?.`' ;.;. :fit;:"' ,:, '•?:: .wz.. •e?f :• 4. '•7.r. .'S,v.t.;.;. fir: •s }r' .: S_ .t''??5. h',.I .ire "?o, rlli`1rd . ? !r,-. ?. - '••} . • I ? ? _ .t .',:.,;. ^d • 1'•y y?' .t. ).L, .S f 1?' 7'?ee•Y' "1 . l k of ?4..?. 'i .Y'• x;'., ,;S . :i { _ $ it o?;e %i• s,t 'F? _ 4 .t.• :4'z .rd' is 3- ! ` ^[ mot" - '-# 1 ' 'i'•4 a ? ° Y. / 4.' '3!t'? 1 e\' .1 "' Ile '.1 .S' 'r. PY, tf, ..y- ry y!- )) 3. f t :l+ .y. .Y•.xi t1 (b) The Borrower has duly authorized, executed and delivered the Resolution and the Loan Agreement and the Resolution, the Loan Agreement and the Collateral documents constitute a legal, valid and binding obligations of the Borrower enforceable in accordance with its respective terms, except as such enforceability may be limited by bankruptcy, reorganization, insolvency and other simi- lar laws affecting enforceability of creditors' rights generally and to the application of equitable principles if equitable Y . r..+ ; remedies are sought. t ` ., `S rya iv (c) The execution and delivery of the the Resolution and the Loan Agreement, the consummation of the transactions contemplated .• `" ry..YA.;:'.•. thereby, the purchase or construction of the project or the reim- bursement for costs of the ' acquisition or construction thereof or the refinancing of the indebtedness to be refinanced with the .r,. proceeds of the loan and the fulfillment of or compliance with the terms and conditions of the Loan Agreement do not and will not rsW conflict with or result in a material breach of or default under any of the terms, conditions or provisions of any agreement, cones tract or other instrument, or law, ordinance, regulation, or Judi- •,ry ':. cial or other governmental order, to which the Borrower is now a party or it or its properties is otherwise subject or bound, and the Borrower is not otherwise in violation of any of the foregoing '':.affx? in a manner.material to the transactions contemplated by the Loan Agreement. ,. s (d) There is no litigation or legal or governmental action, proceeding, inquiry or investigation pending or, to the best of our knowledge, threatened by governmental authorities or to which the Borrower is a party or of which any property of the Borrower is subject, which has not been disclosed in writing to the Commis- sion and Bond Investors Guaranty Insurance Company and which, if determined adversely to the Borrower, would individually or in the aggregate (i) materially and adversely affect the validity or the enforceability of the Loan Agreement or (ii) otherwise materially adversely affect the ability of the Borrower to comply with its obligations under the Loan Agreement or the transactions contem- plated by such documents or (iii) materially and adversely affect the properties or condition of the Harrower, the corporate exis- tence of the Borrower or the operation by the Borrower of the Project. (e) Any indebtedness being-refinanced, directly or indirect- ly, with the proceeds of the Loan was initially incurred by the Borrower, and the proceeds of such indebtedness have been fully expended, to finance the cost of the Project. (f) There is no fact of which the Borrower has knowledge that the Borrower has not specifically disclosed in writing to the commission or Bond Investors Guaranty that materially and adverse- ly affects or that will (based on facts and circumstances known to us today) materially affect adversely the properties, activities, prospects or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under the Loan Agreement. L 4 , ,531 c• Y 1 . ti- ?.f F er ? ro a- t' a l:" r auy:"t , d . ..r`o Ir•?p?:t t. .. 1lt ?' • r.d ,ara y eo ?YS ;4: F1 I'S - Y ?.? .'i. tt<r ikr t,t? S fi 1'f ae li tit' ^^FKt:n:.ld j.:?5 ????%,'i gat s?.':.;,r g?,?'•?. ?? •?"3;?"'.:.; ?:' ??' _w'v ;?y, ?s•'#•::' ?.?. ''C; .? • . .,:T, r.?°„1 ,fit :i'> t;*?z€?{`? ,??r:.?qz,; ,.,F;t??i?r?:??,'1?>".t`:'?:',?,>x???.is?;•°?,a:t`;w?.i'`=,.'l?'?.-r°;-;.,'t'3rio:..` r>t`?l;'.'•.°°; ;'3`'.'?. dr +1G1 C aiy- A+r1 t ti t^n.\-`9y4 $.1?:.? r.,r,t; ?}.,? ?'#9?`".L:?:t;i?5:t-+?.'?•Y ?4i 0 Q (g) The Interlocal Agreement creating the Commission together with the Addendum to Interlocal Agreement approving the Interlocal Agreement as amended, have been duly authorized and executed by the Borrower and constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms. (h) (State whether or not] the Borrower has the power and authority under the laws of the State of Florida to contract indebtedness, including the issuance of bonds and notes, for the payment of a Judgment.or a compromiser) or settled claim against the Borrower, or an award or sum payable by the Borrower pursuant to a determination by a court, or agency acting in an administra- tive or quasi-judicial capacity. We are attorneys admitted to practice law only in the State of Florida and express no opinion as to the laws of any other State. S a r. 0 Very truly yours, 1tr"?. Pt ?i.;; } .? r y 1 % 0 EXHIBIT D N COMBINED STATEMENT } a OF SOURCES AND USES OF FUNDS Project Project Project Project Project 4208 6428 1214 3443 3439 Total Construction Fund Proceeds 4,433,000 570,000 374,898 176,355 160,000 5,714,253 Underwriter's Discount 70,263 9,006 5,913 2,819 2,544 90,545 Cost of Issuance 15,330 1,965 1,290 615 555 19,755 ` Insurance 50,783 61495 4,277 2,029 1,843 65,427 Debt Service Reserve 511,000 65,500 43,000 20,500 18,500 658,500 Contingency 29,624 2,034 622 2,682 1,558 36,520 Total Par Amount of Bonds 5,110,000 655,000 430,000 205,000 185,000 6,585,000 {', : I y , • 11 . y k?•? :'.`S? t'?`4 F . Y */~? . S . +r t?• ?-y_? r .l .. •F? t if wl ?-.,f"t.r??•?r.'s'-'r ?'" ?-?.?v: ""=""t. .. " ..+.r .rr. •Ht.. ?`.M?, t. , ... .. ? •.'0iY>tr., c'.? `•r.... s. 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EXHIBIT R i FIRST FLORIDA OOVERHMENTAL FINANCING COJIMISSIO14 N YEAR FINANCING STRUCTURED WITH INSURANCE AND LEVEL DEEM ' SERVICE ' CLEARWATER - RADI13 COMMUNIChTIMS SYSTEM SCALE :INCFEASCI) .25'/. DEBT SERVICE NET 13F DEDT SERVICE RESERVE INCOME TorAL DEBT SERVICE FROM 05/01/07 INT ON DEBT L'AT'E PRINCIPAL RATE INTEREST TOTAL P&I ;?RV_I215ERVE COMBINED 1 1 /01 /E37 169, 353, 75 65/01/QB 385,000.(.10 5,0%169.1353.75 723,707,50 -181472.65' 7051234.85 ' 1 I/,.) 1 /88 159,729.7E 05/01 /89 405, 000.00 5.5 15 ', 728.75 724,457-50 --36,945.30 687, 512.2 . ! ! tca 1 /69 148,591.25 0ZS/01/90 430,000.00 6.0 148,591.25 727,187.50 --36,945.30 690,237;24 1 1 / 01 /91.1 135,691.25 05/01191 455,000.00 6.25135,691.25 726,382.50 -'36,945.30 ' .x'689 437.24 11/01/91 121,472.50 V?, 05/01/92 480,000.40 6.5 121,472.50 722,945.00 -36,945.30 685,999.70 11/01/92 105, 872.50 05/01/93 515,000.00 6.75145,872.54 726,745.10 -36,945.30 689,799.70 11/01/93 88,491.25 1 05/01/94 550,000.00 6.95 88,491.25 726,982.50 7-369945.30. 490,037.20 11/01/94 69,378.75 45/01/95 585,000.007.15 69,378.75 723,757.50 -36,945.30 6861812.20 11/01/95 48,465.00 05/41/96 630,000.007.35 489465.00 726,930.40 -36,945.30 689,984.74 11/01/96 25,312.50 45/01/97 675,000.447.5 25,312.50 725,625.00 -547,945.30 1771679.70. TOTAL 5,110,000.00 2,144,715.00 7,254,715.00 '=8611980.35 s ' 613921734.65 William R. Hough & Co. " y. P, A - ° r ;. F. A. tee:. •, ... - . .. r e . , .. ? ''•' „ , - a , ,•? M,'p s+; ?e• .j .s r. ir-?. ?.Yrt e •wi•GyJ`="•' 1f : tY: i,'.?,$'?fJrf' ,ty fr -S 3 ,,r` .. ;, „; ''y?,Y.. } 4j!#,,4,.._`aS r?.r <?IP. ,'S•r?:.t :a.9>}}s°; Y '•)o ? ? , =>'?: :y ' ? rsi.:?-'a'G•:}il'??`?5f* ?` 4 ,Y°??FT;r;•; :'?'????'+ ?'.' `s' ?'•• •, h .fi'.r 'b'L;'i,-•li s u .lb•.• a?'"'f. ',+_.? .311S• rf,:^i?,'' " "' 4.r : Z: t'. cY ? 1 r" ??'?•+'.?-z ?} "{ ii,. la+t':.??L.. r`^ n !i'F`?`i ur.. :?? ' ?!-? ' r ? .r`' `• ?";:t?', ? • `iii •'ss`. +.5, '-?'. '"??-•'^ <t< ) ? `ef •''a f.l• z,, :ist a 'r?p.? ?.•...f.r,• j . .F•. <rS . :ry a.. 4 •. ''r• eY s3 pp?? 'As'v :•?.4 58• br7 ix7'• .S°.. '.'Li.. 'a"? '§. •' r•<-c ??:?,( .P•,°? .k.:: :. s`'i.'a 47 i. ??.• 7- :F °,? "!.";`}a_,.Gr''•' edx"". ' ? 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E.. t?J,.1 :Le: °?'.,H , r?""' c, i 57t> °x .r r ,?..a ^,a: °° ,i a ?'%M1:},Tvr. ,: a ¢ .es ,}rtv .vty.4 vi ..? f "1 g ".?? :r 'J'°: ,.ar'i V3'? €. 1, / i^' ? f+ ?,c'YS ?'f' .?^a - .e .l. ,?x,S-?. .',j ?„',. :f,i i;?t` 3. .!? A Y ..r>.. i":43.? ,'.t. '?!`. •,,d" ..?,` `,?:` ..Y ?.?., rv:y f:5 :'f..,.yP?. •sW" :la i. rtY: ?. _ ?:. h?•. ?:.1 9'i ,"]:'r ..s. ."+:i?`"??_. ,,,(?t:,} '.? •'i<:,t `s k'• ? a . '.9 J.? _ ??'i?? ':!?•. c c is ',,t . „r'??%r'.;' ,;v ,-? • . ?•_?,' . / .(J d •, s.. .;g'..=t"il:,'' ,,a;t ,2: '•k.a ::!"{ ,i'r..;;l.. '-i,,•ir,_• ;'1... ,?,R -a °t':i.?.•,•.:. .,d"•?.,.?,.i?'yr.°.m.:t..=.r '?r?, d ??ii ''i:? _ s •? { ;c •'=,.=Ir, K..B i:-c• -.?i?}'?'. `-'?lt?;?a`: r.";S, s-,'•;}`? t^•dr. :. r ?f i?`< :'7,, ,i, •:/33.v .s J ,.,4'? :i `?? 'r.t,. •r` .,. '.},<, 3°?gi'?''` .f? 4 rU: [< "',r;. ,?, •.r. •ti°.? .;t. . >. "r5':'t?? -,j:`i,. ,k- Ka t7i?:': i'?i, ?c'? 'a :'}:r, t, :''P ?O' ..if"•'"'R :S• y.r.?r. 3': fi. i.'i.+• •i' ?S'=:•?%•' < ri ?k' .2' .'.f' _ .fir. a."° y1' °!.-. _ -$. :o "C • w i'v .t • ?e ) .? .k' # it r • d' 's?• 'r ??•' ? y r ;.Y• .7 fi •L' .fit •• 'i '1t ?' s - _ R . r . I'•' t??' 3 ;'.r I W). 1 r •t'' r.i . 'y.l a `I' • 1 j.•w?:. 1 i•r • ..Sl `• "f.s . ?. `r'n i`? • ?T?', yy Al, ..ter .'; :• 4• •? 'y- 'S'' IER r `•,l' tea, .d r..' € 5, tr-, 4• ¢¢ 4t ,S•t • i ? +ts.a••S•? r p„??? , p 5` + %:1, ,r•1 ?r1, r6: is EXHIBIT F ? ? r FIRST FLORIDA GOVSRNHENTAL FINANCING COMMISSION TEN Y'=-'AR FINANCING STRUCTURED W I TI - I NbURANCE AND LEVEL DEBT. SERV I C?: s? CLEARWATE?. - SF?tIITF+TION FACILITY 5CALw INCREASED DEBT SERVICE NEI' OF DEBT SERVICE RESERVE INCOME TOTAL DEBT SERVICE FROt l 05/01/87 INT ON DEBT.' DATE PRINCIPAL RATE INTEREST TOTAL P&I SERV RESERVE COMBINED 21,672. S 05/01/90 50,000-00 5.0% 21 , 672. 50 93, 345. 00' -29364.55 90, 981'. 45' . u; 11/01/80 20;422.50 Qz/01 /89 55, 000. CIO 5.5 201422. 50 95,845.01) -4 729. i 0 91 1 15.90 M . 11/01/89 10, 910. 00 : 05/0 1 /90 55,000.(.)0 6.0 18, 910.00 92,820.00* -41729.10 80,090,90 , 11/i)1/90 17,260.00 05/01/91 60,000.00 6.2517,260.0€7 949520.00 --49729.10 89S790'.90 ftj 11/01/91 15, U15. 00 05101/92 60, 000.00 6.5 15$385.430 90, 770.00 -41729.10 86,040.90 11/01/92 13,435.00 05101/93- 65, 400.00 6.75 13, 435.00 91,670.00 -41729.10 87040.90 11/01/93 11,241.25 05/01/94 70,000.00 6.95 11,241.25 92,482.50 -41729.10 -87,753.40 i s 11/01/94 81800.75 - " 05/01/95 75,000.00 7.15 8,B0B.75 92,617.50 -4,729.'10 871-888.40 11/91/95 6,127.50 05/01/96 80,000.00 7.35 6,127.50 92,255.041 -4,729.10 87 5251.90 11/01/96 3,187.50 , 051'01/97 135, 000.00 7.5 3, 187.50 91,375.00 -70,229.1-0 21, i 45.90 y 3` TOTAL 655,000.00 272,900.00 927,900.00 -110,426.45 x'17,473.55 14i i I i am R. Haugh It Co. rf 1 1' ?•.i ' ' 's ? I 313 # s? 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Vi'i` ,;l• ??q,,, r., r'.`.;.: •'r j r , vx` -•°?t'S' Y:. - i .'ci ' Si* •'.',F y ...?» ° `C +? `: ? . 4•:.SYra':r,,rf,, t`,` YE.,!",:ia+' q 3'''r r .it .''-, f• s'.' -rw ?.r ?' 'ai..°''peg. ,.r" :.'{.?"°.. .:fir. e': ','.,,' '?u ':7: r ,T.C• {rfL `a'° •Y.`. w}j.. x:•.,y} .'? sl1: :_1 ?. .?.?" .Ft.. a `A" ?.• "5 -:n.y. "•??tS:° ^?•'4•> d'.-{{ cc # s. to ', 5,. ;i`,?z?. ?'(r'„ '-i?sz•• ?? i•ji4 ':°rn>> ?' •. J;•<: ..'F"':'c,i v.?'i,.if+, .,.1•'p.,, ,.i, ?,•??k?,j u,'.-•y."k ',f '?i z;r??r.'•.y; ,• .•i •' '{.?? '-cf,-'-. ?c,-.. ?r.•`•?.•,sy,?• EXHIBIT G. `y FIRST FLORIDA GOVERNMENTAL FINANCING COMMISSION TEN YEAR FINANCING STRUCTURED WITH INSURANCE AND LEVEL DEST SERVICE, x CLEARWATER - FIRE ENGINE REPLACEMENT SCALC INCREASED DEBT SERVICE NET OF DEBT SERVICE RESERVE INCOME TOTAL DEFT SERVICE FROM 05!01 /137 " ' . INT ON DEBT;, DATE PRINCIPAL RATE INTEREST TOTAL PU SERV RESERVE 'CUMEINSEt ' 11/01/87 141266.25 05/ 4)1 i88 30, 000.04 0% 14,266.25 501532.50 '-1 , 552.30' 56 , 98?a . 2t? •11/01/88 13,51b.25 'b. 05/01/89 35, 000. 00x.5 13, 516.25 62, 0.32. 50 -31104.60 5B,9-7.9,0 4 11/01/89 12,553.73 05/01/91) 35, 000.00.0 12, 553.75 601 107.50 ' -3, 104.60 57,002.90 11/01/90 11,503.75 5., 05/01/91 .40,000.00X.1.5 11,503.75 63,007.50 -39104.60 59,902.90 ; 11/01191 10,253,73 05/01/92 40,000.00 .5 10, 253.75 60, 507.50 -3, 104.60 - 571402.90 11/01/9.2 8,953,75 05/01/93 45,000.00.75 8,953.75 62,907.50 -31104.60 59,802.90 11/01/93 71435.00 ' 05/01/94 45, 000. 7,435.00 59, 870.00 -31104, 6G -56'765.'40 11/01/94 5,871.25 s : 05/01/95 50, 000.007.15 5,871.25 61,742.50 -3004.60 56, 637.90 11/01/95 4,083.75 05/01/96 55,000.0 35 41083.75 63, 167.50 -31104.60 60,062.90 11/01/96 ,062.50 05/01/97 55,000.007.5 ' 2,062.50 59, 125.00 -46,104.60 '1-3,,020.40 TOTAL 430,000.00 181,000.00 611,000.00 -721493.70 538,506.30 William R. 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'E; :a!8+:, , ?`• .r rst;,i3; w• ..[. ?• i,'1'•. S? ••i'' ?` .. ??•`],'.' :?', .r. :"y'? .,,w r'S °.:4., "<c"i`8E :at,, 's. ^:c` "d. a 1i,Y^ ;?C?'•?{' FL..1'';a?. - :r. I «? 1 •j,. ~'?,' S5 fH>'an, ?. `r + •fG• `f r ,rlSq EXHIBIT E1 »+:?hke! UIXII rR-YS7 ' ! 1-y' 3 'M FIRST FLORIDA GOVERNMENTAL FINANCING COMMISSION . TEN YEAR FINANCING STRUCTURED WITH INSURANCE AND LEVEL 1)E6T SERVICE CLEARWATER aEMINOLE LAUNCH DREDGING SCALE INCREASED . 257. DEBT SERVICE NET OF r1E8'C SERVICE RESERVE I NCCME ';f•4 " ,?'; ' TOTAL DEIST SGR'JICE FROM 175/01/87 INT ON DEBT 7;dt DATE PRINCIPAL RATE INTEREST TOTAL P&I SERV RESERY£i COM17I h1EG INN .i?;3 _1l01/B7 61782,50 .,x y, t 1a /01/aa 15,1')00.00 5.0% 6,782.50 28,565.00 739,'03 -27,825.77 2?t i 1 /1a1/eQ 6,407.501 013/01/89 15,0x70.00 5.5 6,407.5+a 27,815.00 -1 476, 06 2y 336r !)4 :: 7F'' t i/01/89 5,995.x10 t .. ,:, 05/01/90 20,000.00 6.0 5,995.00 31,990,00 -1,478.06 30,511;94 :z 11/01/917 51395.00 iq`w+ts 05/111/91 20 000.00 6.25 5,395.00 30,790.00 --1,478.06 29,311 .94 11/01/91 4,770.00 L "CIA 05/01192 20 000.00 6.5 4 770.01a 29 540.00 -11418.06 28j061.94 "? xr 11/01/92 4,120.00 'z' Sf .' L1S ? a.;f 'ka''4x'f?,i 3 , _•;tif,, 05/01/93 20, 000.00 6.75 4,120.00 28, 240. 00 -1147E3.06 26,761.94 11/01/93 3,445.00 '? i 1 :,;i. `sr:s 65/01/94 20, 000.00 6.95 3,445.00 26, 890.40 -1 47©. 06_ -.25 411.94 ?;?iF= > 1 1 I01 /94 21750.00 41 . 05/01/95 25, 000.00 7.15 2,750.00 30, 500.00 -1s478.06 29'021,94. ±?• ;°i -f 11/01/95 t,856.25 #4't; 05/01/96 25, 000.00 7.35 111356.25 28, 712. 50 -11478.06 227,214,44 11/01/96 937.50 t'Y 05/01/97 25, 000.00 7.5 937.50 26, 875.00 -21,97a.06 , i696.94 ;Y.{ TOTAL 205, 000.00 84,917. 50 289, 917.50 "-349541.57 255,375.93 rs,s, gh & Co. ;I'V, William R. Hou -? r = ' "' •r;r qtr • ?%?: .q,Rai v6t rk: ?3? ?' 'Lf. 1 ?,3 c 5 1 • ' V 10, ?' 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".; „'; ,.E'•?;=: •,<.? A] - -'i.-. ., •.iir. .. ,,i "t, +°~1 .? '.IA ?*'3-?` '.7 t :?.4.,•: ? W, g', {}•r ..S?r. ?y. ti`.:•'" j '•?, ` ey' )t r°;` , s ? js; r i ` ate-; ?. ° 1? `r?r 1_ 6" j' •C.i:' ?.F :F:" "?} ,1 .'4. 1 ':F '.? .i ('. -, (, EXHIBIT = is •?t. 's YI?. _ f-: ."?^ • , Via, FIRST FLORIDA GOVERNMENTAL FINANCING COMMISSION' TEN YEAR FINANCINGS STRUCTURED WITH INSURANCE AND LEVEL DEBT •SERVICE ' CLEARWATER - MARINA BUILDING RENOVATION SCALE INCREASED .25% DEBT SERVICE NET OF DEBT SERVICE RESERVE INCOME TOTAL DEBT SERVICE FROM 05101187 +:= t : INT ON DEBT DATE PR I NC I F'Al RATE INTEREST TOTAL P&I SERV RESERVE COMBI NEU ?f, i; tirY I 1 I/ 87 6 , 135.00 '21 ` 1,4 05l01/SO 15,000.00 5.0% 6, 13x.00 27,270.00 -669.70 26,600.34] 11/01/80 5,760.00 05/01/09 15,000-00 5.5 51760. 00 26,520.00 -1 339,40 23 1'90.60 5r347.50 r 05/01/90 15, 000. 00 6.0 5,347. 50 25,695.00 -1 , 339.40 24 355.60 i rorx t ,.f<yR, 11/01/90 4,897.50 d®r 05/01/91 15, 400.00 6.25 4,897.50 24, 795.00 -11339.40 23, 455.60 ,r? ;' °`a'H'`f• 11/01/91 4,428.75 05/01/92 15, 000.00 6.5 4, 428.75 23, 857.50 -1j339.40 22,518.10 11/01/92 31941.25 05/01/93 20,000.00 6.75 3, 941.25 27,882.50 -1 , 339.40 26,543. 10 ' 11/01/93 31266.25 05/01 /94 20, 000.00 6.95 3,266.25 26 ' ;;,, ',.,•'! 1532,50 :-19339.40- -25 193. iG 11/01/94 2,571.25 ._ 5 05/01/95 20, 000.00 7.15 21571.25 25, 142.50 -1, 339.40 23'1803.10. 11/01/95 1,856.25 05/01/96 25, 000.00 7.35 1 , 8516.25 28, 712.50 -11339.40 27, 373.10 :.rya ;" 11/01/96 937.50 05/01/97 25,000.00 7.5 937.50 26,875.00 • --19,839.40 7035.60. TOTAL 1859000.00 78,282.50 263,282.50 ••-31,224,30 232,058.20 ?r }yy1q., William R. Hough & Co. 7(t'y • "F ?4 1 ?IN'