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'.���,��. .'t: :; • .;�', ' , , . � � ';!`"3,r`:= ."''i:f" , •�.,:r.,�.'°' r'1t�, $ u�t.,:.�. •,,' '''��' � S.�Y• f'#'''� ,:2. 4g;•��,`�_' � . `'. '^�r'k� i" . �r .,�.a .Tf f .i , _ � `,- ! .Y:. C�...,c�rSi'::('k.�..'' , ' • ORDINANCE N0. 4729-ee c �'� ,FE,,"��'Y�v ;', Y��,�� -Vif � .i,RY. �: `::; riP��t'j'.l.j.. � � � :.i�. �. y ; , �^�, �= ��,'if � ••• �..Vh ���5���'�'^�''' '.t�. y:y�:�' , •• ".}. y�{ ',� d�n'.�=�•,��,`�• •i • � '�� � ' ;: �: �,V,Ysy.,ov}w1,�4, � L:,.o�.�'.: ' ��, }�A . ",��t�`iY:j.il�l.'�:'`.k�€1Y,,�'•Y"..�.,'�`.' i `'�.;. ;� AN 4$DINANCg OF THB CiTY COMMISS�ON OF THE CITY OF `,.�,:�.�°�,.�•,.��`='�:�::�-;_=':�>- ,--�::.::,� � �, �;:.;...y:,,,j.t.`.+t 3� • ir.:;^ ���-• CLEABWATER FLOSIDA AUTHORIZING THE BORRDiVING OF ."`.".``'".`�.'"'°�"�`":":� .�; .,.,ar�.•n>..e L`.MV...i��4:1.5:5..•......, / � =�15,400 FHOM THB GULF HSE�ZE� FL�EIDA, LOCAL GOYE$N- ffiENT LOAN POOL PSUGRAM TO FiNANC� A CAPITAL PS03ECT Op TIiE CITY; AIITHOBIZING THE SUBM1SStON OF A I."JAN APPi,ICATION; A�7THORIZING '�HE EXECIITiON AND DELNEgY QF A LOAN AGR�EMENT IN CONNECTION THEREWITH; AUTHORIZING THE IS3UANCL OF A$�l15,n00 VARLABLE RATE NOTE TO EYIDENCS THB OBL�GATION OF TH� GOYERNMENTAL ENTITY TO $EPAY SIICH LAAN; AUTHORIZING THE PLEDGE OF CSRTAiN REVENUE$ OF THE GOVERNMENTAL ENTiTY TO BECIIR� THE $BPAYMENT Oi� THE L4AN AND THE NOTE; FiX�NG THB TERM AND REPAYMENT P&OVISIONS THER60P; AUTHORIZiNG CERTAIN OTHES MATTER3 IN CONN�CTION THEiiEWiTH AND PROVIDiNG FOR AN EFFECTIYE DATE. WHEREA3, the Ctty af Clearwater, �larida (tt�e "Horrower") is duly authorized Pursuant to the Canstitutton and Chapter 166, Fiorida 5tatutes, as amended, and Chapter i59, Flnrida Statutes, and ather applicable pro�tsions of !aw (colleetively� the "Act") to acquire and construet capital projects for the �enef[t af the cit{xens and res{dents of th� Borrower and to �orrow money to facilitate finaneing of the costs oi such projects; and f ����?tl�l" '� � ���`�` WHEREAS, the City oP Guif Breeze, Fiaricia, has heretofare established a laan � ":..: �: �',,' �� ����'t pool pragram (the "Pragram") for the purpose of financis�g eertain capital pr4jeets of �`�i�,f�t ;' � �articipating loea! gavernmental entltles situated in the State of Florida; and WHEREAS, the Borrower has ideatified a capital prajeet (referred to' as the "Project'7 wt�ieh tl�e Barrower wishes to finenee from funds borrowed fram the Program; and �`fa:�'�:= ' WHBREAS, under th� provisions of the•c�neuments pursnant to whic� the PrQgram L ::;�ic '�: ;��;��S��A: was estahlis3�ed� the Horrower must �submit �its applicetion (the "Loan Application") for ;:.:��„�� sueh fvnds to Financisl Guaranty I'zisvrance C�mpany (the "Credit �acility Issuer") Por � �:tw.:�=� � '. reniew and approval; end ,� � ._..�aw.: 0 . WHEREA9, the Borrower wishes to appcave the form of applicetion, identify the speeific capixal improvement eonstitvting the Projeet and provide far the terms and security tor the repayment af such tunds to the Program; and .. ,, ,.. ,. WHEREAS, to e�idenee its obligation to repay the loan of funds [rom the Program {the "Loan'7, the Borrower will exeevte and deliver a Loan Agreecr�ent (the "Agreement'� and a variable rate note (the "Goveramental Unit Note"}; and WHBREA3� to seeure its obligation to repay the Governmental Untt Note and the Ioan of funda lram the program {the "Loan"), the 8orrower wishes to piedge as seeur�ty far the Gavernmentul Unit Note the Piedg�d Revenues, as defined in the Loan Agreement (the "PZedged Revenues"); and LKL-11I16/88-268AA-2822 � � ������ �.� ��1/S��g .. �.�.s--�:�., � _- _ _ ,_ '.;':�r,,.. — �r^, . . . . ' . : l.' .. , . � , . .. ... 's. 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' .. . , . .1� •�t.� �• . , '1�. t. �' ��t.� .3 , . . i � :.'.. i � ; :v' e''':' '.'. ...�., �'�.��.� � . .. .r=.•�:i 's•" e�"�'��.'. � 1 �wdfkl�I�Ii11d$f�++ir � -- i - - -- - -- �_`...,..._ . . . � � ''� p'' d. ��+ ^. � t y:,�t'. < i r ,-r---- . , S '�' •i'�' ,''�`r�ia�`:%�t`'s, r''.1.',tiSx ' !� `'}rP• : .. ;k: i:•f ). .i r� � .: ;,N f �,y�; �. ��{; r.. ; �;'�� : �"`''� �,f `i"�' t:iir y,='"`-••.a;,..•.�,.t:Z=•�s•` •'ti ` � ' �•i-�' K i�_S• ,5!l �.� I, � • ,1� e�;�/~�'Y 's. " ' . �r,'.�;",'`. ;4 e ry`�'.. ' f. . . . � J • a:.�5;.. .. `'�`;.�;t"; r`� . `~� �'!;^ . , ' ^. �.i'. u , WH�REA3, the Borrower w[shQS to appro�e the form of Agreemcnt an Go�ernmental Unit N�te and to autharize the officers and empioyees of the Borrow�r ta - take all actton necessary to obtain the �roeceds af the Loea and complete the finaneing of the Project in the manner eontem�lated by the Agreement, NOW, THESEP'ORE, HB 1T ENACTED by the City Commissinn qf the City of Clesrwater, Florida, as foilawss • Section I. DLirIN1TiON5. Terms defined in the prearnbles hereaf shall have the meanings set farth therein. All eapitaiized terms used i�ereln whieh are defined in the ._ Loan Agreement shall have the meanings assigned thereto In the Loan Agreement� unless the conteat hereof affirrnatively requires otherwise. 5ectiaa 2. PINDINGS. It is hereby faund, determined and declared that: . (A) The Prajeet identified in tne attached Laan Agreement eonst�tutes a eapital project within the meaning of the Aet, and the acquisitian of such Projeet is neeessary and desirable, ia in the puhlic interest and will serve a praper �ublic purpose. (B) It was neeessary and desirable and in the public interest tttat the Project he acqutred at the earliest Qossible time; accordingly, the Horrower has advanced tlze funds necessary to pay for sueh Project fram currently available funds, to be reimbursed from #he Qraceeds af the Governmental Unit Note. {C) The iang-term financIng of the costs op ti�e Project fram funds borrawed from the Program is in the best interest af the publie and will enable the Borrower to complete the Projeet in a timely manner to meet the current public need: {D) The es#imated receipts of Pledged Re�enues are sufficient to Qay . the prineipal and interest and all ather amounts payable with respeet to the Laan and the Ga�err�mentai Un�t Nate. (E) The Pledged Re�enues ace. not pledged, enevmbered ar hypothe- cated by any resalution, egreemerit, indenture� tirdinance o� �ther instrument to which the Horrower is a party or by which it •is bound, �xcept as otherwise set forth in the Loen Agreement. Section 3. PROJBCT PINANCING AIITHORIZED. The cost of tinaneing ot " the Projeet, as described herein, in the manner provided in the Loan Agreement (here[�aft�r defined) is hereby autt�orized and appro�ed, in the amount o! �415�Od0. /i �:� . . 1 Section 4. AOTSORIZATION OF i�ILING LOAN APPLICATION. The Loan AQplication with respect to the Frogracn, in substantially the fnrrri attached hereta as Ezhibit "A", with such ahanges, alterations and carrectiaris as may he agproved by the Mayor-Commissioner or C[ty Manager of the Borrower, such approval to be presumed by hts execUt3an thereoi, is herehy appro�ed by the Sarrawer, and the Horrower hereby authorizes and directs said Mayar-Corttmissiorter or C{ty Manager to exece�te the Loan Appllcatian and to deliver ihe Loan AQpI[cation to the City Manager ot the Ctty oP Gulf Hreeze� Fiorida, as Adm[nistrator, and Sun Hank, National Associatton, as Trustee under the Pragram. The pravisions of the Loan Applicatian, when executed and deltvered by the LKL�11/�6/88-268AA-2822 _Z_ " ��.',��;��J�.� « � � , a - . �..� - .1 � n3� „� . . . M�.Y .y�_ _ . . � . .� . ' : 1 f; '�">„Y.. 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' . ' � ' " . . . � . ' ':9i � . � �'. �fL • . . ' . � . . . . . .. . ., '.{,,, `1, '�'�;y , . � .f� , •� . .. ,�. . �1 � .. .. . . ' ` � ' � � `•��' .t ..2� i ';.. � 4i . "ft �� . � rvj � �. ' . . � � ' . -1 . . :�`,:: .�}� . . .. `. . ' . ' `- ' - . � . ' . . � 1 . t � , . ' ' . ' [ . .. . � . L . . . .. ^ . . • . ' ' � . . � .. ' � . ' � . " '��., i' . . � .'j. � , _ . 1�p� •f;� .•'� ''i . . . '��'. � •; �. . "' ' . � . � . .. t ' . , , � . ..�1, , . . ^ . � . , ti•,. "i' . . . '. . . , .. ... � '�� , . . S. � � � � . .. . . �1 .... . . � �'..�.'� �4. ' (a.. t.i • . . ' ... ' .}. . ' $ ' ' l . . . :l . . . .L�i. .. . . , `• .��• . _" . � ���.�����..__.r�...., _ . ... . . . . , . , , 'F ,. c � • ^ 0 �.�Y1�'1.�M��i� _ _ _- - _ �......�...�..�y............r....-�. � ' � � ` ��7, ;,'• 1 � . � - ;' `i'�.''` -r�,:�v 3 . •�t: �.p, ..x_�'',� 1' •�`�A�'... •�� : . • � Borrower as autharized herein, shall be deemed a part of this instrument as fuliy and to �.'��:F'; :.. :��;.',�.' the same extent as i# Incarporated verbatim hereiri. . . ��`��' �'''�� ��; � , °,�,��. �:'::: r� , Seetian 5. AUTHORIZATtON OF EXECUTION A.ND DL�LIVERY OF LOAN :. .;:���,, �.���:��� `-'` � ��_,�' .•�.,.,.�..,..�,..:..i�: •, . AGBEEMENT Tiie Loan Agreement, tn substanti�liy tite form attaehed hereto as Exhibit . �.�:-:;;,���:�° :�..�•:� � . `. ., ..,,• B ineludia the Go�ernmer�tal Untt Nate attached thereto, wi.h such changes, altera- � F�'�::;_•:��_'���;:3��'e,?''i:�=:"� n n� g ��.�,:;, :.�:.,•;=;r';..��; =.�;a;.� . tions and correetions as may be approved by tne Mayor-Cammissioaer and C{ty Mansger -��:-�-�:.-.<�'�.;�-,: . of the Horrower� such appra�al to be presumed �y hi� execution thereaf, is hereby :� `°�_';�''' ���"-A��'`j�4'�;'' • •��;�°�.;. . �.��:�: �l°,��,.,_•. � a r�.�r.�r..• �- y approved by the Horrower, and the Horrawer hereby authorizes and directs said Mayor- '��'.''�•i��:'�:��� :'; -�: �`-':;;`. � Commissioner and City Manager to exeaute, and the City Cleck of the Horrower to attest '�" ���-` �`�s',;��`�f�`�w����,'„ � ' > .. : t: :.;�..•,,� . . � under the sesi of the Horrower, the Lasn Agreemeat and t�e Governmental iinit Note and �:� `.9�� '��_'-��"-y���:R�°��-- to deli�er to the Administrator and Sur� Hanlc� Nationa� Assoeiation� as Trvstee, the Loan �`��`� �or���-_':''` �_ :��i�` ; i�,.•`': � Agreement and the Governmeatal ilnit Note, all of the pro�isions of whirh when ��~i� �[�'',`-��'�q�:�-�'`�'�;-�",��,� �� � � �:�,�:. . �� �,t,=;�;��. executed and dellvered by the Issuer as authorized heretn and by the Administratar and �'`� � �='�• �'��'�'�`� =`�s'�;,����- <` � :,:��:'S:s� ,�,�:�..�.L�r.-���{•,� � the Trustee duly authorized� shall be deemed to bc a�art af tt�is Instrument as fu11y a�d •-. .- •.. ;� L', i;' s�. .s' �i• :�:�'�4��wZ�:k,''TIe;. .: ' <<c i, `i=!?a � >� �..�,� r 4=�.±. to the same extent as iE �neorporated e at '� ,�'�`��;`��`'�" �'���'� v rb im herein. �. - �.; : ,:� �-7-f,r ..;� , „a t`=, ' � .s�., -)� ` j,:.l��' y:t'•`J'�' 'S' ;.4��,;: ��<,;=,;:%.'n -.:,�,•.. „ •"'3:C".'::,::�.j'`f..:.,,..isz,rr.;'1.G�'; ��' �. Seetion fi. ISSUANCE OF GOYERNMENTAL UNI'f NOTE; SECiiRITY. The Loan shall be evidenced by the Governmental [init Note, issued in the arnovnt of S4z5,0U0. The Mayor-Commissioner and Ctty Manager oi the City and t�e Ctty Clerk of the C�ty are hereby authorfzed to issue and deliver, and to attest, the Gavernmental Unit N�te against receipt of the proceeds af the Loan as provided in the Agreement. The Goverrtmental Unit Note shall have sueh terms and provisions, shall bear interest at s�eh rates, ad�usted in such manner and payable at sach times, an� shall rnature !n such amounts an sueh dates, all as are set farth in the Loan Agreement. IIpon issuance, t�e Governmental Unit Note st�all be seeured by a lien ugan and pledge of the Pledged Revenues. The Horrower hereby pledges, and grants a llen upon, the Pledged Revenues� in favor of the Ga�ernmental Unit Note, all in the manner set farth in the Loan Agreement and the Gavernmental Unit Note. • Seetian 7. NO PER50NAL LLASILITY. No covenant, stipulation� abligation ar agreement herein eontained ar contained in the Laan Agreement shall he deemed to be a covenant, stipuletion, obligation or agreement of aay member, agent or employee of the Horrower or its governing body [n his indtvidual'eapacity, and netther the members a! the City Commtssion of the Horrower nor any •off�cial executing the Loan Agreement or Governmental Unit Note shall he Iia51� personally thereon or be subject to any persanal liabU[tp or aecovatahility by reasan of the issuanee thereoi. Se�tion 8. NO THIRD PARTY HBNEPICIARIES. Except as herein or in the Laan Agr�ement otherwise expressly pro�ided, nothing in this lnstrument or in the Loan Agreemeat, expressed or implied� is intended ar shall be construed to confer uQon any person, firm or corporatian other than the Borrower, the Administrator, the Credit Facility Issuer, the City oP Gu1P Hrepze, Flarida, and the Trustee �ny right, r�medy or cls[m, legel or equitable, under aad by reason of this instrument ar any provision thereof or of the Lasa Agreement, this instruraent and the I,oan Agreement intended to be and being for the sole end exelvsive benef[t of the Borrower, the Administratar, the Credtt Factltty Issuer, the City of Gu!! Hreeze, Flor{da, and thQ Trustee. Section 9. PSSREQIIISITES PEftFORMED. 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' ,:',,;" i.-" .�n�r r�lm�rrrrrrei �uit'�nitii�l��.ri�. �.��� � ' ' . . . � . , . . . _ �:l � . ..1�� :�,�� u���ui..r�r�w�n�r�w _..W�... . . .. ... .r.yr��r�.--��, . ��•"�� ,:. ,::"'`i.���.� .: :�.::.; -�sr " '7�3i.t.• ',�,,�5';ti;',�,�r.:��^' , : E b�.i'.3�;"e�' .'1�' �t i. ^° . � ` , I! :;".'..;;'..n�``�1„``,>6i , � �W '`. .j 1. ';��✓;, "1 S . ' ,F�.F ,,•.�¢i7,1'?.���"�, q'�•�'•, ���;',•. � �. �.�c`�5`::e:.}.�„.:�F�k`�11,'�{1 �ly�.;..���-' _ .'., f-r���`;L ��v�.1 �Q1: m � . . Constitutton or laws of the State of Florida to happen, exist, �tnd be performed prNCedent ` �. �° =':�'-� •��� �������.R� ��=- � ,f.:.�� � to and in the passage hereaf� an� precedeat to the execution of the Loan Application� and :..;:�''z�.;,....,^•;:;:�:" `:����'�",�,i' � ;.;�• �;�::�..;...,..`�:°..;:�:. ; . � precedent to the execut3nn and delivery af ttte Ltian Agreement and the Gavernmenta� �°-•���=`'°: .� ��_- •t,:�: t,::;�: r`.';,� � ::.,� • ,,�.. ., ,... ,<. 9 � Uni! Nate, have happened, exist and heve been perfarmed as so required. "�-�'��`•;'-..,:-'�'�°���`��-'� ~=t�` .... �,�w, :�.:. .�..;���.',�`r�.. , _.. 4YCk�h �.i;` n�^ _:'+`@"r��i � Se�tion 10. GENERAL AUTHORITY. Trie members of the City Commdsston of °'::�:.�'`��±;��:"�"''`�':�-`:'��;. . �5}�'F- � r�i�'�'��S:P.1.',��i'l., ihe Barrawer and the Horrawer's officers, attorneys, eng�neers or other agents or '��`;�°;3i'',+;��;�:y�;��-'�p'��'' 'i.. `. :�l',.;'r.`�•;L'�S.J?t�c emplayecs are hereby authorized to da a!1 acts and thtngs required ot them by this �:�e::u.� '`r; , lnstrume�t the Loan A lieation e L n ':;�`:� `•,`�e:��°�-"���'`�;�;;;=;��;: , pp , th oa Agreement ar the Governm�ntal Untt Note, or �� °o u?'�'.; ,,�.,•. ., �.',•..::�•, «�..:. ; :�.-; �:,,. , desirable or coris[stent with t�e requirements heceot or Lhe Loan Applicat�on, the Loan " ';>i.?::��'. � s..��: ' ��,•, �, ;� �. ;r':,r.,•:,". ! _ Agraement or Governmpntal Unit Nate, for the full, punetual and compleie perforrnanee �=:; ���� '.�'.;�,,t������.r�:,;,��:� �';�;;;.;>s .. , .�•-��.,. . of all the tecros covenants .�nd a eements contained In the Loan A licatton the Loan - :��•°``� 3������?�;�-�• -a A eement the Governmental Unit�Not a i �� ' �:��1� .���,�;"��`i•� �•4��:' �' � e nd th s instrument. '' .':`�<�'' - �:�t�,3'� a.. _,} . r,�L•,�� �`: f ���V � '., �y; .j',= `�e.�7va„ ki:":.. , }: t Tf�f� zt . i.' � +�,-`3=:��."��'���`Yi'`'����' r Seet[oa I1. THI8 INSTRUMBNT CONSTITUT�S A CONTRACT. The Borrower .�`!�'''�'"" •"����'�'' `r • :::;�;: �. a :.6� �.•��:�.� � �, :�,.,�.r�q � . b.. ., .:�:.,'F:+.. , n:a' a 1 'Ki..7r.•.....,. '.�i:fz��.�����'•i�.r�e:; tfL�. n - covenar�ts and agrees th�t triis instrument shail constitute a contract �etween the ,., .�.�:.,��,,:�. �,p.�?�;�.s„�,��;� , Barrower an� t�e awners from time to t�me of the Gonernmental Unit Noxe and that ail eovenants and agreements set forth herein and tn the Loan Agreement and th� Govern- mentai Uni# Note to be performed by the Borrawe� shall be for the equal and ratable beaefit and security of all owners of th� Governmental Unit Note. Sec#ian 12. INTERLQCAL AGREEMENT. The Laan Agreement and the GoveraFnental, Unit Note incnrporated by reference therein� shall be deemed to be an Interlocal Agreement with the Ctty of Gu1P Breeze, �lacida, w{thin the meantng nf Chapter 163, Part 1, Fiorida Statutes, and shali be filed af r�eord in aceorcianee wlth tl�e gruvisinns of the Florida Interioce.I Coaperation Act upon acceQtance of the Loan Agreement by the Administratar. :'' ;�',:• . Sectioa 13. SEYSBABILITY OF INVALID PROVISYONS. If any one or more nf =3� �' `'"�'�t`� the cavenents, agreements or pra�isions �erein contatned shall lae i�eld contrary to any .y.°. �y�T �:�q��a;, . express provistans o# law or eantrary to the policy of express law, though not expressly �;:•t,;,�;;, prohibited, or aga[nst publ�c policy, or s�all far any reason wha#soever be heid �n�adid, �•�t'?��� n then such eovenar�ts, agreements or provisions shall be null and votd and shali �e deemed � ,.�.., �: :��.='�;�:';� ' separa6le fram the remainfng covenantst agraements or provisians and shatl in na way %-'';�c���' affect the validity of any of the other'provtsions hereof or of the Loan Application� Loan '�'�z'�;�; �. Agreement ar Governmental Unit Note, s:,,.�a� 3eetion 14. NEGOTIATED �AI,� NECESSARY. It ds neret�y Pou�d, ascer- tained, determi�ed and deelared by the Horrawer that a negotiated borrowing under the Program is in the best interest af the Borrower aad is locsnd to be r�ec�ssary an the bests af the following ressons as to whtch specif[c findings are hereby made: (ly A eompetitive sale of the Note would in all prohabllity not praduee better ter�ns tttaR e negotiat�d ssle partteut�rly ir� vtew of the tEmlag af such an offerirtg and the current inst�bil[ty of the hond market. {2) The Pragram offers borrowing with the eeonomies of a lerge seale financing and sophisticated eredit and �iqt�l�ity struet�ce wtttet� the Borrower could �pt eommand in the market in a solitary iinancing of this s[ze and type. LKL-z�r�s�as�268AA-2822 -4- ,-� '..�-.�...��:r:r�'��y;1,: _ e : i' , . � - ;.�,. c: ' ' ' . � . . . �H-. . " ._ . . . 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The Mayor-Commissioner1 Ctty Manager, Ciky Clerk and Ctty Aitoraey of the Horrower� counsel to the gorrawer, and Ltvermore Klein � Lott, P.A.� Hond Counsel far the Horrower� are desi�ated agents of the Borrower in cannect�on with the tssvance and del[very of the Go�ernmental Untt Note and are authorized and empawered, collect[vely or Indtvtdually, to take all action and steps to execute and deliver any and all instruments, � docume�ts or eontraets on be�ialf a! ti�e Borrower which are necessary or desirable in connection with t3�e execut[on and del[very of the Governmental Unit Note and which are not ineansistent with the terms and provisions of this resolution and other actions reiettng to the Governmental Unit Note heretofor� taken by the Hnrrowec. Seetion 16. EFPECTIYE DATL. Thts tnstrument shall take effect tmmedsately upan its enactment. . PASSED ON FiRST READING �ecember �. , 1988 PASSED ON 5ECOND. R�ADING AND FINAL READING ' AND ADOPTED Decemb�r 15 � 1988 {SEAL) ATT�ST: Hy: � � � - � _�_. . C� , r C:t Clerfr Approved as ta Far�n and Correctaess: City Attorney LKL-i i/l�lsa-zsaaA��a22 CITY OP CLEARWATER, FLORIDA Borrawer Hy: Hy: � • ' CL y Manager -5- � ��� :;���.."4.�'M>i� � �.tii�, . ' .. . Y. �,F1�r.� � .._. F . .:,r' a:::.; - _ . . .. „ . _ ^:�,. . , . �. . . . . , s. .4. . � �t. . ,, , , � � �k�45 � � . �'`�Fa:� . � _�Cf�� , . ti: , ' � �TATE OF FLORiDA �� COUNTY OF PINELI�AS „ I, C, n�{-l� ��� E�ro c� �l e�� .__ , City. Cierk of the City Commtssion of � the City a! CIearwater, Flarida� do hereby certify that the above and foregotng is a true � . „ � .,�'' _ gnd eorrect copy oi nn ordinastcees the s�me we� duly adopted and passed at a Regular ` .� Meeting af the City Commission on the 15� day oP L�ec,�,r,tibe,� , 1988� and as : � the same appears an record in my offiee. , -y � . , . � CN WiTNES3 WHEREOF� I hereunto set my hand and official seal thts a7``�` � � � � � day af �.e.rL„11�.�. � 1988. . ' � � • � CITY OF CLE�RWATB�,-ELORIDA� . ; ° � � . . � SY: f_. � -- '�' � � Cit Clerk -- � • � . � � _ � � . �. w I' � . , I .' •. ♦ . I � � I . 1 I . . i'' , • � '1 ' • ' . ' � 1 , ' . . , ' . , ` � . 5 , ' • ' , . ' ,j ' . , .. ' . ; � ' � , . . ' :1 .�� . . ' . ' . �"• • . � � .. . ' t: . . � . ' ' . ' i �j ':=y . ' ' ' ;�, j ,I � .5. , • . �, �::. . . ',i'�. :. ' ',;';s# � ' � � L�KL-�l/�B/$8-26&AA-2822 . :,y..- . �`� : � -, � �t , : , � � , , � . _. . ., . .. : } - � 1' , . � � F: � . . , . . - . . - 1 � + . � . . ' . i � , . '� . ' . . I . . ' . 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A#tention: Steve Garmran Submission at this applEcatioa canstiEutes pemilssion ta share this intormat�on as recorded here or i�terences and canclusions based on this or ather perllnent data amang parlfes ta this iransactio� !ar the purposes of t�is transactfon. � � Depe�dir�g on t�te nature ai ihe project(s) for which thls borrowing request is being mada, a�d the �, intended source of repayment, same of the infbrmation asi�ed !ar In this gugs#ionnaire may not be approp�iate or relevar�t. On the olher hand, there may be additanal fntarmallan that the Bankwill req�ire in order to adequately assess tha i(nancial feaslblility oi a given project that is not incl�ded ln lhis questionnaire. 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"&4�,'.`ty.�,,ya,� 1�,'� �' ywy.- -•i....�—___ _..--.....�......,,.-.b'�'3...4.: � ,� ^�•:�'�• c,a� �75,�3 ' . � n�';�'i ti; .� 'y,�-'e . . � . � ;p%i:z. .�3Y' • � � L��"A • ��2 , �� l �. • h� • • 1 v i � 4 ' ,.. . • � � , '1. AMQUNT AND USE OF BORROWING I t • ,�i� h'.•': I . ;� ! '� PROJ�CT T�TAL AMOUfVT AlVT1CIPA'I'E� DATE OF SpECIFIC SOURCE � ' i]�SCRIP'TiON OF FIN/WC�NG RROCEEDS Dl5TRI8LJilON OF REPAYMENT � }��; �� .., . _, �. Citywide 800 MHZ 4,55f3,000 February l, 1987 •� Cent 5a1es �� , • , � Radio Nets . Tax A].location �, Ca�mnunicati on ;3�� , System ��� � � �� �. ., , :� .. . 2. Advance Re�unding 5Z2,00� February 1, 1967 4 Cent Sa3,es � of Campbeil. Nate • Tax A�location =� Secured by � Cen� 5a�es Tax � ' Alloca�ion • . . : � , � • 3. City Garage asid 6,33�,00o June 30,� I987 � Cent Saies ��' ' , Refurbishmen� ShoP ' ' ' Tax Al],oca�i.on � . . � . • � .< . � � �� . , . 4. ' �"; . . , S. . '. '; . " .. , 4� :�. I�:. 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REVENUE HISTORY '- ��• � � For each praject listed� glve a ii�anclal history oi the revenve source(s} plsdged as Ihe fntended�saurca of •. �ep�yment oi the laan. Ina�ude ama�nts colfected !or each of 1#�e past llve pscal ysars. Attach additianal '; .�.'� � sheets H necessary. if thts sourca af revenue has been plsdged to secvre any bonds, notes. or ather �, evtdence ef indebtedness, attach the resalulfon(s} ar orrli�ance(s= authorizing the tssuance anrf sale af . such debt E�strument. . . . � � ' • :, ' Program was Znitiated in 1.982 � � . . _ : :' � , Fiscal Ye�r 1983 $1,9Q4,890 . , , � . 2984 $2,Zfi6,501 � ' • . � : . . 1.985 $2,441,286 ' �' • - . � . . 1985• S2, SS�, 72I. : :�. , .. � �-. - ... , . " .� ': _ ' . �� . . ' " �. ' ' �' � • ' . .. � . j. . . � . ._ • I. � • : , . .. . � . :r. . .. . . � :.., . . � . � . . �T ` ' �' . , , . . : r , 4'' ' � .i ` , ." ... . . . . . , , , ° ' a. '. - . ..� • . . . r; . � • , � , • . ' . . . . , . j • �l� '• . . ' . . .. , �'Y.': :� Hk.. 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DEMOGRAPHIC DA�H .��::�� � ;; xs�� , � : ��.'�:�'��� A. Fo ulation Totals and Farecasis: Please ravtde y g `'���'�� , ` p � populatian iar fha Caunt and its thres lar est �ities as ,����,�.� , � . requested belaw, .F_��.,,,� ,.:^„`�; � ' ��'� §�.`' � �:. ,� ;�..,. � � � � ����t r� � � �lurisd�ct;o� � �s7o lsao 1sa5-Esltmate Zsso For�cast . ��.t.� � :iLa�.� 15 �^Y ' ��� � ' . t' ' i x�;ti� . . � Pine�las Count 522,329 728,53I 780,002 927,303 i�;i'�`� . • .�{,.�. .. , ° �.�`�x'� , _ ,i , t� rt�3*.: ��"'R� � � ,� 5t. Petersburg 2].6 � I.59 .�38, 647 240, 5fi2 N/A �S;,r i? . ^i _ �.�;�"�`y , a ��t^'�� 7'�LS� 'i Clear�rater 52,p74 85,528 95,330 106,186 �`'L � � . A� ;��*� • I,argo 24,230 :58,977 60,253 N/A; ���� �' . • i�� �C�Yi SOURCE: US Census Bureau, L7nivessity of Florida, Pinellas Coun�y Plann�.ng -�T"� � �epartanent, Ci�y oF C1.earwater Planninq Department 4`�.3�� . . � � �� �: ,� , 5; B. Age Distrihulion ot lhe City PapulaHon: � �,(� , . 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ECONOMIC DATA A�tnplaym�ni Data For Pinellas Caunty Total - Separa�e Clearwa��z Da� pe�od I lsea ! iss� ��s2 � z� i�sea I. c��rer� ���i � • �Q4� �/� ' EmplOy►ment N/A N/A 286,229 321,822 327,I22 33$,975 llfiBtsspiOyi'i'1B�lt N/A N/A 8.2 5.4 4.6 3.9 i�aiB Civpian Labor FQI�B N/A N/A 311,800, 340,325 342,834 352,639 Sollcce: Fiorida Departmea� af Labar and Employment Securi�y Hureau ai Labor Market Information � , . 't � i ��: , , . � 5 �•'� „ {' �. t�;'•�r �i�F • ►.r�� � B. EmAioyme�t by indusiry graup (n the CEty Mapr lndusLy G�aup Managerial & Profeesional Special.ty Occupatf.ons Teahnfcal., 5ales 6 Acimirtistrative Support Senrice occupations Far�ning, �oras�ry & F�.shing Occupations Preciaioz�, Production, Craft & Repair operations, Fabrfcatars, G Laborezs 0 TO�l 5o�7nCe: 1980 Census ° Tatal Errpbyment S,BSQ 12,475 . . 5,�888 q96 3,778 3,368 34,855 G5 % af Tota� 25.4 35.8 16.9 ]..4 . 10.8 4.7 �oa• �..-- .�'�`'�. ��x' �;�,,;:: _ --- Y , •: 1' � i•^� � ��,w- . . � - �'r - . . _ :`c.- .. , .?' .. ." . .k. . . N � : R" • , �� :'r+*a e4��.;�.a;. ,•�ns;u:'.ra��. ry� >w«"'«�.w. .. , +�i ,f?'S�,,:f-ei�' ,�.,r,�. °^'n•'`;���+�i"J�`�h'�?L''' '�':y: „ . ��,,.�YK. _�,.- ......;ST, �,�.,..4'�.rr,c„y :- k�*••( .�x*;. . � - Z �t�d . . " . ' . 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TAX REVENUE DATA (continuecf) B. 5chedule al Property Taxes Levied and Caff�cted F�aI Year , Pr�perty 7axes L.evied fatal7ax CoIlecSians % o[ Tatal Tax Calledbr�s bo T�c L„evy � 197� ' 4, 649, 832 4, 663, �.41 a.00. �z 1977 5,273,959 5,270,218 99.93 �978 5,648,756 5,633,335 gg,73 1579 6,035,859 6,012,008 99.60 198� �7,�49a,991 7,a76,450 99.75 1881 8i367�508 8�327r374 , �. 99.52 �982 9,67Q,373 4,649,71D 99.78 1�83 9,533.,471 9�437,437 99,fl�. 19L4 10,957,983 , 1Q,929.y306 • 99.74 1985 22,766,9Q1 11,631,140 gg,g� Source: City oi Clearwa�ex Comprehens�.ne Annua3. Financial. Report, S�ptember 30, i985. r; • e -, d �2���lf,��%���i x' . ��t��" �:�' ��� . . _ ,:,�,, ,;. _.. . -- w � � .,,:,�:• •, e _ . .. s-.:!s.. s ;y;' .,, . . .. ' . . . . ,�.;q �:pF��6Cl{f -. .�;}j,.': , .✓+r,.s.^;' ..�aW::rrr. ,+,F%�+w•:.::�a � - . . . . ' � . ' � .. .��' r. � s �y.rrv �" .,�.:, .:q�� .-�,; . c "' . ' . ' � � ��• .e: a. ��''• 5.ti.�i ,�`.�. >.��!r.�,., ..,:a�.'�,� ��f:.".^ .:r„ r�` , . 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'i'.__...._.. . .__ riM�1MYtYiNiY1F/11rn�"- �...__�_._ i .....,.r. _.� .. . . �. . , _ ... ._ _....._'�t_ . 1 �Y� � �P� �: i. - �" :+r: � . . •F`� �-! e ,iit . °YJ.4� s-4, j��', • M��" '.�;'s: � . �'ti �. p,�;. , : ;ie`,,= ,':�;: �P�,n�:. � . � � 5. TAX AEVENCJE �ATA (continued) � C. Ten lar�est 7axpayer� I� the City-September 30� 1984 Taylor, �7ohn S. Trizec Wes�ern Inc. _ A�;essed Value 28, 5I.2, 000 27,58a,200 Hel.Iwether Prog. Lp. L�d. � Z�,6I9,700 Cheezesa Inves��nt Pragram� �,fi,181,50� American Des�.gn & Dev. Coxp. ' Sand Key Association L�d, Sears Roebvck & Cc. 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Total City Empbyees , Period Em�loyees 1985 1,538 1984 1,498 19 B 3 I, 51.9 1982 1,502 a �:� BourCe: City ot Claaxwater Payrol.l Qepar�men� , ' Please ident�fy the reasans ior any Earge increases ar decreases: , * T i : G�0 � � E.ra'w�#`: . _ _�6�'������ "i�".�'}.,'/..=�iG�-` .i�1`tilT�a� � . � ,.; i `��J•+�`? � .. . « •.. ,�N�•��•.`4�'� " ��� .�i.� e . . � d r . . . . � �Ri'� h�'« µ '� •-.) . .. .. - . . � � - .,�.. " �.�:r' - -. . . . . _ . i�- .. -, ..�. � . ... . .P �., , ,. ,,�,�:a,� �„�:..� s� k 7tl�;...z.v��f•f3,.��. . . . � ,i^':if:4r e+r�..z: e . h . . ' . . , '` e . � . .'-"`'!'r r4•L'�;,."C• �pi,.;�4 d°."`,��'7°TS'e!'h�it.,�;,. . . ^ �:if°' , . , � .r. '. :y:� "' ' .. ' . . .. . . ., _ �. �.•: ` .. ;� Yk.� 'k�^ .. . ' . r . 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JMh1� . ,.�,� -r:.;�yli •, i? i;� . . . , ,._,.�_.. _-_ �.;..''?'�f�}{�,i"g'?";�'a�we. � � 7. OUTSTANOING DEBT: if the city has curreniiy outstar�dfng lang-term (maturity. oi more than one year torm date of )ss�a�ce) please provide the following information: Na,r�e of Issve Genexal Obligation . . . _ aoads PubliC Sarv�,ce Tax 6 Sr:Cdge Rev. Bonds ' Water & 5ewer Revenue Eonds Parking Sys�em Revenue Bcnds Gas System Revenue eonds ' Capita2 Improvement Revenue Bonds Inci,nexator Ravenue Bonds � Clearwater Pass Dredge Note _,,,, Harnet� Recreation Complsx �arne�t Capital . Imp:rove�g���ate � Hi].gore pro�pe�y Acguiai�ion Notes • Commusiity aevelopmp Bonds '�: . . ; �' : ' . � �r�aur� Outstand',�g As �0�9/30/ �►�5s�noa 7,155�000 13,246,593 840,000 7,030,OOp 576,000 19Q,000 358,937 Z70,B00 468,OQQ 590,000 1.b6a,000 X Qate ol � Date flt Issua Maturity 1971� 1978 1/i/99 X 8/27/85 12/1/98 X 11/15/B4 12/1/94 X 1/1/83 1/1/98 X 1/1/84 9/�/20�3 X 11/16/84 ].1/I6/94 X 2/27/63 2/1/89 X 6/3d/82 6/30/89 X 5/3D/BD 5/30/90 X 0/1/83 8/I/88 X 8/22/86 B/2Z/99 .4- - X I 8/I/8fi �8/1/06 4" ` n �� ;:r��: � �' :�:. Rating � Raling ��`` ���Y �r'"''��. �`;: �:�i � �t` ! A+ Standard 6 Poo '`��'-°�� ;ri3: MOOd 5 AAA Standarci. & Pao �'.s�a;}' Aaa Mood s � �''y w-::-., r: ,��? AAA S�andard & Poo `��;, � A- 5�andard & Poo .`; :`�' AAA 5tandard & Pooz��`"'��`�k :lo:`.i:`xS �., i 1'<�'r: Hone N/A �r�-h: � "��-.:-.> 4't��� � Noae , N/A �:� ��;� �''Xf�.:z yi,a J=„"k ��' j y4i:'r.:[1 iis None N/A `��';; �; ss. 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'. , ° -�y,� . . . � � ' ' . r . �...�.......,....»..-...,_ .. . . .� , --J...... .,_ ,:.:i.i.,<,a-'.s.:: .:t.'�. '� �� .�lenit.: � 1 �''•• �{••" ���Wti41 VJ� ' ' �':,' F 1.�cz. .. , , �•}t -r+'���...:r.,.+...�+iwr,,,, ,....�. ', �.vi��•'3f'�� .. �y....:�:-.�.•,Yn r'-. � �:. � �.:� nmce o� � Flnancd Dlnctor ,d�•R994 - . September 27� 1988 � c i ��.� � � r c L .� �► �� �v �. �r L �� 111r. WNt Parker ' (3c�vernment Credit Corparation Poet Of fice Aox 948 ' ;'� Penar�colr�, Florida 32594 � � � Dear Walt: pQ9T OFFICE 9dX 471b CL�AFiWAiEp, �LOFIIpA 34A1B•4748 1'ureuant to our telephas�e aoriv�rsation of September 21� plemee conatder tl�ls l�tt�r a request to renctivn;te our loan appiication for �976,453 ta camplete tF�e purelinse at 15.61 acres oE garkland known gs the "Vagel" pragerty. Tl�is purch�s� �vas �etually campteted on Deaember 23, l986, fflr u total purct�ass pr�ce o!' �1,A75.834. Avaiiuble tmpnct tees tot�ling �499,381 �rete aQQlied ta the puratiaset witli tl�e remainfng �976�453 borrowed terr�pararily fram our own special development fund pending aompletfan of externa! finanQing. We have twiae cana�dered inclus{on of tl�is pro jeet in the Firat Flor�du C3avernmental Financing Cvmmiesion iaeues, but boffi ret�ueste were withdrawn and the Ioan wae nat completed. All ather parts of our o�riginal agplicQtian remain unchan�ed, ineluding the progqsa.l to aceure the loan with a sevondsiry llen on th� 1/2 cent salea tax revenue. T� t�pdate ot�r original es#imatee� actual revenu� in the f{�enl yc�ar erided �eptember 30, �.887 was �2,808,970, and calteetions fnr the 10 montlis ended July 31, �988 tvere �2,836�379. We would prefer a 1(F year repaymen,t�sahedule tn th� amount of $975,i30p unless the ex�et amourtt of $978,�53 can be borrowed. I wauld utso 1tica to apply f or a second loQn under the sartte t�rms and dondttions� relnting tfl the C�ty�s p�rticipation in a February, 1988 joint C�tylCounty purahnAe af e�n environtnenta�ly sensitive traet of iand knawn 'sa "Coopers Point." T2ie iotul p�rehase pri�e o� $I,950�000 w�s paid 213 by Pineilc�e Courity nnc3 1/3 by the City, t�nd ownarehip fn the �roperty i� a4�ared in tt�e same proportinn. 'Piie City useri �240�OU4 of avaitabla imguct fees and tempvrarily bvrrowe[i the remQIning $410.Q00 from our Spee�al Develo�ment Fund ges�ding is�veatig�xt�on of external finnncing. ft ts this $410,D00 that we would like to borrow� with rspayment a�sa schaduled nver a 10 yenr period. t �''� �Ve woutd p�opase to uae our own bond couneel CLivermore, Etlein ��,ottl nnd , ., �� would hope to eampiete botf� loan� as soon as possibie. Please let ms knaw whnt �;� ndditionsl information or doeumentation you require. Than�CS for S�our continueci ,� , ,.. a8aietanae. > Sinaerely, ' �i':' � • . ti � . : .�; � . � ' '`• i?aniel � . neignan� pA �� �'in�h� Dire�tor � j� "�qua; Emplayment and Aflirm�iive Aclton Employer" 0 � . ^ _ _ �.������l� ... . � �• �.- � �r , ', �. _ � .r' �. ..3� � ..y_.A�t- . n :;,.� . � 3i,G5 : ,:.i'9e AL;;, �:,`:,�''�'; . 1.' q�h{' f � .-' i {tlJG�i s..�`.' :�''� ';��:::; >:t. i:'.1:,4'!•�'' .trr;y;; :-� � :�"_ � ti .9`i n. � � � � :rr .."� :' - . �:� �.. . ,.. .S !exi�^c�h�� na��J.,�y�w�'wd'."- �se�ran,�.-, .n...+.�ea. M,;,.phx�.ay�....�,.�h,,.+�d= �rcr,;rP-7�",,,t.r� �:�.{�«, r, ;.4..»�.� etv..e...<.,!�y,� m:�r i`�'. z.. r.:?5'�:y,�n'�"�14'e'�",i�'n �°1 ,f`� � i. ti`'t=, t'.,�',z y , '"�' i r:u"1; . •R'9S"...� y `e'�i J.:•'• .3"�`'��*';'yM"' '�i,*'" �.t',r,Y;• �`„k�Vr„�: "'ff' .'h"e3tv' • ��. � ';��• d "' P~ ' �M �£' �„ � .lr�� ,�t • • s 3� -�j �• eif � y" 4. �i ,z •f �o �' ,., .�: s.�'-: ��j�` � Ay�.. `S ,/ c.� ..i„ �e.`� :�� .�:� � -ii i�. :`f'. ��7,j.��"Y:3 ra,�:..:. '�Y- t9:'t ;�;�,,: �Y'>,s �N•Sr u�` 'ir�,.�'..y3` �F�°i%' `,�;'� �`T`-' ,r�` -�� �"�l. ..3- .a.ri ��yt i. rt. cF• �p�S �7a.,.., r e iT� i.+ s: `V. 1• 't -0': ,-t'•i°d. ,'a, rE�•.2 .�_�,.i. =•e .� � f�'� f'f�' � .K: 1 ^ +al �� r �Si •1:�=� :7i`' .^e. M. �.f-n� �ts. .;48 ��&�e�il�:r...�.�u{[�..03_,�.a�7�,S�.�`e;��v�-_.._,..,...�..ti;L�:�.s'i�,Y:i"t"a..`s._.,....,.e��.•�5:.:>>:1.::5..,�,.....'>;;.__.....ra`S.TF't.�N.Y,}'s;-4'_•,'[:�,1_r_:i'•..� --�e;*�`�h���"?.:M��s�?�::r.`�..� _.t�w,. -i � ' S �� ,��,,{ EXHIH[T B This Loen Agreement canstitu#es an lnterlocal Agreement Under Chapter '� 1B3.Q1, �lorida Statutes LOAN AQRESMENT between • ,. SUN HANS, NATIONAL ASSOCIATION � as Trustee , � .IACHSON C. TUTTLS, City Manager aeting as Admir�tstrator � � . � and � � . ��� '' THE CITY OF CLEARWATEA, FLORIDA : . . ,. �. � �.. ' ' a muntcipai eorpnration a�f the State of Florida � ', � � ' � '�� . Ciiy of Gulf Hreeze, Florida _ ,� . ,' , Loea! Gavernment Laan Program - � : series X985C , . , , .. . � �, . � .. . . , . , . � � � � . Dated as of , 1968 ,: � . i �, :; ' �� . � , ' � i i , .'� � . � � �� , � ;�) . � � � ' � ��; ' . ,' • " .. i � . . ` 1w , . � . . � . .. . � _ , � . .s ' ' ' , . ' . '��, . �.�r,. �y �� � , �, •, f+�' � : ,r . �-;�a. . . , , .. ..�• �—.. ,�� �,.at�..�;.,;�yM ;�:i�J" - . > ._ t� . . � �a�es��*'R; . ' ' '_ .. r•��7� �*�'�..''��y�M�.�?:. „^ ,�°'� - . . . '. F . : {. , j � .. ���j� � . . � . . . � i tiylti�� .. , .. � .. .. , ' _ _'�•.r. .. .. . � ' �,.f."�..-.�' "W ' 'w� . . . . ' ' . 7 ' - __-- _�_ _� - _ — -_� __ .���.'T �_.S�..i. . _" __ ... . — . -� ..... «-.�...s .�.—.`— .� . . .. 'h � �," �iS.Mn .rliK �,r+X.hv:aw'. � .. _ . ♦.la+'r,ClJYS:. � � � .�'!� tr� ' .'.4..1�A..,. .�l \•<� .. . �`�'rT t r:.YY.��s s�.Fw-f lR�..�d�' .�.i � 4 ./yy . �i. .;` ""i - . 'C,'� �'P. . (^m,.. e� � n!<���.:'�,'`; , i" . '"'`'`�' ` ' �'?"�:�!?T: ' , , . . . . . . . . ' . . . . . . 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'L�:+:.'�' 'y� �}"„� .'i` ' ' � '.40 � t :%;.:�. a- ..A� ';j..r . �'.�� `?.�;: .l.�rp ?t�'� �y,�.n�'w..i,{. :6.1:I,. .15`v,�.^'�FS',•�F I� ;i - r..w+r�a� .f�.. _�}Z'.:.:': '�' .r; ` :j�.��. � E•_l:.a � TABLE OP C{?NTENTS CITY OP' GULE�� BREEZ�, I+L�RIDA LOCAL GOVERNMENT �,OAN PROaRAM LQAN AGREEMENT � Partiesand Reeitals ......................................................... � ARTICLE I - � BACHGROUND AND RSPRESENTATION� Seetfon 1.1 Background ................ ".•.•..•••....................... 1 �etioa 1.2 Representations ot Go�ernmental Unit • • • • • • • • • • • • � • � • • • • • • • • • • Z Section 1.3 Sponaor Representations .................................•••.•. 3 Sertionl.4 AdmdnlstratorRepresentet[ons •••••••••�••••••••••••••••••••••• 3 3�etion 1.5 Trustee Representations . . . . . . . . . . . . . . . . . . . • • . . . . . . . � . . •• . • • . , . 3 . , ARTICLS II . DEFINIT[QNS Seetion 2.1 Definitions .......••.......• ..................•••..•.•....... 4 Seetion 3.1 3eetioa 3.2 Section 3.3 8ectian 3.4 &ectiort 3.5 Seetian 3.6 5eetion 3.? Section 3,8 � Seetion 3.9 Seetion 3.iD Section 3.11 Beetion 3.12 m ASTICLS � FINANCING THE PROJECT Makfng o# Loan; Applieatian of Loan Proeeeds • � • • • • • • • • � • • • • • � • • • 6 D[sbursement of Loan; Security I�terest in UndiebUrsed Praceeds•....••..'.......•.•.•...........•.......•. g Repayment of Loan .,:� ......................................... g Prepayment of Loan .......................................... g AdministrativeExpenses ••�•••�•••••�••••••••••••••••••••••••• 8 Special Obligation o! Governmental Units • • • • • • • • • • • • • • • • • � • • • • • • 8 Benefit a! 8ondholders and En�ancement Provider; Complianeew[tnTruatIndentt�re •••••••••••••••••••••••••••••• 11 BondsNottoHeeomeArbitrageBonds •••••••••••••••••�•�•••�••� 11 Assignrnent of �ponsor's R{ghts . . .•...•. . ..•.... . . . . . ..••. . . . . . . 11 Cavenant Regarding Pledged Re�enues; RevAnue F+und ................................................ 11 Aiteraate Security for Go�ernmental Unit Note • • • • • • • • • � • • • • • • • • 12 Interlocal Agreement .........•.•.....•• ...................... I3 � � m . _�''""�; a:�_ . ::;� . .. :. ��' `e%�„S��"'�.-��''1"tir�-�. " , • . ' • ' � ' • ' 'ry^H'.T_y�Y'� .:._ ._ � ♦ ; . t. � ��.! .�l * : .. - �f•. _ '�"'�i.� .' _' � i _ � • - .. e � . . . , �, . +�-Z � . � ' ' �-' r ' . .3•. ut, �... . . .. ,�. . .. , .: .. .. .�>.. .'� ,-Y•n..s-�a.,�. -�i��., a a �rna��.k:�o•�•�:. �� ,<r: , .^�a .w„n. .. �,,.,9�••:,. .�.u,�k'.':'ri.?�y"�'.'�C�", . � . . . , . . ' . . . , . 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COVENANTS OF THE GOVERNMENTAL UNiT Seetion4.1 Re�ortsendOpinions;Inspectians •�••••�••••••••••��••�•••••••••1� Seetion 4.2 Immunity of Spor�sar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • . . . . . • , , . • . . 14 Section 4.3 � Compilance with Laws . . . . . . . . . . . • . . . . . , . . . . . . • . . • . . . . . . . . . . 15 Seeiion 4.� Issuance of Other Obligations PayablQ from Pledged Revenues • ...... ........•..•.••.......••. 15 Section4.5 IssuanceofAdditionalPari4yHands ••••••��••••••••••••••••••••• 18 8eetion4.6 AdditlonalCovenants •••••••••••s•••••••••••••••••••••�••••••• 1? Section 5.1 See#ioa 5.2 Sectioa 5.3 Seetfon 5.4 �eetion 5.5 �ection 5.6 8eation 5.7 ARTYCLE V EVENT3 OF DEFAULT AND REMEri[ES E�entso£ Default ............................................ 18 Aeeeleration ................................................. 19 Payment nf Loen on Default; Suit Therefor • • • • • • • • • • • • • • • • • • • • • • 19 Other Remedtes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . ... . . . 20 Cumulst[ve Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Discontinuanee oi Proceedings .....•...�.• ................•.... 21 Notice oP Defeult ..• .............................••.........• 2I ARTiCLE VI 11�IISCELLANEOU5 5ection6.� LimItattonofLiability ••••••�•••••••••••••••••••�•••••••••�••• 22 Seetion 6.2 No Personal Reeourse ••••••••••••••••••••••••••••••••••••••••• 22 Section 6.3 Noticea ..................................................... 22 Sectian 6.4 illegal or In�alid �rovistons Disregarded • • • • • • • • • • • • � • • • • • • • • • • • • 23 5eetion 6.5 Appliceble Law . . .•. . . . . . . . : r, . . . . . . • . . . . . . . . . . . . . . . . . . . . . . . 23 Section 6.6 Assignments . • . . . . . . . . . � : . . . . . . . . . . . . . . . • . . . . . . , . . . . . . . . , , 23 Section 6.7 Amendments .. . . . ..::� :. . .... . . . .. . .. . . . . . . . . . .. . . . . . . . .. . .•. . . 23 Seetion 6.� Term of Agreernent ..... . . ... .• ... . ... . . . . . . . .•. . .. . . . . . .. . . . . 28 Section 6.9 Headtngs .... ............................................... 23 Section 6.10 Superseding Clause .............................•........... 23 Bxhibit ��A�' Projeet Description . .•.•.. . . . .• . . . ... . . . . . .. . . . . . . . . . .•.•. . . 27 Exh{bit ��B'� Promissory Note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2g Exhibit"C" GeneralCertifieate ••••••�••••�••�•••�••�••-•••••••�•••�••• 33 Exhibit"D" OpiniontiPGovernmentalUnitCo�nsel ••••••••••�•••••••••••••• 39 I�I 0 � ,_.�..._„_�=�„�,;�-'�-�;=� ��- �:�.�M�:.. ���� r�_: _ , - � . � -`.; ��. �;..-. �: �� ` , . 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'f�� �'�� .H.' �3""' . , . re�:: • �� � . ' � , . - 1 T� ... �, ' . �S . ! THIS LOAN AGREEMENT, dated , 198 , between 3UN t.;; E;�;-,.,;.,.; t, ::�°��,�� . HANH NATIONAL ASSOCIATiON, Orinndo, Plorida, as Trustee Por the hnlders of..the �.�':'��:,;±;,`}±:`���:I�`' ��-.:�'`.,`�:..�. r r.., .�>,: .�:���°��:W.:;�.:; .��, �,: . Bonds {as deftned herein}, �ACBSON C. TUTTLE, City Menager, acting an t�ehalf of City �..: •:�.•�;•.:;��;,;:_.-.;�;::,� e:-.� � ,. f . �!;r,�. ,.:,•. . � of Gulf Breeze, Piorida {the "Administrator") and THE CITY OF CLEARWATER, �:,'�;::;;,:�:;:�,�;,`„.,::;;;°��,X�,��:;:.,. . = FLORIDA, a munieipai corporation organized and duly existing under th� ia�vs of the State } �,"`f�:��,, f- " ntaF Unit") witnesse#h as follows: ���, �'� -�s��=:" �� nf Plorida (the Go�ernme , ,� ;,,,�;� ���t,�: �':, .�;;' �+,:;� � o,��,:6,;� ; ,;' . A�TICLL I ,�. �' ';?.�-�y.,�� ' •.t,i�l.°;t'r' ~`�`"' J:ex�s,�, .� , �, d: . " ;',,�, � . � BACSGROUND A.ND REPRESENTATTON3 � �'�� �"' `�:� �`��' �:;:��;°:� ;:;:� .� S�CTION 1.1 BACHGROIIND. v �r} �='.'�j��,•an �+.��=�~t' - �.-` �: .�}tiz';s�y;�s�.r;,.,: h N� � f:..':�y . "':f'?3�ay::f+S"S°". ,G,-�'�^. "':��� .'1.�,�.�`. :��'��>'r'[�:°:rii� (a) The City of Guie Breeze� a munieipal eorporation of the 5tate of Florida, ::{�,�:�`,-�:',"��-::y':��:-�:��.�,�a=��, .� ,;:,;�..,,�:_..� , f �� p tt ='°''�,;s;,...� ,,��=�:.:,:..�;%:�- as issuer of the Bonds hereinafter referred to as the S onsor , is �utharized to exercise ��.�;..�Y: �:�<<_,;,a,.,;_.A., ��.��,;,:���;;.. � those owers eanx'erred b Ci�a ters 166 and I63 Florida 5tatvtes as amended. `���!'��+{ �����; :+:�- :"�;f�,�;� Ys;° Q Y P � � ��:�s:.� a� l� ~,;-tt- �,-..r.,-.,f� ::�; ;;�� (b) The Sponsor has issued ;�DO,QUU,OOD aggregate prtneipel amount of its Laea! Government I�oan Program Floating Rate Demand Revenue Hands, Ser[es 1985 C (the "Honds") the proeeeds of which are to be used for the purpose of financing and refineneing the cost of the acquisition and ir�stailatton by "Governmental Units", as her�inafter def�neci, oi qualtf[ed Projects as described herein (the "Frogram"). The Honds are issued under and are seevred by the Trust Indenture dated $s of December 1, 1985, as amer.ded and restated as of July 1, 1986, as iurther amended and supplemented {the "Indenture") between the Spansor and Sun Hank, National Assaciation, Orlando, Floride� as Trustee {the "Trustee"). E!ceept as otherwise provided here[n, all caQ[talized terms used herein wh{ah gre defined in the Indenture shall have the meanings set f�rth in the ]ndentvre. (c) Pursuant to the indenture, the Sponsor Y��s eaused the net proceeds af the Honds to be deposited with the Truatee, to be used to make loans to Goverr�mental Units for the iinancing or refinancing of the Projeets. (d) Under the Indenture,'' the Sponsor has pledged, for the security and re�ayment of the Bonds� Inter alia, the amounts to be received in repayment of the Laans, in the [n�nner set forth in the Indenture. {e} P'or the additional security for the payrnent of the �rincipal of the Bonds, the Sponsor has caused to be del[�ered ta the Trvstee a Hand Insurance Poliey {the "Credit Facility") ihitially �ssued hy Finaneial Guaraaty Insurance Company (which, together with a�y issuer of a substitute Credit Facility, is referred to as the "Credit Facility Issuer"} pursuant to whieh it has agreed to meke availabie funds for the timely payment of the prtne[pel and interest an the Honds (the Credit Facility and any svbst�tute Credit Faciiity as deff�ed in the Indenture hereinafter referred to as the "Credit �aeSlity"). (f} For the purpose of pro�iding the Hond Registrar and Faying Agent (as dePined in the Indenture) wlth funds �or the purchase at the princtpal amount thereof plus accrued interest an Hands tendered to it tor payment pursua[�t to the Indenture, and not remarlceted in aeeordance with the prov[s[ons thereof, the Sponsor has entered into a LKL-11/16/88-288AA-2822 _�.. . ���;��:,�.r ' " . - • -��'. _ — . " . , , .. .. . . .� ' :. � � 'tr�- ;'�; `�': �+: ��'? �: '•S`1•,°•.���:�.�'.::t�:.<: - �;:.e � -i:�� .'F� ".'ir,i.yF _; ;fti�.i`;�� , ,,: =�; �`=#�.t� `+;, : $ � � , '�;.i ". : s''fi��,��.'�y��! 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't� .s i•'': rs „1 °'�'�:f � , ��:;.. `.'s� • . _1 . . . .:�` :�, .,.�>�.;� i '.t. � . . . � . , ? ,. . : t� "'r�' +.�,F.. .,r, �� � . ��^ • , . . . . , �t . - .. , .i�� :f'.� �'�;. . ' ` � ' � . . .'� , �.�: . �E. `-�eF.:�.e��'� . . . iik �v .'s'. .��: .:� �.br• ,>•. . , . . . , ',+;;�r. ':t ''�sJ ! ;' � . � ' � r° ,i= ,� .�^ .. . , , ;": ,`' , �'�.' �°k`,'!•"::r'-:�: r.. . - " . ° - , ,�4 � !�_ . 'i-:i, t, � .- r,. ',� . . � '1is�' ,`��.���i• �.��,`�~�' .•i.' "�. �.j " . , .� ' , , � .. - .. ��' � . �j;', s�:rx( ,t.:, . � �i• ,. . . i . . ',4 't,t •y . . ' . . ;�f - . . . � � . :t,t- �''l� �r'�;.'��'.S�#r ': �t �3 . . � . . . . � . . . • � � ' � , . . ' . 'q� .-�:.�d'z;;',�.t•�^ �'t,- , . � „ . , • • . , . .,., • ... .. . , • . . . _ , . . . , ; ' ' ' �' • .. . , .., . . � r. . . ". '.".. ' �" ..: ' . . � , 5�: :✓! �_...... .,. . .. �s. .a :. .-..- _— _ — - - _ ___-__— ,•Y�;.... 1.� yt� ,,✓.�rFjf°';..:�;�.'.i;' , , tr %�• : }: ` 1 _ � �,s. . , 4 V, ,, ' • � O ,4�. '� ��,1`_.'. ���•. �r`�.e ,`+� ' :;4, J': �ef."'{�! { %,EYY .:J.', j1:.�� .1. : i��,�..;��Z•''�,`pe.',ill,a,:�. '1�i 'i��� �4�f'�'�i: � .'?�,, .= .'i`•,°.:?�o.�.� .;.�f`;ii,.,:'-.' , Q A ril 1 1988 the �, ;:. ;::,-�'�����A;�::.--����r,:�,. , Standby Hond Purchase and Revolvin Credit Agreement dated as of p , ( "i �� r,� Y-`.' ��i�' '.`" `�° . D .4s>�rl° . �^..,!a��;`l��••�i°i�:s. f "Liquidity Facility") with COGH Liquidity Corporation and The Hank of To o I,td. New '. ��_��`�:i. .r '��{:;�.. , � � � `;•,., F. ':{..,�,,r..�� ,'. 1 � York Agency (calleeti�ely the "Liquidity Faeility Issuer") an� the Trustee, pursuant to �� .' T';`'��:``'' ':`'�`��'' � �t�:� °�•,. �.�:.s. ! which the Liqtsidity Facility lssuer will agree to purchase Bonds at t3�e prinelpal amount thereof (up to the aggregate prineipal amount of Sonds outstanding}, tagether with accrupd int�rest, to the extent that moneys are not otherwise avatl�bie therefor under the terms of the Indenture. (g) The Administrator has appro�ed the Loan and has approved a commit- . ment (the "Commitrnent") to make a loan in the amount of S415,000 (the "Loen") for the - purpose of financing the original eost og acquisition af the project identified on Exhib[t A attached hereto, whieh shall hereinafter coliecti�ely be referred #a as the "projectt'. (h) As evidence of the Loan made pursuant ta this Agreement, the Go�ern- mental Unit will execute ana deliver a nate in the prineipal amount of the Loan in the form attached hereto as Exhibit B{the "Go�ernmental Unit Note"). As security for the Honds, the Sponsor is essign{ng to the Trastee all its rig�t, title and interest in the Governmental Unit Note and this Agreement (except for the rights reserved by the Spaneor es described tn Section 3,9 hereof). Fursuant ta tb� Indenture, the Go�ernmental Unit Note and this Agreement may be assigned by the Trustee to the Credtt Faeility Issuer under the circUmstarices set forth therein. SECTYON I,2 REPRESENTATION3 OF GOVERNMENTAL UNIT. (a) The Governmental Unit � is a munielpai eorporation of the State af Florida� with fu11 power and legal right to enter into this Agceement and perfarm its obligat[ans hereunder, and to #[nance the Project in tne manner contemplated here{n. The Governmental Unit's aetions [n making ar�d Qerforming t�is Agreement have beea duly authorized by sll aecessary official action and �rvill not violate or eonflict with any applieable pro�[sion oP the Constitution, or law of the State of �lorida or with any ordinance, governmental ruie or regulatian, or with any agreement, instrument or otlier docnment by which the Go�ernmental Unit or its funds or properties are bound. ..� {b} The amoun't o£ the Loan, less•�ant{eipated in�estment earnings, does not exeeed the "Cost" of the Projeet (as da�ined in �che Indenture). (c) No port[on of the proeeeds of the f,oan wiil be used to finanee any Projeet which is used in the trade or business of a persori who is not an "exempt person" as defined in Seetion 103{b){3} of the Code. {d} Immed[ately after the executlon hereof, no Event o� Default shall exist hereunder nor shall there �xist any condition whieh with lapse of tirne, the gi�ing of notiee, or both, would constitute an Event of Defauit nereunder. (e) The Governmental Unit is duly author[zed and empowered under the lews of the 5tate of Florida, particularly ChaPter 166, Part lI� �+Iorida Statutes� to enter tnto this Agreement, to issue the Go�ernmental Untt Note and to giedge the soucces hereinafter mentioned to the repaymer�t thereof� and ta aP�ly the prviceeds thereof to the payment o! the Costs ot the Project, LKL-11/16/$8-268AA-2$22 -2- � - - =:...�rs:�:: - _'S�- ��� . . - Y•� �_ • `� �; . :.:,171Y� i.�;r, w.: ,Yl�;. 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'-, � . . , �a.�:�."°,.'/. . , a�'° ,. i �i:j. • �'�'r:^•::1,; . - _._._._a.....,..<...,,cx_ �..�.«�.n.....r..+::r..�.�.i...=x.s.w.�.e.'d.:::7.sW�.,- :.i,'._.._r..r�,>S_.�'r�+L: � , � (q On , 198�, the Governmental Unit duly enaeted Ordlnance No. {the "Authorizing Ordinance") authorizing the borrowing eontem- plated nere�yf and the terms and pravis[ons of the Authariz{ng �rdinanee are hereby ineorporated by reference. (g} Neither the Governmental Untt nor any related person to such Govern- mental Unit will� pursuant to any arrar�g'ement, formal or informal, purchese any Bonds in an amour�t related to the I�oan from the Frogram to the Governmental Unit. - (h) The Governmental Unit is dn complianae with ail eovenants and under- takings In connection with all debt obligations payable from the Piedged Re�enues herein defined, or any �art thereof. . S�CTION 1.3 3PONSOE $EPSESENTATiONS. The Sponsor represents that it is a municipal corporation of tne State of Florida duly existing, and with full power and authority to issue the Sonds and to enter into this Agreement. Sy proper action the Sponsor has duly avthorized the issuance and sale of the Sonds and the execution and delivery of this Agreement. In accordanee with the Inder�ture, the Sponsor has appainted the Administrator to exeaute, undertake and perform the Sponsor's duties hereunder; and all aettons taken by the Admir�istrator on behalf of the Sponsor � pursuant to sueh appointment shall be deemed to bE the actian of the Sponsor. SBCTION 1.4 ADMINiSI'RATOS HEPRESENTATION3. The Administrator r�pr�sents that he has duly autharized the eacecutton and delivery of this Agree�nent. In accordance �ith the Inder�ture, the 5ponsor has appointed the Adminstrator to execute, . underteke actd �erform the Sponsor's dvties hereunder either personally or through the Tndependent Contreetor; and alI actions taScen by the Administrator or the Independent Contraetar an behalf of the Spon�or pursuent to sveh appointme�t shall be deemeii to be the �etton ot the Sponsor. SECTION 1.5 TRUSTEE REPgBSENTATION3. The Trustee represents that {t is a netional banking association duly existing, and with full �ower and authority ta enter into thia Agreement and perform its obl[get�ons hereunder on behalf of the holders of the Bonds. 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F � Z � . �1[ � _ . , ' � � . , , . � - . �.. �+?. �. . . ! ie .,',,,a ' r ; . . . � . . . . , . .. : � 1: "� < '. {'F, �; � . _ ' .'r ' . . , ,� . , . `a�F"'i.•�r:;, .i . , . ; ' . . , _,•, ? , °ir • . , , : i' - . . . i' <.r:i`,` '.'t�'.:�; --�_ . . `r ' , � � . . ' .. • :` : . .. '�� .. . �. °;y;�;; 'i';" , , : ��': :,i�, � .. ., - . , . ' . _ • _. � . '�•.',,;.�� t'�:,..,,^ ,:•k•-;a,;�%il . . � .r��.s�. i< � . , . .. � , .. . .' .' .. -. : , :' ...'.,.:. ' • : ': � :��°�',� , ,��� : - ----- -s_.�......, • ..�,.� .�.o.,._ '' j -�. �,, a�,< ' ..tlS'i023slRls:rr�iwx�wrre�.....�._.....:.__....,_� .�.:.:�..�.,•. . t°�';�� +T.l���rL•i '' i: t ;'"i"'R ;:f j1'F�r � ` :�i,:e :r;'.4: s;:,:: ' � i � .i•�i2. °i�`;.,a •F;�r:' \r✓ ,�3' ;.ji :.����1SY*' �;r`�:tr .�dxjJ�;i� ARTICLE II ':`:' �"�`���,;�"�Y;�'#":� ���Yy�t '.tn,!r,:r.irs,:w•: . ,�''- • ',' �'SP,t4"�f� j DEFINITYONS SECTION 2.1 DEFINITIONS. The eapitalized terms used herein which are defined in #he indenture and in the Author[zing Ordinance sh�ll have the mean{ngs ass{gned thereto in the Indenture and in the Authorizing Ordinance, unless the context hereof expressly requires otherwtse. in addition, the iollowing terms shall ha�e the meanings defined as follows: "Addittona! P�rity Bonds" shall mean Additional Parity Sonds tssued under the terms, eonditions and provisions hereof. � � "Annual Debt Service Requ{rement" shall mean the dQbt service corn{ng due !n the appIiasble fisosl year oa the Governmental Unit Note, any Additioral Parity Boricis, and an any other indebtedness issued hy the Ga�ernmental Un{t with a lien on the Pledged Re�enues. in calculating the Annual Debt Serviae Requirernent, the interest rate on any variable rate indebtedness shall be deemed to be a f[xed rate of {,�96) per annu m. : 1 .. � "Commitment" means the eommitment of the Administratar to make the Loan. "Costs and Expenses of the Program" shall mean the fees and expenses of the Trustee, the Liquidity Facility Issuer, the Credit Faeility Issuer, the Remarketing Agent, ti�e Adminisxrator, the Inde�endent Contraetor, the Registrar and Paying Agent, and the Issuer, including the fees and expenses of general or special counsel to any of the foregoing, and shall inelude, without lim[tation of the foregaing, all amounts provided in Seetian 3.5 hereof. "Cost" flr "Costs" in connection with the aequisition and/or construction of any Projeet, means any east incurred ar estimated to be inaurred by thE Go�ernmenta! Unit whieh is reasonable and necessary for carrying out�all works ar►d undertalcings in pro�•idir�g and canstrueting or aequir[ng such �Fojeet for the Gavernmental Unit, Including the construetioa of the Projeet, t:�e cost� rif necessary studies, sur�eys, plans and specifica- tions, architeetvral, angineering, legai or other special services, including the �ees and expenses of bond couc�sel� de�elopment� construction anci reconstruction necessary or usef�l in conneation with the constrvetian of the Project, the reasonable cost af financing ineurred by the Goveramental Unit or the Sponsor in conneetion with the exeeution of the Loen Agreement, or in the eourse of the aequisitian and/or canstruction of the Project, [ncluding reimbursement to #he Administrator far its aut-of-poeket expenses and ineluding eapitalized interest on any Loan disbursed in stages, and the cost of such other items as may be reasonable and necessary for the acquisition and/ar construction oP the Project. "L,ocal Cred(t Enhancement" or "Laea! Letter of Credit" rneans a credit enhancement devtce aceeptehle in farm and suhstance to the Credit Facility Issuer securing timely payment .oi princ[pal of and {nterest and premium, if any, an the Governmental Untt Note. LKL-li/1B/Sg-268AA-2822 ;•� -4- , _w,..�-�,,��. .i_ ,.. - ,. , _ ���•.�:�r • . . � - �-'_ . � � �'.r �f:+.'- . , • � . . ,.. .. °�i:1, ���^s;' s'a'� �:t,:,:SA�•�i<;e�j:�;'� �. �ry:,:rt',�'.: i>::."=:�: . ..t,'..s;4..,C� k;a1+.- -+:�:; ;�;`;:c':�;;: �..�;r f' .j. `k' -w.'.7i ���,'�Y,SJ e'l�i��r:x'4��°'. ,'�;. .-� �• `�� �' "'�•sy' °rc;�,it- �: :;a:." ':s::�. ,:. .r ,+� `"'`�r "°r;�-;�� ����� ���i � ��f''•�� �_'.�:':� .'� . ,*; �'?`'�a' ' : .. •�•: :.::. � 'y{�;s',.t .::,, t, :_;: yr::�t c;; : � r, '`'� �i'�;:��';v,'M , : �� . �;:t ; ;. ,,� ,.. r3��:� �v=��:�-�.�: ;,= :.�;a.�.�:w :;. Y`.{���, t�.'�,�S��p�','�i ..� 'f. 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'1''.i� '�. � ^N',�r f. ` i�� ..� •�.. ✓1,� �-L - 4 `"d'����"� :{,•i..� t ,1. 'r. +'�,,:4. . io . . . �'��•� . ,�,, ,i`,^ ; f , =ti� �z�' _ �t 'E ° s" �i :. ^.i-,:'. 't^�� .. . �y :.t. b'�"� F.' �i. ' �... {'L`. �:[- il: ..' .s. � . '.:" �*'�: ;':%� . . i . ,�1 � � #`« !� . ".1.� : C: . ,it , '�.�4;, .i: r; ;�i�t s.ft�? c,Y.:.-. ,,a�.. ':a�!� .r�r 'Ci. � . '� �. -,f�'. �f,k.�°. � . . _il''' �'i' '.i"�� � , d' . I . J.'.. _ ".'A: +Y t"� �'f�� . . . � ji. uti± sz�' •�i. . r'; c�, . :•�� ^•�`:: .,f';' ';,; : �1�; � r= ,� 'N;�.', �,°' 4. -.' . ,�;;:' . ,1 P � .;' ,:` i �i , y:. b . r,°. ,s. ,�.', rt. y,u. ���'V:..' � ' - , .{k" ,�� . . ��;`� ,;�' . , ;�: �: ii� .-�`: ':fv�s° a��:p.' j ..} ,' :' ' Y'`Y. . � ryt ��G. - � . . .. - 9^. � - - -�r. . . . . r. � . r �„�,, �. . , . ':l'e. � .� . ,�.. ... '.::c:•:.� , . . ^. e - �r,.... ' .. - . ..,. _ . . ¢, r� �s. «. . . :° . •. .. , .., . . .,, '.. ..'" . . . , ..� .. : . . ... . .. ..; .., ...� x . , . . ' ��5 � . . a . . �r . _ .. . .... . . ' _�'_ 'wneWiurr...__"_ . . . ... . . •.i .. . , .. _.. .,�..,." . ."__'""_ _ . .. �� o "Max{tnum Annual Debt Service" shall mean as of any date, the maximum amount ot prinelpal, interest and other amounts prov[ded for hereunder coming due ia• any year on the Loan and on any Additional Parity Honds. Such amount sh�ll be cors�puted at tne higher of (i) 1096 per annum ar (ii)(A) the highest flaating rate af {nterest borne by sny Variable Rate Loan during the preceeding 24 mont�s ar {B) if no snch Variai�le R�te Loan is then outstanding, the component af the Logn interest rate payabie in respeat aP the Governmental Unit's Pro-Rate Share of interest an the Honds sheil be computefl assum�ng the highest rate bnrne by ti�e Bands during the preceding Z�4 months. Ir� ti�e ease oi Additional Parity Honds bearing interest at a varieble rate sueh amount s�all be computed at ttte higher of (i) �096 per annum or (ii) the highcst variable rate borne by svet� Bonds during the precedtng 24 months, provtded that if no su�h Honds are then outstanaing, the highest rate borne by var{able rate obligat{ons the interest rate an whien is aomputed �ecarding to tha same ar a similar index as that to be used for the Additional Parity Honds ta be issued shall be assumed. For the pvrpose of this definition� "interest" on the Loan shell inelude that amount payable in respect of the Gavernmental Unit's Pro-Rata Share of tnterest on the Honds, Non-Asset Bonds �rnount� and Costs and �xpenses of tne Program. "Pledged Re�eaues" shall mean the praeeeds of the locai government halP�eent sales tax, as c�eftned and described in, and distributed ta� the Governmental Unit under, Part Vi, Chapter 218, Florida Stat�tes, securing repayment oi the Loan and the Gavernmental Unit Note, pursuant to Section 3.8(b) hereo�. "Fro-Rata Share" shall mear� the percentage deriveci by divi�ing the prinr3paI amaunt of the Governmental Units ioan hy the sum of {�} the prir�eipal amount of all toans outstanding plus (2) the amaunts ar� deFosit in tt�e Praf ect Loan Fu�d. "Recyeled Bond Proeeeds" shsll rneart �roeee�s useci to make Loar�s from the Loan Repayment Aceount under the Indenture. � LKL-11/1 B/88-268AA-2822 � -5- � ' � .,.""'�.r._�.�^.--�='�"��: : �" - - ' ._,• =: ��s�t, •= , . ,..."�. �.�-, .��- .. _. ' _`r: =;.:.�. � • . �;,.`. 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' . . � . i G.� . . . � ' . . - . � � 1�� t:�t . .��� . . - . .. � . . 'li' 'a,� . xi .�t�_ '�• '1 5 � ^ , . , . '. . . .'f � �- i; .Jr;erC . .i: , 's: . . . � . . . 5. ,'�;��'i.. V' . . . . . . :;'•:',��,�.'s �Y.�FV �{'. "" . , � ' ' . '1. . �`',,a= f�' '� .+'se. �r�`'„S. ... _.i'1:.,:._ .;_... :..._..... � -- - — ..�._..»W..�._..._ - —. ,,',,: ^'s.r ,.r, 4>k f 0 r t, . . l� ARTICLE IIi FiNANCiNG THE PROJECT � � 3SCTION 3.1 MAgING �F LOAN; APPLICATION OP LOAN PROCEEDS. From the amaunts on deposit in the Project Loan Fund created under the Indenturer the Gavernmental Unit hereby agrees to bcrraw and rQpay the sum of 5415,000. The Loan madc hereby shall 6e repaid in aceordartce w{th the Gavernmental Unit Note and Section 3.3 hereoi. The Governmental Unit ca�enants that it shali use the proceeds of t�e Loan solely Por the pu�oses deseribed in Sect[on 1.1(g) hereo£ end t�at it shal! not use the proceeds of the Loan in a manner inconsistent with the represen#ations and eo�en�nts set forth in Secttons 1.2(e), I.2{e} and 1.2(f) �ereof. �BCTION 3.2 DISBURSEMENT OF LOAN; SECURYTY INTER�ST IN UN- DISBORSBD PR�CEED�. (a) Following ti�e execution and deltvery of this Agreement and the Govern- rnental Unit Note (tY�e "Clnsing"), the Truatee shail disburse the fees and expenses of bond eounsel and the amount of expenses of the Adm[nistrator to �be reimbursed from the praceeds.af the Loan to the Expense Account ereated under the lndenture. The Truatee shall disburse the balanee of the Laan, wt�h the written approval of the Credit Facility Yssuer, to the Governmental Unit in reirnbursement for the cost aF acquisitinn of the Project �rev[ously incurred by the Governmental Unit. (b} The Governmental Untt agrees that� upon request of the Trustee or the Administratar, it shall su�ply s�ch documentation as the Trustee, the Administrator or the Credtt Fae{lity Issuer may require to determine that the proeeeds of the Loan have been applied solely to payment of the Costs of the Project. SECTION 3.3 REPAYMENT UF LOAN. The Loari to be made to the Gavernmental ❑nit Par Yhe Project shall be repaid in inatallrnents which s�ail correspand in time and amount to the payments of principal and interest on the Governmental Unit Note and shall bear tnterest t�t the rates, and shell be payable at the times payable on the Governmenta! Uait Note, as follows: �� � (a) The �rincipal o: the Loan shall be paid in 120 installments on the dates and in the amaunts shown on "Schedule I" att�ehed to the form of the Governmenta! Un[t Note, which ie attaehed here#o as �xhibtt "P", with al! remaining �rtncipal, tagether with any other �mounts payable in connection therewith, due on J�nuary 1, 1999, or sueh later date as the Credit Facility Iasuer shall have approved in writing. (b) The interest on and other amounts due In respect of ttte Loan shell be paid commencing on the first day of Pebruary, 1989, and on the first day of eaeh manth thereafter. The repayment amounts due in respeet of all Laans to Governmental Units shall he an amount determined by the Finaneial Advisar on �ehalf of the Sgonsar, sufficient to retire, over the li£e af the Loan, the Pro-Rata Share oP Non�Asset Bor�ds, and an amount sufticient to provide funds, whieh, as desaribed in the Immediately following paragraph, together wit� the Governmental Unita' Pro-Rata Share of amounts in the Surplus Fund eanstttnting income from the Ir��estment o� certain Punds established under LKL-11/�6/88-2B8AA-2822 -B- �"�" :,�;��; -- � � - - . 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' ' ' �- • 1� J' ' , . ,' '' . . . ,. . . . � . . . � ' . . . . • . . . . �y� . , ..� �. 1'.. ��_+� . .. � ..`........ ...i_�..�...rr -- — �� � `{, r : `___ ' . . . . ' , , . . '' ___'-.. _ ....�...a.;... .... ._...�--.+r��L. .. �. • . ..... . . . ...._... - . -- �.�"_.. . .... _ _ r " "' , � � � • ' •. `�,`� ^.tti=•1" 5'�� ^'�}`. .'4p � 3 � . " ' ' �;� � . '�� .�5�^.. the lndenturc will be suffic�ent� to pay when d�e among other things, the Costs and _''"`'���` '=�°�•�```���'� -= ;"�.,;,: �:��-'��: e,� �s ; ; .; •' T 1''ri« .� . e�:E..�.. Expenses of the Program, the estimated interest {iae),uding Addittonal Interest, tf any) .,:����'-:ws�.� ;;r.<;;�. ,. ' becoming due on the gonds, teking into eonsideration the fact that such interest on all or �-- ;��-`, `�'��'�' �.' �•:�:,:.:.�:....•., ; a Qortion o4 the Honds will vary on a weekly basis pursuant to the [ndenture; pro�ided, ...._. ...� ... ... .. ... .: itowever, that iP an acceleration of the Loan is dQClared pursuant to Section 5.2 hereof ��°-"� ;"1= �'w:':�:.." ::',�- �."::::: " lolIowtng the oeenrrenee of an Event of Default hereunder, the tnterest rate on the I.oan - '•`��`"`�� �'•�`'���'�•� ...��.',ti..; ; •,::�, ..: :. .. shail be increased to a rate per annum equal ta the Prime Rate pZus 296. Said interest -� �. ���; �--.:..::,.,;';ti:�;;;,�, ��_: ��,�; ` rate shal! be based u�on a year equai to 365/3BB days €ar actual days eInpsed and shall � : , ; � � � � � � ��� � "'• � ' �` � char�ge when saId Prime Rate shall c�ange. Notw(thstanding enything otherwise con#ained =:' '�- '1 S'.°': �"��{' �'���'��I'="'n'� ',_,.�.:'. :y•-:,•:,.. ,, :. tn this Agreement� the interest rate on tHe Loan shail not exceed twenty-five pereent ��;�_�<��;;�.:`;:;.:�'.���,�;-:;,_,-.., �� (2596} per anr�um (exclusive o€ amounts eharged for Costs and Expenses of the Program �:.: :°:-a':; :°.�ri:.,:�;";; �' , whieh are nat eherges for the use or forbearanee of maney), or sueh higher rate as cnay �'. `� }-�"-'"�r'�-, ' ;��� �;. ..r�, .. :,F.,,�:�:� : from time to time be permltted under applicable law and approved by the Credit Facility ���'r �i°r='': `�'';�"';;;;:�;>''.-�i ; .-�i � ,.s�� �`� ::`'1'�.,�;�;,.::;:,� � Issuer (the "Maximum Rate"); provided, that, in the event the imposition oC such Maxiri►nm �,�:�-:. :�.`.,_•.;' ',.., �.-,�i: . ."�,. {.:' � Rate ahall e�er cause the amaunt payable on the Gnvernmental Unit Note to be less than �" •_`"�'� :�'�''�`�"°'+�`:°•, the amau�t of interest whieh woul o � ;".; .� ';'.�k' ���r��'��' d therwise be com uted ursuant to this Section 3.3 ��`�: `�'�:`�.;�.�:`�:;:°: �',�� ; P P r :.�: ';;; y=� f•'' :-�:;y`.':'•'` the Governmental Unit Note shali thereafter bear interest at the Maximum Rate until the ��� ���:��..�` ::::';�=��a;;;;1.`•' �, <.���r�:� ,,v•�� i eerlier oP (1) the iinal rnaturity of the Gnvernmental Unit Note or {2) svch time �s the �'�'� :-��.��;�°�°5:'::'_;��9-�-::.�: :�.;:'.:,-, - total amovnt of interest paid an the Go�ernmental Unit Note shall at sveh rate equals the ����'� �'�'����' �: };;_� �'�4 '��'n :��`"�.'r� '� 4:.',.,.•:;.;-:;:. o.�. . �. �n..:�:.:r : amount of Interest whieh wovlci have besn payable on the Go�ernmental Unit Note �:- �j���� �=:�::'`��'����:.� :;<:�,� ;:��"° � pursuant to this Section 3.3 without regard to any M i �:``"'�=�r', `:4 �`' �'�t°�:;�' ��"`��'�' .: ar mum Rate. '�� °`'•,,��r„ .i. ; �;.�;,= .. �• : <M1,,.�� � � .;�;:.;., ' `S =:.; :;;�.r�'-�,.�;•, z`;�i�;; ;:_:,,, . ,. • . _ } �.. � . �, , -_ . ., , .. .. , ; rxn�,.., � The Ftnenelal Ad�isor, an behalP of the Sponsor, shall determine not Iess often ��`::;��f ����`: r»;` �4��i',; ��;�,<<_;- �� than each Janu 1 and 3ui 1 the rate nf iriterest on the Loan and the Pra-Rata Shara of b=; =�<.5?�a<< �`;:�:.'�sb��;,�+,:�� ; �'Y Y �=... . . the Costs and Expenses of the Prc�gram and the Noa-Asset Bands and sha11 notify the Trustee and the Administrat�r of such determination. The Adm{nistratar sha11 eompute the amount of each Governmental Unit's monthly payment and s3�aI1 notify #he Trustee and the Governmentsl Unit, at least ten days prior to the first day of the month in which the new payment amount is to become effeeti�e, of the period (nat exceeding si'x months) for which such peyment amonrtt is to be in effect and the amount of eaeh interest �ayment whieh the Go�erntnental Unit is reqvired to make during suc�t period. However� if at any time the Trustee determines that sueh payment amount, together with other funds available there[or, does not provide sufftcien� funds to pay interest on all Bonds and to �ay the Non-Asset Honds, the interest beco�niiig due on the Bonds (includtng Additional Interest, if any, tagether with the an�t�al fees and other ar�ounts, if any, charged for or due under the Credtt � Faeiltty and Liquidity Facility, together w{th other fees and expenses relating to the Sponsor's mt�lt[-governmental loan pragrem, the Trustee shall so notify the Administratar and the Financial Adviaor. The Financial Advisor, on 6ehalf of the Sponsor shall increase the payment amount on the Loan then in effect by an amount suff{cient to eure sueh def{ciency by gi�ing notic� thereof to trie Administrstor. The Administrator shall recompute the amount af the Goverr�mental Uni�'s monthly payments arid shall give the Governmental Unit natiee of a revised interes# rate at leas� ten days grior to the date sueh revised interest rate is to beeome effecti�e, stating the periad {not exceed{ng six months) for whieh such revised interest rate is ar additionel payments are to be in effeet� and the amount of eseh interest payment which the Go�ernmental Unit is requtred to make durtng such period, The Administrator shall send to the Trustee and the Credit Facility Issuer dvpliaate aoptes of each atatement to the Governmental Unit specifying the total payment due from the Governmental Unit for prineipal and interest on the Loan, the respec�i�e amounts of prinaipa! and interest ineluded in such total payment, and the amount of any fees and expenses billed to the Governmental Unit on a �i LKI,-ll/i6/86-268AA�2822 -7- w��;�-.L.,..�.4 . _ , -. _. �'��� " �'r . . - . —. � . �. . r' •• - ' , ;ki- :r�K���,.t.,`�r;;i:i>.�rl; . } s;LS�'b�^ •-y�s'�"M1�'' i �,L}r;J'': : :':• �-i�^Y5�ti4.. .il`l°r;:::{.r.�l ''";,•;i>s-w %;�;Z°,�;Y ;S»41,s � ��t}:•�. 1���:. -�:'.'.�. `:`••�•;. ��r" i ;.�_a;��<�t�:'}:r,S:���e�i�, �y�,_ �yf'� ik`.1y.- f'4. j� 'ti � i.k•i 1_' .P...�,!,=�tl :i��'�;if';���, �+ •�:.{�'7,� "�'.4i�7 �:., ����.�r�.�, � i 4 �"�(:. 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' . � � ! : �'.'� .. b+ e ' . . .. � i�D- x'1'�, _;< . , . . . . . . � . . . i � IS�� �•�:il .�.� «...�.`....�.rr�r •__w._.�w.-+...-.w...r...,... .. . ;.' .���'i1,��,•� a,.T'�-..' : �• � . ��.."�� �, . wwrr.�u...�. . � �:, a "�.. � S ' : . �.�. 'f,,(,.�tt�; i � .-S�, • � V � ,;J11�`�.1'� , . - ... V./ . � . .•S � .��." _t��i�•E' , l• . � hc �'`' �:a,x�i. -�,3�� .Vr�'��.>;�i. . "' •'w`: .. . :'_�.^ h �.:k�'.:r,.:�`�".::.,.- i :�. monthly basis pursuant to 5eetion 3.5 hereof. The Go�ernmental Unit agrees that the ,:'�'w�:=:��';<<.;,,�::� :-` ��.:;���� , r.� � ; ..- ; ; �{;,i.,�.f�_ � i � ��''j . Sponsor has reser�ed the right to determine the extent to which iavestment tncome an th� �° .�E s '�' funds established under the Indenture (including any ineome frarr� the Projeet Loan Funci '��'' � � '+°�' �" '; � '� . �:.. ( . Jx:>; �..t. r..i'�n.54, i. .:' " . ..F.::�;:..I,, ';:,,:: :� prior to full disburserrient of the I.oan) may be applied in determining #he amount paya�le � s�;: ;L:�'=.,x;�,�'�'}'ar�t��:«` : `G F' � der. w:^- ,. � a. .�_.. . hereun :?';•, �:f;,;s; : i � .� +�S). „''�:^�:�s.,�•-• �� : i'. . '. �`...��".,4't,;�.i,�'��;,';'vs' }�'�'• -� � .. � {c} As provided in the Gavernmental Unit Note� in addition to the above �'�°:� .'r�:�'::;;?:.r�.:.;;�'=..,-�;;; j`�:°a� . :�' �' payments of prineipal and interest on the Loan end the additional payments pravided for ''"' -� �`� '' . :;i;: ;�:-'' " •�'t �i:,: �;;r:'.: . `�s � nerein, any �ayment af principel and interest on the Loan which is reeeived later than its �'� `''.�::=' �������;>�:����� ��: ��' , due date shall bear Interest at a rate egual to the Prime Rete ;�,�'. ";�-��'.` �:'�='�' ��`>:���; ' plus 296 per annum. � ' �" ��` ,�_ �:s� ..�. �,, �, -<,� �;:r�. , , �, �: '�°:.�::�.�a��:�o:.,..� ,r�.t: � � :-f : _� S$CTION 3.4 PREPAYM <v ��,:: .._, �, ,rr�;.��,, "w��� ''. . ENT OF LOAN. �� . � � :: : . , �; ,.,�: �:� ;:= ;?�'<�� :.>;�;� . : �..µ�_.^; �,. , - �1' T �e;:.pt' � ;, ,.��.,4j�,,'. �,�� ��:,�r•� •y-.�.4, s,� f ��,-.�'•;%'S e ..4,1;��`�' �,`. ' The Gavernmentei Unit ma u on � ''' ���'h' '�`` 1 ';: Y p any Interest Pa ment Date an whieh the �, �1��'{�f'�<`�`'�'���_���:�:�-�;T,;,� ` y rL�-�� „�.:�.,�Y,. r ' � Eonds may be redeemed or converted to another Mode at the opt#on of the Sponsor and, ��`' ``�"'�H'����''�'`1 Z�wr`" �Y• ��t✓ upon not less rior written � : �y�:�•;� ;r;'��i`=M; �'`� � �r=` . than 129 days p ^ ;::r�:�: _;�,-,sr.;�.rr�,a.. notiee to the Sponsor, the Administratar and the ��� .::: :. .:.:..::......:. . " `'` ;��.,:..;, �, ,.,. Truetee, prepay the outstanding prineipai of tite Loan or any ortion thereof in accord �`a� '•������'�'�-Y�'�'��=``�`_��"='a�w�`'�•t� `� .ir.it�: ' � "r. i:t��.°: ` : k1 ! t:,L:`' �i { ,� � p ance .� � with the requirements of Section 4.04(b) oP the Indenture. There shall also be paid as a prePay[nent premium an amount equal to aay prernin�n Qayable ta the holders of the Bonds in eonnection with such prepayment. 3BCTION 3.5 ADMIrTISTRA,TtYE EXPErJS�S. (a) In determtning the payments in respeet of the Loans whieh all Govern- mental U�its with non-accelerated Loans shall pay in each month� there shall �e ineluded an amount determined by the Administrator on behalf af the Sponsor to be sufficient to pay when due the items referred to in Seetion 3.3, ineluding without limitatians: (1) the annual fees and other amounts, if any, eharged 4or or due (i} in the esse of Variable Rate Loans, under the Cred[t FaciIit�y (including add[tior.al surety bond premiums, if any}; {ii) under the Liqui.dity Faeility, and (iii) if this Laen is fvnded fram Reeycled Bond Proceeds the hond insurance premiums and additionel surety bond premiums, if any, related to Recyeled Hond Proee�ds for the Loen (which shall be paid in , fuli at Closing}; � � � (2) the annual administrattve fees of (i) the Sponsor, the Administra- � tor, and the Independent Cor�tractor, if epplicable, and (ii} t�e Trustee, the Bond Registrar and Paying Agent and any flther Paying Agent or Agents; (3) the annual fee of the Remarketing Agent; (4) cost of issuance oP the Honds aliocable to the Loan as Non-Asset ' . B011d9� {5) the deferred Tnereased Cost Payments aeerued to the date of C�osing of the Loen (which shall be reeovered over 8 12 month Qeriod); and (8) t�te Gavernmental Unit's Pro-Rate Share oP any amovnts payable pursuant to the Indenture as Tncreased Costs or Deferred Increased Costs. LKL-11/16/$8-2fi8AA-2822 0 -8� ....._-y'^ t",`. . � , , _�S j'�,R�'� � � . . ', „r,::r:. ,,r-.;�, z : •-; ,.. ..t. {,.. �y`.`..���.�+�fi: ��; '� ,�, �J�%fr,�^:�"�J:�{�'�:: ;s.�_�•`"� v_;;:t>i _;�;: :et� s��''��r�'�;�j,�`��=f ;'jt:.;'��`;`•`ti� s'r:;� ��;� "�Y; / :,� ':!''.^- ,� ��',:;'rzi�,�`�,�: '-�:.., �,:�;,��<� ;. 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'�r , ' ', ' � .. . .. ttY :yV 3. '}� s. 1 .f �, . . � ��� . �.� �: . . .'.} f'' � , •':�+�, 5:� ",,f �. , . .•F.'. :��t,.�� '.f. `<� _ �:, ' . .': £' , v'f` ^` t . .. . . � . . . . . . , `�," :3�tsx. �°. . . . , , t'E.�� i.j;, _ ' j i,'k�-n� i,; � �e x . =}�,� ( • � . ' ' .11. 1)� 'Y' .°t • � . ..� � . . �. , ' i;• .:i-e. � '1:�� .�°�.ii;o,•' • � `�� J.,: . . .. t . ' , �. . `,i•� . . ',�� '. `� e � l. : ' ' . � ' 1� � . �t' � , , . . ^. iF' ' .. � ;'�. :`'f ,.,'V .�r ' . . � . ,. ' . ' ' • ' 'ii :' ft.3''�'e• 'l.v�:�'' . . . . . . ° ' . . . , 7.' . . . , ' .7,� . 'i. ." jr-`v�` . . , . � . . 1 � . ' .A. :�i ��� . I' e . . . . . . . ' � [' � . i.' ;P}t.� � ' r� . . . .. . . . . . ., - .:i .i. � ' • . . ' u�, �.. �.4 , ;a5� i . � �' �.,_ .. _ .."' ' "' _ ". . . i 11 --.�........r.... ... ._.. . , "_' _ _ • � ...,,.:...�... . . 'J� : 1�.�. .i1,,,� � •�,„' .•1, , � o ���:���� i � -; . `� ,•S:^y;. ' 's.-e••.�_rt��.�, ,. The Admin[strator, on behalf af the Sponsor, shall determine sueh amount {eoncurrently '� '� t��� �"�' �����; `� .� . �::,�.�` ;��' . .'�:.f: .`.R'��' E with ti�e determin�tion af the interest payments on the Loan pursuant to Sectton 3:3(b} -,�;. ::;,,..,�;:�;;��..'3:�:='.;'.;;;=-;.;;�.t;;., ,,. . hereot} and shell notify the Governmental Unit at least ten days prior to the first day af `-` �.��� ;•' "��'`�"`'°'•`� .' ,; s: : .': ;.�.- , ti�e period for which the new payment sched�le is tti become effective, of the period (not �- �= N�'�=�^-=� •-4;�=���.- . exeeedtng six manths} far which se�eh payment sehedule is to be in effect and the amount �.'-�s'-�'��:��`'''�r�`�`"�f��°`�```' • �` .�..�;::�,� . �•,. . _� : of each �ta,ymer�t whieh the Go�ernmental Unit is reqnlred to make during such peribd. ``�� `'!"' '`':'',`z: :', ':,t:`•"' , 11, ..•!; However, if at any tirne ths Administrator determtnes that such payments made by all �� �' �, �"`�'"', ��''":'=.`;��''.. , t �. " 4 . •� .` . ''1 i .; i'ti y`l^� .•�; . � Govcrnmental Uni#s with non-accelerated Loana will not rovide sufficient funds to a ��'�'' "�'����``� ���-"'::��'��'x�'_ ` P P Y :':�r=:':. :.- .�::.;;e.,..,,:,:,.,,. the amounts described in clauses 1 throu h 6 above the Administrator on behalf af the : '�",'�;�f}° =��'��'.: ' { ) B � � , '���.�:: �:.�,,;;;;;� ,,; �. Sponsor, shali re�ise the schedule oP payments then in effeet by giving the Governmental :�:"'::, .' :'� '3C"�.``�" � ,. ;. .��._,•�,,.:;: .; �.�:.•�-e ��;_ -• Unit notiee of rev[sed scheduie of payments, at least ten days prior to the date svch �°�`;7��'.°,y "'�'R�k:;':�����'��»'�'��'�� . �l:�f•✓.•�~N rtd���.��.y.�':�a.y`. � revtsed payment schedule is to beeome effeeti�e� stating the per[od (not axeeeding six ;;•�� �:.} ;�.:;:.,,ie;,,� ;�,,;l;�.�:..;'. �� rinonths) far which such payment schedule is to be in e�feet and the �mount of eac� �' :,=�:�;= ��=��"'•>"���� j��.« t:D �;�;' ���•"•.1�� ... payment whiett the Governmental Unit is required ta make during such period. �";"�•,�,; '`. •�''':,�r.�f�` ��' ' , ` ;.'�'iy"y>, 1 ��.,'.S i.-Y;.�, i t..a�.kiJ.h,:Sa, { T:"��'o E'Y',`-"1�' t' � ,rVo��! ��� , � .. o.i,';'.�.y'n,.�`�l�;'S':�..'7g i �b} The Governmental Unit si�all pay the amounts described in p gr pO ,� ,����` �< ° ara a h a � k� ��`'''r'.� �.��°`�"':s;.ti=��y, ' 'r. ' � ��t r:=�� i'i.".�t':. .. . .:. i �i [C ::..�}: �l}`. ;':�. Ytt;:�..;,'�,"�' � �� abave ta the Trustee, as the Spansor's assigr�ee of this Agreement; except a5 otherwise f.�'''�:°j��,;;�,:�;;,:;,:::;.,;��.,;4;t;.;,,�,: '� iS"�.t. ` =„� 35�Uy 4 �ri�Y��t; ' pro�ided [n Section 3.9 hereof. .: �_�.�_. :•,;';.,�.;•;�•.c �,,;. ,` ;_;'r�. ,Y�,.�s�:{� • s=?',;�"�•p'r� (c) Any other amounts due from the Governmental Untt hereunder, including `�'"r`' "�f'`'�'���;.�s=`t;�'w��;'�'d��` ' �«":r ...}:��:. .�a .�r�����i�_;i, a ;; `' . i ''f:�s%�.sf� �"'" r i�;i <«.� } elosing eosts related to the Loan and not paid at closing. ,.;;'�;;;�;;��s<::,,����;.,,,:,,;. , SBCTION 3.6 SPECIAL OBLIGATYON aF GUYERNMENTAL UriITS. {a} Each Credit Issusr may share with any other Credit Issu�r ar�y irifnrma- tion gi�en to any of them by the Go�ernmental unit, including without limitatian finane{al statements, and may also share such informat{on with any participant of sueh Credit Issuer, and any financial ins#itution whieh is being solicited to hecome a participant of any Credit [ssuer. To the extent necessary ta permit the foregoing, the Governmenta! Unit hereby waives any pr[�ilege or right to aonfidentiality, whether arising under statute or otherwise, It may heve wh[ch wouid otherwise prohibit the goregoing sharing of informa- tion. , (b) The Go�ernmental Unit Note 'shall be secured by a lien uQan and pledge of the Pledged Re�enues, and the •Pledged Revenues are hereby gledged to secure repayment of the Governmentsl Unit Note, as set forth in the Authorizing Ordinance. The Governmentai Unit hereby representa and warrants that the �ledge of the Pledged Revenues to seeure t�e Governmental Unit Note [s valid, binding and enforeeable and that the Piedged Revenues are not otherwise subject to any pledge, lien or enevmbranee, other than as has been heretofore diselosed to and expressly a�proved by the Credit Faeility Issuer in writing, auch diselosure eoasisting of a first pledge and lien seeuring the repayment aP the Governr�ental Unit's Capital Impro�ement Revenue Bonds, Series 1864 {the "�984 Honds"} and � second pledge and lien securing repayment of the Governmental Unit's Loan iram the Program in the amount of $980�000 (the "Parity �,oan"). The Governmentai Unit co�enants that it will not cau3e �r permit to extst any piedge of or lien or encumbrance apori the Pledged Revenues whieh is prior in right,af payment ta that securing the Governmental ❑n[t Note exeept as expressly appro�ed by trie Credit Facilfty Iasuer ineluding, apec[flcaSly� any further debt secured an a parity with the 1984 Bonds. Ttte Governmental Unst covenants that it will not cause or permit ta ex�st any pledge of or lten or encumbranae upan the Fledged fte�enues, other than the pledge benefitt(ng the LKL-11/16/88-2fi$AA-2$22 -9- `(' rq"nR�:` , � _ : � - . = ;'�: ��_•':.,: � : a�,�:�: : �,:a � ,.. .r..... ._;:v:r:"r�F�..fi�'y."..,. ; �r;:,�°'�°�r• '1'W �?�as•`;:r,i . :�'.'`'}�t �`�'!33�p�'��_?(;^� � �Fi1i�1 a 4,.{;.�.,�?�-'s.� '�,��Y�,����.S�Y� ' '�`�"€1;;i�!;' ,3�•:� ';` '.��:: >j°?.�� a j � � a:. �i�.'�. .:�:�::' ;�,;:.: ���y';.�t�;-�� ; •�:' �w�_z `y �9•' : ��J, ;F� ' - ";t� >'�_,; � ; s;t,:� . ;'i:�' �:,;:�:-�� ,.,�., `. �'Y-.9�4.`.� .�5� �:.� �. , :1.•.. :�1�. � - :.li: ] � ,�r, r;; ''�':. �r�:,��i: 'j •i•:�,' i � .': `°.r>' , �•.: � , � `.` . r�; �;:;;! ° ;:�; , �,�; ` ' � �;���: � •�.3� a�i�i '.��r:�r4��i.°a�.,�, h. ��� , ° -'�.F�er ,,-: R: '.,. .;;�: � -:�i�';- �a,;' .,�",•L; :�i? 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L). 'd ::�` , si ti' ::; T�� . i. ..,, � f � i•. � 1 t'+ :,F'. ,,! r, 1 , 'r" ",i� ri#.s'; �.. "'h' . 'r: .�. ..t� �,,' ;�,. ��" r �i' ��} `4� �1Y . o i `5h ,�'� �et i { .��. . . . . . : fY � �t• .f. -t`• . . , '�`:. 'y.S�' �Y 2F , r'S �- � . :4 . . . `§:�� Y: _ 'e t� :'�, ' �i :'k [.. :��. . .f .'7 . . � �' i . y . . . - . , �•4�.f . 4" .'1¢'�• :�. . �f��^ '`!. . . - l : � , �I: .. . ,{' .. � � • r=;, � i ,�}},�,a�`., ���r�a f ��: e�� . j . � 9 � �%( . . . . �a�� �G . � � �.'a � -$ f :'}'' ,',: . . . . �i ,y �,f�.':.°' ' ,�. �' :t�' :�:.'- , . . . ' . r • ;is;'' , '•f; , : � - . , ,i : ',�§ .i°')"H : i �. ` .'i o i � . . . a . , A4' . . . . � rr . . . . .. , �s .,��•� . .. • � _ . . :'ir.'1w.S • -F�. . .. i-S � -1' . ;�; .} ;•4�. ;.� • e . . , • . - . • . , 1��1'�r� r`i��•�3.'•� � �}:4���. �.j.;. :,S�i . _ -� � �••f �, � - . �� t . ��� . . . • - . � . . :J : f , �v'!-.. �f' •r._r' s� . . , . , ..� , , . �'1. ... �i%H.q��,; � •t�e. � .; 1�i ,��.1 . . . . S� ' ~l: �; " . . � . . , 1 � � � o' � �e, , `� � : L � .! , >: (' � �, .,:�" �. .:�.��..,. =-,� .. . . `> � . . . •. :� •°�.�; . . �• . , � . � . . . . . � . . � � �.YS '�3, '� . . F: v ''�' '.a . ' 'i! 1t'' Jt � . � .'`. . ' • ! ' •"%'.f�'�:s'+ `"t` :'�'x'� ' F. . �l �', � . S.. . . � i . . � , y' . . �, .'t�"., �r�'it , _ . , �:r�. :y`. l.;. a -�,' .•d';' t is.' �,': � i. ' �t' • E.''i. �'�.. . ... • �'. . . , . .• . . . . . , . . . ' � -;?a ,.r: ,4t , . -r" . . . , . , ,{? . y� •(cYj•_ �•�.';'t .ii � .. �'+ . , ' . . ' _ . . , ` - • . . '' ° � "; ��"." . . . .. . 'r� �'x.'r� . .. . . . . �3�e I l . . :S•. > <i� :�i. � .''i �I�.. , . ;.�. . „ , . . „ . ,;�,, rx°.t•�}:.::.�,:�., . _. , _ � - , � •'_? , .�t;.� a.5, : � .; J: s.. . . . . ' . �:,j':;�• ... • � :x. . _,....�.u._..., , ._ _,..� . ' ......... _�.. ;�...,. ._.�..,.... „ ,,rf't._ . '' , . . -Rt+�iy . , .. ; ..F�': y: '- L:c';'� iz,', •. . � ;t°3..�;. �F .., �''(:;'t�%:.r'7'x:".:zs`��'�" �•�•'� ) '� �' °�.:�.. ... :;,..�t���:,.; .;,...<st;: } � . '';'` . ' ' � � .ci' �'�•��,^3••.R.'.'.��1}j��t ���.�3�''�'..�jI.F^. J > 4�:.!'�,� .�,yY1. � �'�.�� rti:i�:�s ��r'tx�:i'.l �C� �.r'r,i�:.�' , •..; .;. ��, . ' : ;':.�.'::�:y;(�•y�•�.�•rf •�se"".µt.�f��';'": � , i %5 S' :... � :� t �'��'" *t Go�ernmental Unit Note, exeept for any Additional Parity Bands or obligatinns secured by �� �V��`� ��'�`"''�" V?'� �"��"� . ��;.: :x�>::,; ,a„��,•. :n :�;s,<.,y,:. a lien subordtnate to the lien of the Gove '�- { � i� �'��✓� ' ,� � � � '�` � � � rnmental Unit Note which may be issued in•� the ;;.",.���4:.-� ';r.=;;�fFFC�°a'�_�'.;t==;: `;y�;: .¢`:' � mannPr permitted hereuader. Y� `5� `�� � Fiw*s�`� _' ' - a:. �..,�. �. us =�:� t r.;..,. r. �. x,�:. �...�:�x .. (e) Pr{or ta eaeh oF its fiscal ye�rs, the Covernmental� Unit shall establish a �'-�;°-����=k_ `_ ���`-�hV:;y�;;:;�t�k�`�`ti���':• � � � , '?:.,... e. L.� .� budget for such f{scal year which allacates a sufficient sam of Pledged Re�enues ta pay ���-" �� �`��'� "�'` �'�-� ��"°��°��°_��•;�;: . r. :>>, .'.:i�i.t:.'��':.`� a=-:�57;"��'; "t < . all amounts reasonably anticipated by the Governmental Unit to he payable hereunder az�d `�'•""'�"�:��'=,'•;y;��:,t;58;h ;;;Ie;'';fxrj�'k''-, ali �maunts reasonably antieipated to be pa able with res eet to any Add[tional Pac[ty ��- �,;' �:�nt�: �:.�W,;:;-�'�"'=�'�rt° Y p �;�s,,�: .�, .�J`,.: � , �tU'-..a ` .;`.=.'. Honds In the event that the budgeted amounts prove insuffielent to make said payments .__, _..:� r'3�=� µ.;j��•��;>-;�.;:,��:-s��=°�.`'; � the Governmental Unit shail as soon as praeticable (but in any eveat prior to the expirati4n of sixty days fraFn sueh event) amend [ts budget so as to assure that suffieisnt , pledged Re�enues are aveilable to at a.11 times malce said payments. ; (d) The Loan and the Governmental Unit Nate, and all payments due with respeet thereta, shall be a specia! obligation of the Go�ernmentai Unit, peyable solely ', from the Pledged Rever�ues as herein provided. The Loan and the Go�err�mertal Unit Nate da not constitute a general inflebtedness of the Governmental Unit, or a pledge of i#s faith, credtt or taxing power within the meaning a� any eonstitutional or statutory . provision or limitatian. Netther the State af Flartda nor any pol[tical subdivision thereoP = nor the Governmental Unit shall t�e obligated (1) to exercise its ad valorem taxing power � or anq other taxing gower [n eny form on any real ar personal Qroperty in the Governmental Untt to Qay t�e principal og the Loan and the Gavernmental Untt Note� the interest thereon or ot�ter payments or costs ineident thereto, or {2) to pay the same from � any other funds of the Go�ernmental Unit except from the Piedged Revenues, atl in the ? manner provided herein. The acce�tance of the Governmental Uait Note by the halder ; from time to time thereof she�il be deemed an sgreement between the Governmental Unit � and such holder that the Go�ernmental Unit Note and the indebtedness evidenced thereby ; shall nat eonstitute a lien vpon any property o� the Governmental Unit� but shal.I � eonatitute a lien only on the Piedged Revenues, in the manner herein pro�ided. � , � � .� i 1 � � 1 1 .� , ' "f (e} Subjeet to the provisions af the Florida Constitution� nathing herein eontained shail preelude the Governmental Unit Prom using any legally available funds, in addition to the Pledged Revenues here[n provtdQd, whtch may come into �ts �ossession, including but not limited to the proee.eds of the Loan, con#ributians or grants� far the purpase of payment of prinetpal of an��iriterest on the Loan. SECTION 3.7 HENEFIT ,OP' BONDHDI.DERS AND ENHANCEMENT PROVIDER; COMPLIANCE WITH TRUST IND�NTURE. This Agreement is exeeuted {n part to induce the �urchase by otiters of the Honds, the issuance by the Credit Facility IssUer af tt�e Credit Faeilitp, the issuanee of Loeal Credit Enhanaement, if any, and the execution and deitvery by the Ltguidi#y Faeility Issuer a� the Liquidtty Facility and, aeeordingly, a11 covenants, agreements and representations on th� part of the Govern- meRtal Unit and the �ponsar, as set forth in this Agreement, are hereby deelared to be for the benefit o! the hoZders from ttme to time of the Bonds, and for the benefit of eaeh Credit lsauer. The Gavernmental Unit cover�ants anci agrees to do e!1 things within its power in order to comply wtth and to enable the Spansor to eomply with all requirer�ents 9nd to fulfill snd to enable the 5pbnsor to fulftii all eovenants of the Indenture. LKL-11/16/88-268AA-2822 -1Q- z . .�...: �-..,N, ���`'y„ �^ w . .. . . - . 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' l. . . F-. . .���� . . : ' . '. I . , : . ' �;' y �� 4.3.' . . � ...�. .....lie.,� ......... ..... - - i..�' -• - ...r. - .�...��....:�x . . .. . . .• ' Y � - -.- - . . :'.;��r.= ; : ; .t . , .,, . . . ' . � . . . . . . � • . . , . �., . .. . . ,. . �. . � . ., .., . � - . . . . . ,� . ; . ��] � . ,� . . . . • : �ti.:��. . . . , . . i. .� • P `r . . . ..... . -_._-. i...._.._.:...� �.._. ' _' -- _ 7�. . � . � ,.�..._ ._....._., ...�, e -`�;� ''if �'?.,"`" � . � � `, �.:s.,i'. tl,.�` , '� . ; ,,,`f,. ,�; . ' . ., .S, .Y:�'�� «��,:, . . �E SECTION 3.8 HOND� NOT TO BBCOME ARHfTRAG� BONDS. � J���Y''! =� 1���!�''� � 5 t �_ a 9.- •`' � � i '�'}`•.��fi. /i��,`':� i - The Governmental Unit hereby eovenants to the Sponsor and the holders of the ��- -� �����,, __�-:�� Honds that notwtthstandin an ather roviaion o� this A eernent ar aa other instrU- �"'�-5'''�'��'"'��'�'` �'``�'� � g Y P Sx' Y .:=:�--N: �,; �w:'�,='.; ment, it will neither make nor eause to be made any investment or other use af the `;.:;.y.t::'',.�; .;::;',`;Sp::::..:� ' praeeeda of the Loan which would cause the Hands to be "arbitrage bonds" vnder Seetiion .-"�'�°4``:;"_':;,�:�r':`�{;�.:i.. _ �- � s��';,.•;; ..1:...� ... . �03 af the Internal Re�enue Cade of 1.954, as amended, and the regulations issued �:'•_'<:�= ;.�`' �'"� ���,���'� , ., �,.. �, .:, ,:.. ., �; ; .�_;,��::�:;.,: ; _. therevnder, and titat it will compIy with the requirements of such Section and regulations `�'"� ``'� _.�.: �:;,'.;�:,. throughaut the term of the Hands, ��' �'F' ";��'A �i', ��'�;r�.`3�' `':�,;;° ; � �E:""t��'� �:5,�• , � 6 i ". �i.:i�`.rn�Cl`:::'., „�, Section 3.9 A53IGNMENT OF SPONS�R'S RIGHTS. ' �'"`'A�-�i��`"'��::� :: ' , ,:�: �' ..,.x=�,s . `°; : ::,� `«a :``::_.s �C:��i�1: : ; . ....,. �::%: •,-, . � � c-" .,,- . � f•... �,,+,;.ia� (e} As the gauree af payment Por the Honds, the Sponsor will assign to the `:���?J�"??y'''`' x� �� '.`•:: �. ���'c' F,..: •�'• �i�;:,:�;,�c;. � Trustee all the Sponsor's rights under the Go�ernmental Unit Note and this Agreement ``�` ���=-"..w�.'� `~y: � � 7�� , �. .+ ,� �'t:y't:�4 ; . 5,� 5.,t . {exaept far the rights of the 3ponsor, the Trustee, the Administrator ar�d the IndePendent ''��'�'`' •.`=° �"'a �'� �'•°�.:.-... 1`c;7 Y:ti���,,:::, e-���^�l�;,P�:�S�,' � � Contraetor, if ep�liaable, to recei�e payment of administrative expenses, reports and �,", �"'� ,-:�;;�;7�:�` ;,�:-„';-� indemnity against elaims� and the Sponsor's, Trustee's and Administrator's rights to enforce remedies purs�ant to Seatian 3.5, 4,1, 4.2 and 5.4 hereof). The Go�ernmental Unit will make all paymer�ts required under Seet{ons 3.3, 3.4, 3.5 and 5.3 hereof directly to the Trustee without defense or setoff by reason of any dispute between the Governmental Unit aad the Spor�sar. {b} The Indenture requires that the Credit Faail[ty grovide far payment of the prtncipal of and interest on the Bonds when due if other monegs avallable under the Trust indenture are insufficient therefor, and that rights to the paymer�t of any principal and/ar interest paid by the Credit Faeility Issuer shall be assigned to the Credit Facility Issuer. Under certain eireumstances provideci in the Indenture� this Agreement e►nd the Governmental Unit Note may be assigned to a Credit Issuer or the issuer of a�oca! Letter of Credtt. (c) Notwithstand[ag anything in this Agresment to the contrary, if emounts dne under the Governmental Unit Note and thia Agreement are aecelerated as described i� the �ndenture, and the full amount of the Laanfies not been disbursed pursuant to the Commitmeat, the Trustee shali heve no;obligatlon to make any further disbvrsements of the Loan and shall apply the same to p�iy the Governmer�tal Unit Note. BBCTION 3.1Q. COVENANT RgGA$DING PLEDGED REYENUES; REVENIIE FUND. (a) The Governmeritsl Unit hereby covenants to take alI lawful seiion necessary or required to collect and receive the Pledged Revenues. The Gov�rnmental Unit further covenants thet tt has full pawer to pledge the Pledged Revenues to the peyment af the princiPal and interest and other amounts becoming due on the Go�ernmental [3nit Nate. 1'�1� . (b} There is hereby ereated and established the City of Clearwater Gnig �,s``-, Bresze Loan Program Revenue Fund {the "Re�e�ue Fund"). After applicattan 4or the ,�:j;; benefit oP the 1984 Bonds as required under the ordinance authoriz4ng issuance o4 the 1984 F;;: Bonds, sll Pledged Revenues received by the Governmentai Unit shall be depasited into '; �;; the Revenus Fund snd held solely Por the benaiit oP the �tolder of the Go�ernmental Unit '��'� � Note and Additianal Parity Honda as prov[ded in this Sect{on 3.I0(h). The Revenue Fund '�, � shell eonstitute a trust lund for the pur�oses herein provided and sha1J be kept se�arate ���� and distfnet �rom all other funds of the Governmental Unit and used anly far the purposes ��� � , : , ; . . :��� , . . + LKL-11/16/88-268AA�2822 -11- r �...;::. a�„�.:�7::-�,: t-� . , : -,r, '.. . _ l ' �;,eg:�;:��;���3a,{����,�:; ; ,�'s._ ';�•:�,:':'i�;�.��:1.,�"`•�t , � rfr17 t: . � `.`.'? s:= �:R vr'�E:���« ° ... . . r,,f.d.Y�. '~'~�I? 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'. .�a.�.._.�...�...�r.w��!(wl�rarwrr:..r�.ww...�.`_ .. .�..,..�,.u..,._.w.�.`_,»_.»...�.,.:.. � ..'� .�.;�',. zi., ,.� :�'�`: _, . � 1 _�� ..: �,?,:^,i". � { ''YS"-A%z° - ;�. ' +4. « i..'- � �, • '�...i' � � .. ..�`, `,', �'le �2. '1;:��' ' : •'"`a�.,`.'^.�`' •� ` � .:q'y •..^F ti�rr�7:-������ . "4; .t' �� �',?,'i'.' •'`: i�t r.�; ..; s ,i,., :i: :`'�'e.? , and in the manner hereia provided. Moneys on deposit in the Re�enue Fund shall be ;:''�;-'-:- .:�`,a'�°"-;:. :;t.`;;; �, invested in obligations �n whtch the Project Loan Fund may be invested under � the P'��t �`�'�' g" � ' Indenture or as otherwise may be permitted by the Credit Facility Issuer and all '., �'' �� :":�a�`';� �; +1 ;;�'i%,•' Y�'�- { investment earnings shall be retained therein and used iar the purposes thereof. Revenues �''='£"` `:"'�"°'.��`"s�:'::�':°�- A� �i.t!�:::,4;',.�. :� a shall be applied and allocated on the fliteenth day of each monti� (i) first, to a separate ;�����a -�;:.:;;._,:.:�`;:�: fund, which is hereby ereated and designated the City of Ciearwater Gulf Breeze Laan � ..�:: °,"`��• �':. _ ...:.: .. : :. .......-_::;��. ,,,.,w :•. Program Stnking Fund (hereinafter ealled "Stnking Fund") eommencing Janvary 15, 1989, �;�:���,�'����� ��f���'�'��`��''t�. o.'�.��'�f:` r��'!;. = .' in such amounta sufficient to pay the principal of and {nterest and other amounts ':'�.}��'=��.�-;�'�:1-.: ;��:; �'' becoming due on the Go�erameatal Un3t Note on the first day of the following month, (ii) , ''tit� �' � ; � :� _���"� `:'"; :'. :':=:;.��� :z`:� ;;; >:�;;�': ::�.:'. ,next� on a parity with the payments to be made pursuant ta clause (i}, to the payment of ` "� � ��. k�P°•,- � 1.. �� 1 �'...,1.��. { • �'� �Y�.`lj::?F�:i�'jd�5 amounts due in eonneetion w[th any Additional Pgrity Bonds issued gursuant to the ;•�:�::�:�--.��.:..:fw�,>:��;,re-o.�,�.n�;�. °� -e' �•-i^w-�'.:;°":•�-r'y•y;..- •- �-'�;'��'°",".:-�r��'•:;...:.:..;r.,:;.� . ., provisians hereof, (i[i) next, ta the payment of any junior lien obligations issued pursun,nt L:'; =;%,��;."_,,:,;:.:f�';:w,'.�,.-i�rFti�,., 1 to the provisians hereof and iv thereafter to the Governmental Unit far an lawful ' 1 � � •. G. 'i: : ".-.:w �; �.' r t+�, X1�f!�;� � : > > Y �'�.� , �'��:``�:zf=���•:�'r�}��">�' , � purpose of the Governmental IInit. The designetion and estahlishment af the Revenue Fund and Sinking Fund pnrsuent to this Section 3.10 shall not be construed to require the ' � establishmer�t oP any completely independent, self-ba�anetng funds as sueh term is . , eommonly def{ned and used in go�rernmental accounting, �ut rather is intended solely ta constitute an egrmark{ng of certain revenues af the Governmental Unit ior eertain purposes �nd to establish certain priorities Par� application of surh revanues as herein � . provided. � 3ECTION 3.11 ALTERNATE 3ECURiTY FUR GOYERNMENTAL UrIIT NOT$. The Governmental Unit reser�es the right to seeure ti�e Governmentel Unit Note with a Looal Credit Enhancement acceptable in farm and substance to the Credtt �acility lssuer and the Administrator, and upon Purnis�ing such Local Cred[t EnhaRCement or other seeurity, the pledge of and lien upon the Pledged Revenues in favor ot the Gonernmental Uni# Note shall be released and diseharged, in the manner and to the extent speci£ied by the Credit Facility Issver in writtng. In addition, the Go�e�rnmental Unit may provide ior the defeesnnee of the iien of this Loan Agreement upon Lh� Pledged Rever�ues at any t{me pro�ided it first provides the fallowing to the Trustee and to the Credit Fr�cility Tssuer: _���:''�j` (a} Evidence that the Governmental Unit shali have paid, or shall have made �,F;,:.. i:�':�v�':,;. � pravision for payment of, all arnaunts payable under this Loan Agreement. For purposes r. -•,.�,.. . �'`�'�Y�.'� of t3�e preceding sentence, depos{t of direct obligations of the Vatted States of Arnerica �'°�`�V�g�'� which are not subjeet ta redemptton •prior ta mat�rity at the option of the abligor (or� '��-�=�z ���". with the written approval of the Cred[t Facility Issuer, deposit of any other seeurities or :. ..;�+. . ��'��'~ � investments which may be autharized by law from time to time and suffieent uader such f ;;� ��. :.: "" y'§�'�. law to effect sueh � defeasance} in irrevocable trust with a banking institution or trust • !.*j°-. f`�� �`'����{� company, for the sole benePit of the Sp4r�sor, the principal of and [nterest on whieh will be . .-��:`'%1r �'a}��rd� suffieient to gay when due all payments under this Laen Agreement, sha11 be considered �: �,r�°;`� � ,rprowieion far p�yment". (b) Ar► opinion of nationally reeognized bond counsel acceptable to the Sponsor and to the Credit Faeiltty Issver ta the effect that {[} the lien af the Loan Agreement upon the PZedged Revenues has beert defegsed gnd (it) the transaetion resulting in such def�esance does not advers�;ly affect the exemption from t�xation of the ir�terest on the Honds. (c) Verifscatton by an independent certified public accountant of suffic[ency of amounts deposited in escrow Pursuant to paragrapri (a). . LK L-11/16/SS-2 B 8 AA-2822 ��Z� ':.—=-'�"r':���=-R.% ,-_: , .. .��- . . .:.. . . . ^ � ::a.';� '•t s :: t•� ����1 : ;; :�:': %f^�,'4�, �� �r��' .��s,. ;��,��;`�:i �.i, '},"`,i;t�'i? 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'�s �S; i V`�' ,r. iy�q wtti,ti � - ry.y;t .a: �er ;[,ti. ' �M{� r�riL ' �i�w,� ,rc}#' ;it'.'� t' ��".,• .�. y,. "�.., f t ' ° '�•7.. , .°' _�a� " �i:�� e �k f;��;F�j;.,,t..i.�.i�,�.:�:i`:.�:-r„:�::'S�, :.�f:..k4'K�t.-'�Y.'::1' :t�;l=:ti;ej?E----'f,. $,��z .A..4�;1,��yas . . S- ��;;'.i;`:`�i �4; t•�1.4•�'£ro°,,°.L2c'%�t (�,� P •...�r,�.s�r:�:a�:twat�.a�l.i�aa. :si:.:... ^_`--i,,,.rr" �.,�,.,a:a`:,E •' � "'� � �r �` ��'�,Y: : /.-, t: f..?;�',�,'x's'.,�4'�R�� :`� ;' . . . � . 3ECTION 3.12 INT�RLOCAL AGRESMENT. This Loan Agreement� together wit� the Governmental Untt Note incorporated by reference herein, shall be deemed to be an Interloeal agreement with the Sponsor within the meaning af Chapter 163, Fert I, Fiorida Statntes, and shall be fited of cecord in aaenrdanee with the provis{ons a# the Flaride� intergovernmental Cooperatton Law. r . i� . . I • . , � �, . .. . ' a . � f . ! , . . � 1 . . ' . y . �1 ' . ' ' , " . ' ' • . , ' . . [: . 1i , . .' . '. �.. . .. 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' . • ��,w • ��� �i 3^i 1�•. �'ty.fir}:�''.•..,;Yf:.:y�r. ;r��i'° '1�.�"�=; t�:��i.',�:;^.. J . <.�,• • �; •,•v: �;•S:t�. � :f1j ���•'Y'• ' . ARTICI,E IY �'�' °.:'' ";:°;"�°; �:a''�`': 3,,'�.;, .,- � ., ��: . �.,� ,. . � ;� `- . ' -..,,��',' iY.r �,5� ; xi:;� ;;Y,s�.:`.;,({''.}: ; - .�(:�.: �, . . .t=; , � COVENANT3 OF THE GOVERNMENTAL UN1T ''�`"° :�r�G�s` �,>�> �?�i'_� :,-'. • ,�s�����`��ds�` ,�;.n:fl=>tr�t,'.•:�;t� � ! - � t '":T' �',�'� '� ' `,�E;' s`i'Pd�;?i:a,:,. `•'ti'�r' SBCTION 4.1 REPORTS AND OPCNIONS; iN3PECTION3. ;'��i: `�:�;���=`:�s���'�•�� � � ;:.� ...:,�-.. .,.:�.,:�:s•di:. . � . .. � ...<<,�,,. , : ;:��=� '�.�':�;�s°�,tz;��- ,.,:�.� �t��, , (a) Until all amaunts due under tnis Agreement have been paid in full, �he �`,`� '��=;�;';;qt'��a:,�:�";�-+�'.��w�;�- � � . :,�•_; :, Ga�ernrnental Unit shali del{ver to the SPonsor, the Trustee and the Credit Issuers within .;� -`:,;�. �s`;s:,�::.,;;;a <';�� i 1 . . �} � , � r,"',.:�,:� � 1 �.�'`�`i°"..i'.ES`'�. ti�'�:i:,. .� r�•,F�.�•�,�. ten aays of the Governmental Unit's�receipt thereof, an annual report prepared {n =':�`:.,��:•��_.:;����::e;�,�;�:^;�s;7f�;r<:_, �- accordance with generally aecepted aeeounting prineiples applicahle to the Governmenta! .:.`:`":`'; `'F'�•;����==,'`. , "_ :.,at: ;,,';..>>...;,„3 �,,.:x. .:,, � '; �,;.? c•: ;��,j, �� ';,s".; �..:, . Unit� and certified by an independent certif[ed public aecountant (or accountir�g firm) ;:'��;:r'�`�,�.�.;::;;�,,.-��>�:;,s��;.,_<���;,,�:�� sstisfactory to the Sponsor whieh shall inelvde a balanee sheet and income statement for t� ::�_'�.:�'".:°gt�.,'�� `;`�°v�.:' �. cr��i.r �'��".`.� `,i'.:rtt nf: ma-�"N i+'�� +. �. 1 the priar fiscal year in reasonable detaii. In addition, the Governmental Unit shall deliver to the Sponsor, the Trustee and the Credit Issuers within 50 days after the end of eaeh fiseal quarter: (i) a reasonable number of copie� of the Governcrlental Unit's unaudited 4inanaisl statements for ti�e prior f[seal qu�rter ineiuding a balance sheet and ineome statement; and (ii) a eertificate stating that no E�ent of Default hereunder has occurred and Is continuing. ,. '. {b) TY�e Governmental Unit shall deliver to the Sponsar, the Credit Facility Issuer and the Trustee, not later than the 135th but not earlier than tha 128th day following (i) in the ease of a Loen secured by a Local �.etter of Credlt, the date of each Losn Payment pursuant to the terms of this Agreement (whether by prepayment or regularly schedul�d payment} ar (ii) as ta Loans not so secured, upon th� final payment uQon the L�an, a certificate of the Governme�tal Unit, or otrier evidence in form and substanee satisfactory to the Truatee, to the effect that� during the period ending 128 days following such payment, no hankruptcy, insolvency or similar proceeding has been commenced by or agatnst the Government�l Unit and that no other event has occurred which would ha�e constituted an event of default under Section 5.1(q of this Agreement (exeept sueh as has been vacated, d[smissed or disehargeci by an order whieh is not subjeet to further ap�eal}. Notwithstanding the paymenx in 4ui1 of the Loan, the Governmental Unit shall p$y any charges Ineurred by the Spansor or the Trustee in connection with any payment undee the Credit Fac[lity by reeson oi�the Governmental LFnit's Failure to dell�er se�ch certificate ar e�idQnce an a timely basis. In add�tian, notwithstanding the payrnent tn full of the Loan, tI�e Governmental Unit shail pay ta any Substitute Credit Faeility Issuer an amount, iP any, equal to the Credit Issuer Rate per annum on the amount whieh was disbursed under the Cred[t Faeility by reason of any payment to the hatders of the Honds being deemed a Pre�erenee Payment (es defined in the Indenture}. {c} The Go�ernmental Unit agrees to permit the Sponsor, the TrusteQ and the Cred{t Issuers to examine, �isit and inspeet, at any reasanable time, the Project, and the Gavernmental II�i�'s faeilittes, and any aceounts, baoks and records, including its reeeipts, disbursements, contracts, in�estments and any other matters relating thereto and to tts finaneie! standing� and to supply sueh reports and informet[on as the Sponsor, the Trustee or the Credit lsauers may re�sonably require. SBCTION 4.2 IMMUNITY OF SP�NSOR. In the exQrcise of the powers of the Sponsor and its members, oFf[cers, employees and �gents under the Indenture or this Agreement includ[ng {withaut lim[ting the forego[ng) the appliaation of maneya and the LKL-�1/16/88-268AA-2822 �14- ,;z� a ._j� �.','z;. � ��k`�. . � r' b ' iLls j,, �; ;, .`'�r� ': ;.���', ;.��,�3�r ��'� ����;y ,�,,i;, r,....f- ^i; :� , riY. '.�'. '`�-_��. ���,�•� -'.,��W�}; , r.. �: �� : � �_,,; � � ��: `� ° ; _�{ :.. ,.. :� I, �Yb'' _ r�-' :a}�'�ti°°.�, • .�' �'j�'��`1.s''�':'�.y?�: . ��j5zie�. Z;h'•3l �� . 1, i,^ . _� ��•r���[$�3� , � 'e: � . . - '�-��''.�:'' _ :.' . . . . . . � . ', , � - ...--_�� . . . � ' , rn '.. • . . ' \:, �Y%`i .Y]e � t• �.: f S r �..��:..fei.W � en.a. .. �:-': i _ . ... , .. . .. , . � � � . - F . . � . ' ' -°,.�..� .�.�,3' '� � � =:�'�.�'��'� .�, , � � � • . • . ' _ ' ' � , -:c:k".s 'r.'°• ':C.•'� ��•"'•�,i:�' r ' ' � . . � `ti' � . �. . . � . - _ ..,��,. . � . •' � �'. . yi.�e?'..;.�,.�F?'t, a��-1.:: ,' btj , . . .. 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' ' . • � . ., F .. ., • ,.✓ , , , . „, ` � , - . � t� �" . ;�4�} ,: ;.�;;� �.r, :.t.'� '�E.� z �� '�i', ,� `�1 �:yu. �R ...�...�.�...1�. r.��.�..._..�. •...!!_.. _ _ --.u.� ».M..� —� _� a��+�r+�.wMi:IYM,�Si��}S��Y11'�!� .��.w.-...__-�.�_. ...................�- '-�..__•5....3. `L••'t .F'eAi > ' 1' � 1 � :.� _{� ''�£L�.t;6" ,5� �. 1./ �j : � .' , �j' Y b T °���.'t . :, i •'jj�� ���t �: *,'�i. 1 : ij• ��j,�7:i.� �•' ia:, 'l�. . ��..' "d;.`'j�:� � investment of funds, the S onsor shail not be aceountable to the Governcnental Unit for . `•' �° '"`�'`'°'�''��_i.�b`'.='� p �. z���:.;. ; :,..:A. �;�� , , any action taken ar omitted wit� respect to the Project or this Agreement by {t ar its �,' ' �"�_: � �,�'�.,. .:�:i �F. .'; . .. ,i : f ^ �5:�4 .` .�.� .;,'.;.:`'.:. � ��':`'.� . i members, offlcars, employees and agents in good faith and beIleved by !t ar them to be . ;�-, .-,.,:r,���:;}�,,_�.����;�- .:�,°:�:�'�i�;�.A:.t. <. suthorized or within the discretion or rights or pawers conferred vnder thls Agreemer�t. �" .• ,...;�,...,r:,�.��;�:zl:..: , �;�: ��.,• ;:�:;;.,,.;.��':;:..�:::'�;��:;,'. The Sponsor and ita members, officers, employees and agents shall be Protected in its ar �.���>,,�, �. �,_�;; ..,, .,:F ,, ,.. their aeting upon any paper or documents believed by it or them to be genuine, �nd it or ��' ��' ,�,:`.�•;� �<.�`-�°:: �',,�s:it�°°: ��:r!• ' they may eanclusively rely upon the adviee of counsel and m�y' {but need not} require :�;���}�' '°��.. �'�^3,�;�:.� � ::,s;. :, further evidence of any fact or matter before taking any act{on. No recourse shall be had -.';;;�;{�'.'�;:;�;r;�;:.�.'`::.;�;�`.��.-. by �he Go�ernmenta! Unit for any ciaims based on the Indenture ar this Agreement `�'?�'= �,'j � ���k; ��' �" ' . . : ; ::,� ..<;��, : , a ainat en member offlcer em !o ee or a ent of the 9 onsor alle in ersQnal 1[abilit '•�'��} `"��-" ��•�-'�" "'n�'`� B Y � � L� Y g P 8 B P Y �,.: '�. ,�; ,.. :_;':,; {�, . on the art oP such erso� unlesa sueh alaims are based u on the had faith, fraud or decett �� -���-'�` '��'�'" ����"'�� ' P P P '°. ,° y. ::�.;�:;". . ;�,,.�,,��,�, : ,�.e� f,;:�..:=' : �:° ;,: ;.,�..:.: •�:::.: ,� o! suah person. The Governmental Unit shal! indemnify the Sponsor and any of its .,.._,- _:t. ;:-,>�•� ,-;:,,,.:.,;.�o,<:;,� , members, offlcers, em lo ees or agents ar�d save them harmless against any liahility ` °` �`'f' ���s'�" '•�'`=" � � j P Y �:� yd'f`_:�t�:r�, .> ...;_�...,- ir�tended to �e precluded by this Seetion resulting fram acts or om[ssians of the , �L�:, ``�;'u: �'� <'; �..'� , �,,��.. ;::-;.'::�~';y •�;-�� • r.� . � a �M : Y•:��,e :5.�::� ;2'r.�. Governmental Unit or from aets or omisstoas af the Sponsor or any af its members � ���' r;;-;�°:=g�;, s: offieers, emplayees or agents in cannectian with ariy neaessary or reasonable aets taken �r'�f'';°; �•�;'t:��:'���=��G';'�;�``�'�:� ' .•. ��, ��;..::�•��;,�<.,�•::�„ : pvrsuant to this Agreemer�t, except o tn bad faith or whieh ; ���;�:'Y;,,�} ��=:.,?w;'. , f r fraud, dece�t, or acts taken : ;,.,„;,� ,;. ,.; . are neglige�t. �'"': s� . ;, , ;: :r.��� : ..., : � '�t• �;.F,�:�j:�td1�'';3. �iVi{�"-. ; �' �:.��. � JL'}�Iii�����.i�.. I .':1,��-°F�r��.. � i„�e:TF��1i��s��t. ` . ,t .� . � SECTION 4.3 COMPLLANCE WITH LAW3. With resQect tn the Project and '`'�:::.� `�'•'�� ��•_° "�a� ��{�v�,;'„w+; �� .t3 �4:�'.1.1'S ii�`''y��r «�t :'3 �.5:� �` . . any addi#lons, alterations, or impra�ements thereto, the Governmental Unit will at all �� �� -� � � ' � � r�: : �;� �. ` F'' .'q�t'�." `-?'�'.;.;1lt_ � times comply w[th all applieable reqtiirements oP Federal and state laws artd wi#h all �..� �.'�:.,,.•�;;�',�':�:�,:x:s:k�°�,�:�,:, ', applieable 1awPu1 reguirements oP any a enc �;_. � s• f 4�a': ,�' board or commiss{on created under Yhe ,� ;°.'.;�• :'°.�;s.����:�:�~=� ;fi.� ;° g Y► � � �•���=�.�'�°�'�3 laws of the State of Flortda or oP any other duly constituted public autharity; pro�[ded, ;';-: �'r';::�`.=' �°��„� '."�:.' �� �� . .,� [vF�_'r�.4,1'�'.:':•.,4�✓: � hawever that the avernmentel unit sha11 be deemed in com lianee with this Seetion 4.3 ::�;`�'�=� '_��'"`�';``��;�°': � r � p ',a-. � r� �r�-;:.,�,�,>�:,>�.� �;;;�::� , so lan as it is eontestin in ood faith an such re uirement b a ro riate le al ��'°:��:`.. '� .;•�'- �'�'.}�' B S g Y � Y PP P g �,-.y. ���; .''�'r�`� :�, ,�°��t=:�: � '"�' :� •-,,.1;; � proeeedings. `��.�, ;z:��,�•��t�_�E;��;: ,;i'=,���,;�;,;=w,�. � • . F � � : �4i'A .'F.�.:.� � J,� ._..,^;,�_ • 3ECTION �4.4 I53UANCE O1� OTH R O �t` ,,�� , i ��;��Y. E BLIGATIONS PAYABE.E FROM `��'''�'`'" �`�•'�'s� '��'u;�:,�;''•�� ':' .t PT.EDGED RBYENUE3. So lon as the Governmental Unit Note rema[ns Outstandin and �`�`�'�-��,�.��-".`3j:"��;':•''.� � �,F. .�n. ...i'rtit. .�. unpeid, the Governmental Unit� will not ssuance of any t '� �'�"=�'<'��rr" J`�r� 53"-� "": ' issue or consent to the i o her .;�, ,; ., a=�'s ti� � tz. - , r•. � >�>~+;:r'- �:E:�, obligations, excepr under the cand�tions and in ti4e manner provided herein, payable from ��`��� ��y'�`'�� ��"` � �jg.:" .tr1 �.P. the Pledged Revenues or any portion thereof,,.nor ❑oluntarily create ar cause to be • ';�� `� � . , : ' .;�'., _°;:.,:: :., :,: created any debt, lien, ptedge, assignment, en�umbranee or other charge, havtng priority ���'��'�� �' ::°�_���.;`::.�;;A:,':':�:-. ' to ar being on a parity with the lien'of the Governmental Unit Nate and the interest �'�,t:'�>' �;,.-:^��;'ti�':'�_t�;,;:;v;�',� t�ereon, upon the Pledged Revenues. Any ather obligat[ons issued by the Governraental �`'��' .� `"'� '°' r'" �� .}..{.. - ':",,�;;`'t:.";�;;,':;,i�' Unit in additian to the Governmentai Unit Note or Additional Parity Honds provided for [n �y:'��:�r��. `';."f��l��.}`;;� �' , ".,.5_., : .;:.��.�, '�<�:;`� Section 4.5 hereof, payahle from the Pledged Re�enues, shall contain an express ��r�:•�`.?;;;;�'.`:�-�,'�_,;,,-' � :�:. ,_�; statement that such obligaiions are junior and subordinate in all respects to the '.�"�� -�'�'�: '"'`;` �:-°' �� ��F�� `� Governmental Unit Note as to lien on and source and seeurit for payment frorn the �;=`°_.�'':'�k'��;;" =�;'�:�����°�J� • r Y ��;,� °�;� ;r�. �,�rz�'�:'�; ��1' �'t.., : :�•� ;.:;,, . Pledged Reveaues; pro�ided, however, that tiie Governmental IInit may also grant ta the ��.;.,;:��.,�;��_-�, �.�:»,��;.;�,y.�.;��.�,:� pravider of a Local Credit Er�hancement for the Governrnental Unit Nate ar any Pro�ider �:�r;�y'�'`';:r��� -,�;�'' �.�x;�S';���'rY` of I,ocal Credit Enhancement with respect to any Adciitional Par[ty Bonds, a lien u�on thQ .: �;',':''°� i�r';Y;�:' ~:=4^;'�-^:`._ :: �.. ;�� � .,:_ : , Pledged Revenues eommensurate with the lien granted [n respect of such Addttional �"`'�' `��-�"�''`�'"-�'`��`'�}'� „_ :"��:�:� :.�., . Parity Bonds, provided that the scheduled Maximum Annue►! Debt Service on the °`:�:"' reimbursement obligatian under any sueh Local Credit �nhancement would meet the �>'.f requtrements hereof, as appropriate, without regard to the Maximum Annual Debt Serv{ce - on such Addttioaal Parity Bonds, as the case may be. ��;':::; LKL-I 1/16/88-268AA-2822 -15- ;.. .����� -- �— — — . — ",��5'�,';�^ ' ..,'�'^W " , . ot;��'•,: ;.'�.`,'r�.�i;•r��.-y.-a��3 r�: ,�M„_'�Vf;Y:, r«Fd.��h��� .'� . .t'�.;t�i�i�;�`�'�ruf• .j��,., ='i�;,"r`:'i'iE: �� ��r�.'i'tit,;.s-,r: � .,E . a :riti �� i� ' .-' ��`s •Y.��ii ` .� ;.ij��,�."i � . ����}.��I�� sY''t�t�'s;fi4Y+F�.a�a .,�,:'+.,'e"t*'�'� . FbYav"t . ;; �.3• r�`:y�!� c��a�'t�+�����i���`''i�.:'. � ., °Y �z;' x : i°fi� :�ti.^.�, .�e`�+';':- ':'7, � � ��±i't!��.'. �l� ; {:1t: ; �.._ ... � :� �;��y :�;,,,e � ."�.i`�;'��+.e;;�;J,.°��4#; r7:el. ..z�� �-�'�.lr= .v:.f;.y. €:ra; :• �: '': �:.,r3 . �''g::kE:�i�t�t�iis,::1.�:. ;.ti: • °�:?�d �5,-r� ' � � " k��`� �� .. �`; �'�';`�.;;?°. 1 � jf, . 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', '�-�. : , .. . , . . . . . , . . � ' � %.M1� ��� :�g.fii a. .. . :�t�'i� ' ��``"",�K:s ±.�,' ..._..., .. ..__.__.__,..�.._,.�.— ..}4:'�' •4' •�. � : f�� � - �:,;ti� ie�''PV.t•: ' , ' '• ' g'a�''•"; �.' . ���,� , �4Y • • • 1rJ •, -i•0.�1 ! ;;,Y'' �'':+',k4e, , ' ; y�� ���: �:'t i .;t` �'������tL, Y . ;:1"�;�� �•� 5e� ` ' ; . • :f'. :1'6: "'`:) <<��� ., . '�. � �. .,ri&:!!;F''s'.:' . . '1:�:., .fi�:;<:';"'.�: _ . �': .,r;'.'' `;;:,`'r,;, : :k. + =� �i :�;r-:. �ECT10N 4.5 f3SUANCE OF ADDITIONAL PARlTY HONDB. No ;'� `'° � �''�'' �° '"�":."": � . t� ry ';•��:.;�2.,�:.;_;rti�,�;:.. . �'�;�; ' -•:.». . - .� Addttlonal Parity Honds, Qayable on e parity from the Pledged Revenues with'•the :� 5��-�>�'`4;�^��-''y�'�": �. ' : �t:; . ,zr ,.,�, ,;;.;e... .. ; - � GovernmentsiI Unit Nate shall be issued after the issuance of the Governmentgi LFntt '�^: ;: a=;:`._.�:''.:r:u�� .:`:;:=;;:�� s`" Nate, exeept for the eanstruction and acyuisttion af capital projects of the Governmer�tal '�..'j��:``.°°`,"": `";...'"�"�'`"'�" • � •., n_e.,e,.�..�;,�-:,,�,--,a,:,,,,;• . . a r;.. ^ ,.. �:.�„ Unit or for refunding pUrposes and except u�on the cor�ditions and in the manner herein °:=�;;,:;�..,:y;:;;�-;,,.,::�.,;,y�3;=,..,. provided: :f:; ��`.°;����:'� �•;4�t:;��,': '�i � � . �. �11F� .7� ':hvt'�� ��.. . + . ,'i:i. ���H..q,:,w,5.+;. .r, �y ,. :l'.: :'� ��.' �'i :i ' � .,, f., - ��' :r�.��,�.i.. � i (1) There shall ha�e been abtained and filed with the GovernmentaI Unit a �.,:,'��.::,;;z�_: �:�..,,> L��;::;,; ��,�;R����:� ; eertifieate of an indeper�dent certified public accaunt�nt of svitabie experience and ;': �,:':;::;::;�'�;�;.'�.;.'�x��i=,',��.��:?� � �"�"�� � responsibility; {a) stating that the k�ooks and reeords of thQ Gavernmental U�it relating to ;::�,�;�::':-:�:��' ;�,i:��4�:�%'��': ' '���: _, ... r: :.€=,���; ,,�.,�' �4 �•. ; . the coliection and reeeipt of Pledged Re�enues have been audited by him; (b) setting forth ��`��`l ���. �����w•��-�� Y�������' �� ��' .,-�.��,-:_,: � �; < ��� ' '`zl;�'r � ;;e •.;;_�::1•;�,'r;�,��,e.. �',;,,• � • ttie amount af Pledged Reeenues, as defined herein, recei�ed by the Governrnentai Unit • � �-�;.�y, .�;; �h-�.�>;;.�,-• ,,.. t ,, for any twel�e eonseevtive manths within the eighteen manths imme�iately preeed�ng the �����;�, `r�°��'��'�`�'� "��� `°� �` � ��,. ,, ';t;:�'.;,� s,�'�, � , • z�.�,,. �,: '����`',+:.,,..7� ,..�:f,�,,: � date of deltvery of sueh Addittonal Parity 8ands witn resp�et to whieh the egrtiiicate is �"�. �:������;._.;.;��., . �c;.,:<4�; =;� � �� � made; {c) stattng that the Pledged Revenues, received by the Governtnental Unit for such �..�,,�4'� :'=��;,:,�:��-y;��''�� ��'�` ; _,,..„it..��i. s';-fT,'c..�!,i:��,�•,�a��•.. ,�_ twelve month period equa�s at least 1.50 ttmes the Maximum Annual Debt Serviec on (i) •, the Go�ernmer�tal Unit Note and ail Additional Parity Bonds, if any, then autstanding and .•� (ii} the Addttional Parity Bonds with respect to which the cert[f{cate is made. Priar to ;'�°� � retirement or defeasance af the 1984 Sonds, such Cf:I'L�f�CtiL@ SYla�1 sta�e the amaunt of 'y.. Pledged Revenues received during the immediately preeeding fiscal year and shal! state ,���:.•-` that the amonnt of suci� Pledged Revenues received Por such fiseal yegr� less an amount ''' = equal to Ma�cimum Annual De�t Serviee eoming due in any future year on the I964 Honds, ;_',:,;;�>:= shall equal at le�st 1.50 times the Maximum Annual Debt Service on (i) the Governmental ��'�':;_° Unit Note and all Additianal Parity Bonds, if any, then autstanding, and {ii) the Additional �"�; ��."� � Parity Bonds with respect to, whieh the certif Ieate is made. ii .A;�,;`; $, t' � . t'�.��;K .'• � .; ��a.f�,,:: (2) There shall have been prepared and fiied with t�e Governmental Unit a '�;�r-'i;�`� eertiPicate of such inde endent certffied uhlie accauntant est[matir� that the annual , �. ; _�, P A B � A;.�r'�. � budget of the Governmental Unit for tne current �iscal Year in which the Additional '•������,;`;'� Partty Bonds will be issued, adjusted in aeeardance with sound accounting principles, will P`�°� '``' � be sufficient to pay all expenaes to be �ncurred in the op�ration of the Governmental Unit �?,';;;_�ti � I :-����'3;•.,�; and to pay the Maximum Annual Debt Service becomir�g due on (i) the 1984 Bonds� the "f'" �'�"� Go�ernmental Unit Note and all Additional Pari�y.Honds, if uny, then outstanding and (ii} �.� _:;�=i �Ar�'�3 �� the Additional Parit Bonds with res ect., to whieh the certiFicete is made, '•.t�1.;� Y P ^,� , .. �-"'°�; `= . (3) The Gavernmental Unit shall not be in deFault in performing any of the }..;��:�:;": eovenants and obligations assumed hereunder� and all payments herein required to ha�e .}�k�" been made into the aceaunts and funds, as rovlded hereander, shall have been m8de to = b�'F ;�;�X: the full extent required. � , '� � (4) No Additional Parity Bonds bearing interest at a variable rate shail be issued while any port[on aF the Governmental Uait Note shall remain outstanding without the prior written eonsent of the Credit Facility Issuer. (5} Notwlthstanding the Porego[ng, the Parity Loan, be[ng made eontempar- aneously with the Loan made hereunder, shall Par al1 purposes be deemed an Additional Parity Bond, without compliance with any of the terms of t�is Sectton 4.5. 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' '�i' . ,is�`;y`. ,.1 :4'i ,+ E"� 'i"a •�E � � i . :: +� ' ' �'" . . r �''i' '_'° 1'- (• `I` ,i' ��X�;�' :"k.: ;C: , , , :'i -� 5, . , ef. �� �6ry :.J^ . C .� !i ir�. . � . - �y f �•' '��. . �:s, ,� Z . ����- 5. . , � ,f..� �•� • , �) �. � � : ( e } .��1.' � . �.1... �. .t'. '^K'r. .F � 74 . . . 'J, :j� . :1,• , ��ni`� ,^5?. �i.�"�� ��s` , 'f' . .. :�. '�i�� ,ts.� ^�Cp_:. , 9 t`,4�+ • -�•,• � ; �.;t . . . -' }- , '�� a t�l � ! . i . . ., f k • •t,. �S'� •:S.s:F,°�_ 7' � . . .9,.' . ' " ���� �:(. �:t. � . �`. . ' t'^ q'. :i s , rY '_s� � , �. . �t .:� "f / :t° `j l�e . . . � , '��i �,\, . . . . � ��.� : i .i,' ,. - . � '.r�' , •:s� :r�'.'f.`� �;9�'� . . ' . . . � , . '�}' :1 �,ia�':Cf_•,,�;'j4 ?• 1� . �'' . � - ` ' � , . . i` .. , � .f� �y ..L' -.t ` . � . . . . � . . � ��' �' :�t;^:':;,� ;,. . 7}`r,� . ' . , . .. 1 si, 1 n1•yi y, r,'r�� . .S. ,F . , _ .,� ,.1"q,. .� e. � :�� . � .�� . . . . . '1 . • ' . _ '�' '�, `jB, - — `: ;. 'C_`a... !. 4�, �>�'. . . - - - - --- .,.�w»...,. . �w-.. _.., ._.�.,...�.s..�d......� ...... ......:fL� — - -- ---- , - ,_...._.. - -- — '��� ",'y"j.�,. � SSC'1'ION 4.6 ADDITIONAL COVgNANTS. � {A} N� PRIVATE USE. The Governmental Unit wil! take no act{on, or permit or sufter any action or event, whieh will cause the Government�i Unit Note or the Honds ta be an "Industrial DeveloQment Bond" or a"Consumer Loan Hond" within the meening af the Interaal Revenue Code of 1954� as amended. No portion of the Projec:t wtli be used �n the trgde or business of any Person (ineluding any governmental body or publ[e instrumentat�ty) exeept the Go�ernmentel Un{t, by lea9e, 13cense or management eontract or otherwise. In this regard the {3o�ernmertel Unit further certtfies that {i} not in excess ot tea �ercent (1Q9�6} of the net proceeds of the Governmentsl Unit Note will be used for Private Bus3ness Use if, {n add{tlon, the payment of more than ten percent {1096} af the prineipal or ten percent (105�6) of the interest due an such Governmental Unit Note during the term thereof is, under the terms of such Governmen#al Unit Note or any �nderlyinq arrangement, directly ar [ndireetly, seeured by any in#erest in property used or to be used for a Frivate Husiness Use or in payments in respect oi property used or to be used for a Private Business Use or is to be derived fram payments� whether or not to the Governmentel Unit, in respect of �roperty ar borrowed money used ar to be used for a Private Husiness Use; and (�!} that, in the event that both (A} in excess of fi�e percent (59r6) of the Net Proeeeds of such Governmeatal IInit Note are used or have been used for a Private Bus{ness Use, and (B) an amount in axcess ot fi�e peraent (596) af the prineipal or five percent (596} af the interest due on such Governmentsl Unit Note during the term thereof is, under the terms of sueh Go�ernmental U�it Note or any underlying arrange- ment, direatly or tadirectly, secured by any faterest in �raperty used or to be used for said Private Husiness Use or in payments in respect af property us�d or to be used for said Pri�ate Business Use ar is to be derived from payments, whether or not to the Governmental Unit, in respeet of property or borrowed money used or to be used for said Private Business Use, then said exaess aver said five percent {596) o€ Net Proceeds af the Governmental Unit Nate used for a Private Business Use has been ur shall be used for a Private Husiness Use related to lhe ga�ernmentai us� of the System. The term "Frivate Susiness Use" means use direetly or indirectly in a trade or business carried on by a n�tural person or in any aetivity earried an by a person other than a nstural per'son, exeluding, hawever, use by a state or local gavernmental unit and use as a�em��r of the general public. ', ' � ., � LKL-11/16/SS-268AA-2822 , -1?- . _"`"'�'.`..,,x�-�'��.�-�..�,:•_;'� �. -r.-,. . . _. •' - •rL�-T���� " '• . , - _ J f -." '� . . . . . . 'ti���': `,5:� �,f:f � i-. .�. �� i�.�t.?.r,-f�a�� 7' G� �? , '.f� "., �S��xti :. �"4. "�� Ye �,..�;�'�:�;�ar.:,; �.'s? . "i��;�;y'!�'.;�,".";,?� 1 t ;'S ,�;? . •.Y,-.I �'. �` ': �"�:��'��� ,'ti . � . ; ; - •r;� ^ y y� �.,��>;`. �ti��•a ���. -?� "�:'..�d�,,,. p 1;• �'�: � . �<<•,G',��'� eu� ����. . ;,�v,,.�.,'v� �,z�;,:i:�� `��'� �i� „ E: ":: �r_ , .:{f - s'xi 4,,t . r_, . . � . _ ;�� � �r = . , .. . . . . .. , . - ,. .. . . , �. . . . . . ,. . . .. . ..� � ._ .. . . ., .'� . . 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"t• � . :Ir . . . .. � .. . .'t�. �T� i6. �l`���.t��<:': . . ' � . ' .. . . � . . �� �. �,'t,•: �'y:i��� .�!„ . . . i,, � . .. . � ' � . �. ' •}` ^E�., �✓�. 'v.,�''-.pd: f t������ �` . ,.tY+. . ' ' � ' . , . . . ` '� .:4 t� �,�1..?:i•ie^��i. °S�'• ::'. , . '.fS.' �..; . , . 'i� �. f;. 1� . . .r . , , � , . . � . :l� y5.4,'r� .S. ��� ' . .t � t. ' . . ��Il�' 1 _ . , • , . ` .. , 'a',, '•f )/s',' I � � :�. . .. '.I•".�� .'Yr���: � ' ' � +' � .0 � .. . . f . . .. . . . ' � �,r., �.i��,F. . . � !f� ..F�... � � , . . �, . . '!)�' t�.�'=�°`tt� � �f � . . � � � �se� 'fi'.i '.'��ir�. • � �� . ;k . . , . , ,,..1;:;! ;: ,i : r�h.:.,:. . . . . . �r ;�s�� ;::���:i�,� .r;ri . . . , :.r��. . , . . . . . . ,f , ii ,`,', -i,=•'°t;�� �'�; .. . ' . . ''i1 . , . i-i' . . . .'t:S:").�.�;''�' 'i:. .xE,.l,' .. � ..�� . , - .. . ' . , , �.�'`. .. ,1';;.' "i;:`y '� F""��' x`„rr i; �ii•. . 1 . . e , : �y�,� � . , � t'; �'p �.�1�.4 at.�L t' � . il � ' �SS•,�F,� . . , . : " . . i `'� . � ' '..`�: .��a �;,i�.•.T33v`. . , . �:ifE� � ' . . ,.t,:� . , ;�i � ,,i'iy's� ''t,, `3 . .[" �r ;i: , . . . . . . • . • �''-. `•� ; . . i. r �; � .'; . . . .� . . . . .�'�+�� �".. _ ' :r`' .'iy� . . , , ' ' � �.. . , , � .. .� , . = , .,•`. ' 51�. .'�`` ;,; . . S'� ' � i J . • ' . . . , . . � . , . . 3S', . ,t4� � . � ..j^ � , ` q'1: ' :i�r '�' •.;iS. . . � . . . ' .. � . � ' . ' •.�.�. '.�• i1�` . ' . + �5� `'✓`. � . . f . . . . ' .. ' . . . � . �i�� . • .' ' � .. . :;:4;,x•.=a+' .. . . •. . ' . :a. �r'r�. �s �� . � . . i . . . i` . '�4� . , . • . .S. . , . . . 't -�'' : e . . . • ' . , • r .x,'z.:.. i: i k'.' , . - . . , •. � ' � ' `• t. , . i' . . ', .. '�' . � � . �} ,t:: :r , ., ;�:�`.� . :' ,�:';�;,. . - � . . ; ' " �1. � � . ' ' - , . f � . . . , .. . �, .. ;r. �•;.::'..':;� �tr , , , � . . , , . . . � . � ' � ' � '� � <�, ;'`.f:�,..a; .. . ' , . � : �, .� � , - . _ .. :r � � . . �� ' � . ' � � `i�.'�i:,; • � . .'�. _. � � ' . . .. . % . . ' -, ' ' . ' ' , '.' .L"`•. . ,�'�� .,`:.:°J,';�. ,�,i,`j:, . . . . . . �: . , r ; � ; �� .�,yi � .c..•, _.... __�... . .. .........w.....r'! M.=::zu-...� ;,i: �i�.� ',� , t.�,:: , �; �. �:9 n ' 7 � � ..,� Y[�;}�,,i,.°.: ,1i,, .�,'1. � .s�t�+'`� `��.;..F,a�1 '��.•: .i. � ARTICLE Y '�� <<?°�,';` `''�� BVENT� OF DL�FAULT AND REMEDIES ,..''� �?�`,�Fr ,`;:E'�tL } .. ....''�:�:�=t ;'.`,, ��'3 S . �,: b� .1 � ; . .,, � � ;t:� �� 1;�r;'�,_,. ':r ., � � -. �•,;•-.�a � , SBCTION 5.�. EV�N'I'S OF DEFAULT. � Eaei� of the foilowing events is ;;�:;;:;�':!:�.�:,F.�, a .r.,=', f7 t,r '• � .,r � s ;. i hereby defined as, atid deciared ta be and shall eonstitute, an "�vent of Default": '`� �,�,;.;s��;;: :;;;, t •.'�.; :.: �; � � � .�4. . �i'l` ,�-F.r.^.��,; < (a} Pailure by the Gavernmental Unit to make any payment required to e���op�;:'.: �t.:,,��?;�-� be m�de pvrsuant to Section 3.3 or 3.5{a) ar {b) hereoF on or before the date the same is �.:.-�;. -9:�:�;;�.�; �;:F�..`: due; or : 'x�`;;:.ls ;�;:�;;v.. ::j':.: ` _'v..';�,;:,;;? (b) failure by the Governmental Unit to make any p�yment reguired to '':r>„';.;<,';P;E<?-,°,.:�;� 6e mad� pursuant to Section 3.5(c) hereof within 3fl days after the same is due; or `�' ���x'`"` •`;':��"�' (c} with the exceptions of those eovenants set forth in Seetions 3.3 and 3.5 hereof, failure hy the Go�ernmental Untt to obser�e and �erfarr� any other covenant, condit�on or agreement an its part to be observed or performed under this Agreement ior a period af 3Q days after written notice specifying sueh fa[lure and requesting that it be remedied is given to the Governmental LTnit by t�e Sponsor, the Credtt Fsaiiity Issuer or the Trustee; or (c3} if any of the representations, warranties or certifieattons of the , Governmental Unit under Section �.2 hereof or otherwise made ar deli��red in connection herewith ar pursuant to the Indenture ahall Prove ta be false or mislead[ng in any material respeet; or (e) (1) the Governmental Unit st�all make an assignment for the benefit of creditors, (2} the Governrnental Unit shall apply for or seek, the a�rpaintment of a reeeiver, eustodian, trustee, exam[ner, liquidatar or s�milar officisl for it ar any substantial part of its praperty, (3) the Government$i Unit shall faii to file an answer or ather pleading denying the material aliegations of any procesding filed against it described under Seetion 5.1(f)(2}, (4) the Gaver.t�mental Unit shall take any aetion to authorize ar ePfect any of the actions.set forth in Sections 5.1(e} ar 5.1(f} or {5) faii to cantest in good faith any appointment'or proceeding described in Sections 5.1{e} or 5,1(f)� {6) without the apptieation, or approval or eonsent of the Governmental Unit� a recei�er, trustee, examiner� 1[quidatar, or simiFar official shall be appotnted for any substantial part af the Go�ernmental Unit's property and suc� appointmer�t shall continue undischarged or such proeeedings shall cantinve undismissed or unstayed far a periad of 30 eonseeutive days, ar (7} the Governmentai Unit shall be in a state of financiel emergency as defined in Sectian 2I8.503, Florida Statutes, as amended, or any successor statute thereto; ar (p} (1} the Go�ernmental Unit shall be adjudicated a banlcrupt or become sub�ect to an order for relief under federal bankruptcy Iew, (2y the Governmental Un[t ahall instttute any proceedings seeking an arder for relieP under federal bankruptcy law ar seekt�g to be adjudicated e► bankrupt ar insolvent, or seeking dissalution, wlnd[ng up, 1lguid�ttaR, reorganization, arrangement, adjustmeat or camposition of it ar its debts under any law reiating to banlcruptcy ar Insolvency, (3) there shall be appolnted a rQeeiver, liquidator or similar oificial for the Gavernmenta! 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' . � . , ' • � � : � � � ' . . , .,� � , . . . . , ' � . �r�, ��'4 � • �. . . , . . , ;�. .. . . ' , � ' ' ' � , . .. . . e ., `t . ' � . � �. � . . � ,.1 .. .Y, ii' .,. s....o..��..,._�. ... �. .a.. . .. .. ,.. ._ ..." '...».w _ _—_ .: °`. ,,7;.':.;`�li .F , � . ' k� �. ��. `���` � ..' :r�. •., :: ; ', � � . � �r, :�.!��it.; .:�.�.' ` , — ,.���.� _ .''`.:`'°;,;���,�?:`,';��;,",;, Governmental Unit, a recei�er, trustee, examiner, liquidator or sim[Iar off�cial sh�l1 be „ 'L` ::=';,�'``� , ; ;, �,: :: .-,��; • appointed for the GU�ernmental Unit, or a proeeeding deseribed in Section 5.1(f}(2) shail "`' j}� :�_"'=`�'`" .`;,,:,... ,:4" i . r:,... ,..�.�,a,.. be instituted against the Governmental Uait and such appointment continues undischarged ��` ��'�' ��"'''' "��� =� ;°2',rr�' 'i.r i ar such proceedtng eontinues undismissed ar unstayed far a period af 30 eonsecuttve days; ..: �.�.;:;.R�?�`�'.:'.:';. :t:;,:�: :r;' the mere decIaratton af a state o£ fin�ncial emergeney under Seetion 218.5D3� Florida �" `." "' :;:�;'.��;l;;. '' ��Tj ti�, '•. Statutes as amended shall nat in anci of itself constitu#e a default under this Sect{on • :� _+:;��!:�':°::-•`':';"`_ �; f� r r '., :;: e :�.. � •' .,,.,. . 5.1{�; or � ��.= =�,',' �,1::i;,;: �`�� : :i' ''r;;3�lc"i,.?'��:�„�''-�SG�.. � (g) the fatlure of the Governmental Untt to provide a replacement �or any �, �`, '�'�;:;�::;'•�:�ti1;:>�;' , �� : .:,...,,,.:,,r::�;. .p;, � Locsl Letter of Credlt reqvireci with res�ect to #he Loan, whlch replacement has been �'��:.`•��?`: �'as,� �._:.::�:�-f-: ''�:�;�����.,���= ��:",";�-::•w�`:.=;:�r"� approved ia writing by the Credtt Facility Issuer, by the 15th day prior ta the expiratian ;,.•,:,7�.,~F,I°; ��;;��;_�.� �,;� ,��� .a or non�renewal of the existing Local Letter of Credit. ,�' �r�P, "�"`.�'" �-:a �: ' .l- tl;.l7 .jd,`.'•• . : (pv,;°,i�,s'�ie;v'. , ;•.; , .�i�; . � �j ' . " ',•: •;'��, ,s:�.�u�;,`;�f; ��',, i 3BCTION 5.2 ACCELERATI�N. If an Event oP Defauit• as defined ta � '��-� '� ��-`�'�?; i' "�';'. `�.' � . � r ?� . • �!`i�s»•�;� � . itL t ��05 . :,s=,,. ,'«��1:i;�:rMfV:,;1. }... � Section 5.I{a}, (b)� (e) or (f) hereo£ shali have occurred� or upon the 14th day prior to the x;:; �";;.�:� �,, ,; �;:;w.>: ��� �- �. ��,�- .:;,`:u.:;�::��°� �s°=:�. expiratian, term[nation� or non-renewal af � Laeal Letter pursuant to Sectipn 5.1{g) ;:,1..;-:;.�; �•�;.,�::�t�;`:q,�;;�, ����:,.oft�1,.,+ hereof, the Laan and all other s�ms which the Governmental Unit is obligated to pay '�._�+�. �;;:�;;;:;`,:,::,'�'.Mh����.'•:,�� � under this A eement shall u on dlreetion o£ the Credit Facilit Issuer beeome due and '�°°'-.';��,i;°.~E5'������FP,k;, ' 4 1.1.°_• 6t' � P Y � ' �.�:K: :�..•� �`�- ����:;�'a0. , a able imrnediatel and the Commitment shall terminate, w{thout further notice tb the ���',�::`';':. _;�;�_:���,`<�i.�,.t�';��"_�� ' !� Y Yr ��.t..;..�.,,,; �•. � Governr�tental Unit. if any other Event of Default shaIl have occurred, the Trustee (as the ��,.�`'`� ����'�'� '`"�"�*'' `'° '''•'�' Sponsor's assignee, or any assigriee af the Trustee or Ca-Trustes, as rney be the case) sh�ll, but only uPon direction of the Cred[t Faeility Issuer, by natiee in writing to ti�e Governmentai Unit, deelare the Loan and ell other sums wh[ch the Governmental Linit Is obligated to pey herennder 4o be due and payable immediately, and terminate the Com�itment. Upon any such acceIeration whether automaticaily or by declaratta�, anything in this Agreement contained to the eontrary notwithstanding, there shall become ImmediateIy due snd payable, in additian to any other amaunts then due from t�e Ga�ernmental ilnit hereunder, the sum af: {!} the outstanding principai of the Loan or pro ' rata partion thereof, as the case may �e; (it) accrued and unpaid interest on the Laan or pro rata portion thereof, as the case may be; and (iit} all amounts which would be payable in excess oP the sum of: �x) the unpaid prtncipal baiance af the Governmer�tal Unit Note ar pro rata �ortion thereof, as the case may be plus {y} accrued and unpaid interest therean, in the event the Governmental Unit Not� had been prepaid in aecordance with Seetion 3.4(b) hereof on the date af aceeieratiori pursuant to this SQetton 5.2. SECTiON 5.3 PAYMENT OF LOAN ON DEFAULT; SUIT THERE�OR. � I � {a) The Governmental Unit covenants that, in case default shall oceur in the payment o� any sum payable by the Governmental Unit under Seetion 3.3 of this Agreement as and when the same shall beeame due and pay8ble, whether at maturity or by aceeleration or otherwise, then, upon der�and of the �ponsor, the Credit Facflity Issuer or the Trustee, but only upon dirPetion of the Credit Facility Issuer, the Governmental Untt will pay to the Trustee {or its assignee) an amaunt equal ta the sum of: (�) the amount deseribed in Seetian 5.2 hereof; {ii) aIl acerued interest on ths Loar� to the date sueh payment is made; (tii) alt other amovnts which the Go�ernmental Unit is obligated to pay under this Agreement; and (iv) such further amount as shall he sufficisnt to eover the eosts and expenses of collection, in�luding a reasonable compensation to tne Spansor� the Trustee� their agents, attorneys and eounsel� and any exp�ns�s or liabilities incurred by the Sponsor or the Trustee other then through gross negligence or bad faith. 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' ::i :1 t•�y'•�[r•J���l�•`y•. � • r� .1��.} •;f: ' 1l� :]: � Y' � e 1•', o�'�' YI i:: �'�< r� ;� `�! �1,-• � "". . 1` r.: :�t �,`�.. `� ; r t ,�. :l..s.'°":3• '�� ,<c'. :ei.i,•.',-,- � {b) in case the Governmental Unit sheil fail forthwith ta Qay sueh `''''' .,� =``,� amounts upon suc3� demend, the Sponsor or the Truatee (or Ite assignee) shail be entitled ;;e„t,F��.°.''`.;�::;<`..�,�:`"��.41s and empowered but oniy upon direction of the Credit Faeillty 1ssuex�, to instttute any `_�r,;;""� ;e';i��" �,- ;p' �;':� ' actions or praceedings a� l�w or in equ[ty for the collection of the sums so dae and unpald, 4�.."� .:�:::� :� �:;;.���=-��« �'-���:�ys and may proseevte any such action or praeeeding to judgment or final decree, and m�y ��`:';:a�°s::�:; `�.°y;'� :; �`'`��'�,•e�;�f^;�' enforce any such judgment or final decree against th� Governmental Unit �nd colleat in '''''�i=��::''`'"'��°'�'��3,'`�'_�y' � - �.,., �.,•.. �, : ��_::; . .��.�. . , _°��•.`}:s� ,� ; - the manner provided by 1aw. :'`:: :;�:.` °�::��.. ♦'?'`° ;,;; � �.�,{��;�t,�,��i;;;A��r.. I din sha11 be ending for the bankruptcy ar for _ ^:�c�:�'"` '�a"': A'`��`�'�`5��:., ; {c) n ease any procee gs Q the reorgenizatian of the Governrnental Unit under tne Federal bankruptey laws or any _ other agplicable Iaw, or in case a reeeiver or trustee shal! ha�e been ap�ointed for the property of the Gavernmental Unit, ar in case any �ther similar judieial praceedings shall be pend[ng relating to the Go�ernmental Unit or to the ereditors or proQerty of the Governmental Unit, the TrUStee (or its ass{gnee} shall be entitled gnd empowered� by inter�ention in such praceedings or otherwise, ta f[le and prove a claim or claims for the whole $maunt of ti�e Loan mede to the Governmental Unit pursuant to this Agreement and for interest owing and unpaid in respeat thereaf and to file sueh praofs of elaim and other papers or doeuments as may he neeessary or ad�isable [n order to proseeute the rlaims of the Trustee (or its assignee} tn any such judicial praceedings relating to the Gov�rnmental Unit, its creditors, or {ts property, and ta eollect and reeeive any moneys or other property payable ar deliverable on any such claims, and to distribute the same after the deduction of its charges and expenses. Any recei�er, assignee ar trustee in bankruptcy or reorganization ia her�by authorized to m�ke such payments to the Trustee' (or its assignee), and to pay to the Trustee (or its assignee) any amount it req�sires for eompensation and expenses, ineluding counseI fees it has incurred up to the date of such distr[bution. SECTION 5.4 OTHER REMEDIES. {a} Whenever any Event of Def�ult t�ereund�r shall ha�e occurred and be aontinuing, whet�er or not all sums which the Gaverncnental Unit is obligated to pay under this Agreement shall have been declared to be immedi�tely due and payable pursuent to this Agreement, the Sponsor or the Trustee (ur its assignee) shail, but anty if directed by the Cred{t Facility Issuer,�. take whatever action at lew ar in equity as may appear necessary ar desirable to eo�leCt the amounts payable by the Gavernmenta! Unit hereunc3er, then ciue and thereafter to beeome due, vr to enforee performanae and observanee af any obligation, agreement or co�enant of the Go�ernmental Unit under this Agreement, including the applieation oP any undisbursed Loan proceeds to the reduetion af fihe autstanding balanee of such Laan. �. (b) Whenever any Event of Default hereunder shall ha�e accurred and be continuing, beFare or after declaring ar� accelerat[on pursuant to Secton 5.2 hereaf, the . Sponsor or t�e Trustee (or [ts assigriee} may, but shall not be obligated to, perform for the secount of the Go�ernmenta! Unit any eovenant or obligation in the performanee of whieh the Governmental Unit is in default, in which e�ent the Governrr�ental Untt shail immed[ately reimburse the Sponsor or the Trustee {or its assignee)� as the case may be, upon de�nand tor a11 expenses incurred by the Sponsor or t�te Trustee (or its assignee), as the case m8y be, in the eaurse of sueh performance, including reasonable counsel 4ees, with interest from the date of such expenditure at the Prirne Rate di the Liquid[ty Factlity Issuer then in effect. 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'��'''''1 ,r�ii����,'r}y.��� . . � {e) No aetion taken pursuant to this Seetion 5.4 s �=� � .�6�,, ��~ •�;�a`t'���'�`�. ,� ��`� '.�' ha]1 relieve the � :,.,.,���.•;r. :. �;�.��;::�: L-:-,.: � ::�.•� , . .,•.'� ���.,r�'�_°:� . Governmental Unit Yrom ita a�ligations pursuant to Sections 3.3, 3.5 and 5.3 hereaP, all of �:.r'. �. '�';';=�_�r::�y<<:.�.��:, „��..;,.,;: � '� • which shall sUrvive any sueh aetian. The Sponsar or the Trustee /or !ts assi ee ma and ����' ''��}�`�'?:t'`��`"'�`�-��� � \ � � �1 ;;;,��--'�+`�'�"`{,#`:�.:'4Y'.�,�;'i,�4:'�.. �- �� upon dtrectinn nf the Cred[t Faeility [ssuer, shail take whatever aetlon at law or in equity +�6+•:['"✓y'%.Z-FR'A,i'd•"=W�W�-•r�%'A��' ,�1 " as rr�ay appesr nee�ssary and desirable to colleet the amaunts then due and thereafter to ��"; :":�.w;��y'Nww"=``":"�'�"�,;: "' : �:�,: �.... < „ ��_��.:,< �. " bPeome due, or #o en£orce the performanee and observance of any obligatton, agreement .��':';;`�'��"'"•� �-"'-"��'°::'��;�` . ..7'�; ieyf �j �4:�,�'., t��. '�',. : - � s or cavenant of th� Gavernmental Un[t hereunder. �s�s,:;�. �3`;��L� �F' ` F����.°t `�•'�:� �� ,, ,_��-�.::�;= s.;�r:;:.. . � . . .:;�:�,: .,� ... �;i. S� ,pf=h .• ' 1 � � ( (d) Except �s to the �ponsor's rights to indemnity and reports from the '.,���,r�::;�.,='•a��EZ�I'}'"���;;;..; .� �� Governrnentai Unit hereunder, the Sponsor shall not be deemed to have an exclusive rtght ���°��' '" ``�"''�'��'�����' � to enfarae the remedies deseribed in this Section 5.4. � � SECTIUN 5.5 CUdsULATfVE RIGHT9. No remedy conferred upon ar reserved to the Sponsor, the Credtt Feetlity Issuer or the Trustee (or its assignee} by this Agreament is intended to be exclusive a� any other available remedy or remedies, but eseh and e�ery such remedy ahall be eumulative and shall be in addition to every other remedy given under this Agreement or naw or heresfter existing at iaw or in equity or by statute. No waiver by the Sponsar� the Credtt Facil[ty [ssuer or the Trustee (ar its assignee) af any t�reach by the Governmental Un[t af any aP tts obligations, agreements or covenents �ereunder shall be deemed a waiver o€ any subsequent breach, or a wai�er of any other obligatior�, agreement or covenaat, and na delay ar failure by the Sponsor, the Credit Faeility Issuer or the Trustee {or its assigr�ee) to exereise any right or gower shall impaIr any such right or power or shall be eonstrued to be a wa[ver thereof, but any such right and power may be exercised by the Sponsor, the Credit Facility Iasuer or the Trustee {or {ts assignee) from time to time and as often as may be deemed exped{eat. .:';�;, SECTiON 5.6 DISCONTINUANCE OF PRO�EBDINGB. In case the �;,°::. Sponsor, the Credit Faciiity Issuer or the Trustee (ar its assignee) shail ha�e proceeded to �F;.' , enfaree any right under thts Agreement and such proceedings shall have heen discontinued .:�;� � or abandoned for any reason or shall have been determined adverseiy to the Sponsor, the s������ Credit Paciltty Issuer or the Trustee, (or its assignee}, then anci in e�ery such case the �`,�: Gnvernrnental IInit, the Sponsor, the Credit Facility �ssuer nnd the Trustee (or its , essignee) shall be restored respectively to their s�v,eral pasitions and rights hereunder, and 'i',� ell rights, remedies and powers oi the Govermental Unit, the Spansor, the Cred[t �acility j.,� F �'�:�� Issuer and the Trustee (or its assignee�) `shall continue as thaugh no such proceeding had ��`''_ been taken. � � SECTIQN 5.7 NOTICE OF DEFAULT. The Governmental Unit shall give � the Trustee, the Credtt Pacility Issuer, the I�Iquidity Facility Issuer, each Local Credtt Enhancernent lssuer or grov[der of any Local Letter of Credit and �he Sponsor, a prompt �� written natice o! e.ny condition ar oceurrenee whieh constitutes an Event of Default under Seetton 5.1 hereof immediately npon hecoming aware of the existence thereof. a LKL-ll/i8/88-268AA-2822 -21- . «..-:+�:..::�7,��`•, -•. � - . -r:iL�4-�it5r?!s��•� ' . � , ;.�.:;, �•.t., z. . i � „ E.. . �S,Y�,.}p`�t.I:..:o5., � 1�' � . ;�, +.Y;,�. `5 V ^:f, .�"�F ��s ', `�r���<' � ;rk�';' � : " �i,' . Y ��i`, s.: � �t f t^`•�N`�, y a . :;�;'l Y::,: '^ `s V �;* y; `a�ti� j�,.�,: � A;' • � �w:;±�r z4 irt`y' �:� .. ?: d»�t `�..� . f . ,s:a�r• I: , ',.,~ '�c�:�' •,;r�!¢., �.: :�;,�f�,: �: � , : �:.,� •;�5�:��7� ;.,;. �. �.,. . !v�yi�:'�.i yr'.. .°�.i?•.:..L'. ' ��;�.�;�:.:�:�.,xi;t,..:.,a:�:��;;;-�.;`;, . � �:r�; ;<z .;����ry.;y; . ,. ���-:� '`�' �'�`fi�i.:. ':'��n.��=���;'''.;.'. 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It� t�e svent o� any def�ult by tHe SQonsar hereunder, the �[ability of the Sponsnr or the Cred[t Faellity tssuer to tl�e Governmental Unit shell be enforeeable only out of its interest under this Agreement and there shal! be na a#her recaurse fflr damages by the Governmental i,lnit egainst the $p�risor, the Ccedit Facil{ty Issuer, its of�icers, members, egents and employees, or agatrist any of the property now ar hereafter owned by [t or the�t. �• Ir� the everit oP any default by the Governmental Unit hereunder, the ltabtlity of the Governrcie�tal tTnit shall be enfoxceable nr�ly out of t�e Piedged Re�enuss, and there shall be no other recourse for damages by the Sponsor or the Credit Faeiltty Issuer against the G�vernmental Unit� its off[cers, m�mhers� agents and employees. � 3ECTION 6.2 NO PBRSONAL RECOURSE. Ne[ther any member nor any of£t�er, emplayee ar agent of the Governmental Unit nor any person executing the Laan Agreement or Governmentel Untt Note shail t�e persanally liable on the Loan or the Bonds by reason of the issuanee therenf. • ' �ECTION B.3 . NOTICES. Notice hereunder shail he effeative u�on recei�t and shall he given by eert�fied mail� return reeetpt requested, ta: , As to the ��onsor. , City Manager City oP Gulf Hreeze • ' P.O. Hox 6�4Q Gulf Hreeze, Florida 325B1 As ta the 'I�vstee: ,..,. 3un Bank, National Associetiion 225 E. Ro�inson Street, Suite 35U Orlando, Plorida 32801 Attn: Corporate Trust A� #o the Goverc�meata2 Unit: City'�f C2earwater 1�2 5. Oseeol� A�enue C�esrwater, Flori�a 335],S Attn: City Manager LKL-111�8/88-288AA-2822 -22- - ....-...�.r_�'�""'i.�"'}'�a+.'�.':.is� .�..�y,. .,,�,. , �� F � � ,.�::��+'i'��..•::G.."Sj?s�•� ��,,, . , . . .�r.:�:r+'.�`�-n.���- .. . . � i . , 'r k . . . '', � � . .. ��� .. , ' .. . • . � .. . _ . . . ' ' . .. '3.. 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L,8 t0 t�1�.' �'+�'C$�t �"flC���I �89SI@ri Financtai Guaranty Insurance Company 175 W�ter Btreet, 15th Floor New York, New Yark 10038 Attns President As to the L�qu�ditp Faeility Issuer: COGH Liguid[ty Facility Blour�t Building � 3 West Garden Street Pensacola, Floride 32501 and The Bank of Tokyo, Ltd.� New York Agency �00 Hroadway - New York, New York 1Qa05 . `t��';; �u „y w ,'7 .'„ � � �,' � �rr.: �'.. '� ~'F f;�� � e� •'�ti S��''t�: . .'f�! �+'.ti y�� , � .n74y�s.'�z� SECTTON 6.4 ILLEGAL OH INYALID PR�VIBiONB DIBREGARDBD. In case any provisioa af this Agreernent shall for any reason be held in�alid� Illegal or ;�. unenforceabie [n anv respeet, this Agreement shall be eonstrued as if such �ravision had never heen eontained herein. SBCTION 6.5 APPLICABLB LAW. This Agreement shall be deemed to be a contract made in Florida an� governed by Florida law, :,�� SBCTION 6.8 ASSIGNMENT3. The Governmental i7n.t si�all not assigm this ' Agree�nent ar any tnterest af the Governrnental Unit heretn, either in whole ar in part. `:�� The Administretor on behalf of the Sponsor hereby assigns this Agreement and the �J Goveramental Uait Note attached hereto to the Trustee as �rovided in Seetion 3.9 hereoi. � Except as provided in Section 3.9 hereof this Agreement shall be b[r�ding upon shall inure :;� to the benefit of the successors and assigns of the parties hereto. r e SBCTION 6.7 AMENDMENT3. This Agreement may not be amended except by an Instru�nent in writing signed by the parties and with the consent of each provider ae a Loe� Letter of Crec3it, if ar�y, and .the Cred[t Facil[ty tssuer, and, if . sueh amendment accurs after the isauance of the Holids, with consent of the Tr�stee if required by Section S.fl3 oP the [ndenture. � ` �� SECTION B.8 TE$M OF AGREEMENT. This Agr�ement and the respect- ive o�ligationg o� the parties hereto shall be in fu21 foree and ePfeat from the date heraof • ` until the prineipal o� and all interest on the Loan shall have �esn paid in fvil anr� the ` Governmental Unit shall have complied with Section 4.2(h) hereof. 3ECTION 6.9 HEAD[NGS. The captions ar headings in thls Agreement are for aonveaienee of referenee oniy and shell not control or affect the meaning ar eonstruetion of any pro�iston hereof. E SLCTI�N 6.10 SUPERSBDING CLAUSL. This Agreement is the entire finel agreement between the respective partfes and supersedes ell other agreements, whether wriiten ar aral, except that this Agre�ment !a nat intended to supersede or displaee any � interlocal agreement pre�iously recorded in the pt�blic records of the Sponsor and the C3overnmental Unit except to the extent thig Agreement is Incanststent therewith. 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" . � ,:' �•;:.���. . a�' .i � :, � . . . i . , . i - :i."<i�.�'rii � ;% .lz . . � . t.'� � 1'r.:� n..,.�.'" , .�. - � . . � .. . . ,. . . . . �. . ���, . .ii . °.re � � . . • , . , , � � , . �1 , . . . �r' �,,�^t: e� �� � � . . . • . .k'- 'i;i, �s'' �;r'�.�zs�,,.:' �° -i' 'r�(� � ' , . � � . :F . � ..e` a. -:�=•.T'4-W;i�: °. ��: , ��l � ,f: ' . , .. �PI . ' ' . } h� . ,� :S?� `f�':1'.::t. i�e r. �.a . � .�/:'` :i'-' ,. . . . , s ... - .' ; , -: •.. � , S_� i . , � � . . �, . ,. .� . . . ,. . .. . . -.?. ' . . . . . v . �: . . , i .,.. , ...; • . . __ r n : . .,�_. � . _ . �,,.... . � ..,. .. ,. . . . . . , . ... � . . . . � � . , .. . • � �' . , . , , ` , �. . . . � ..-� . . `::..: �. "^ �\R..o.. �-w..l�� a.' _._ _ __' .... ... n'....� i._. :f'i�•' .1" _ _ - - ,�- ' .. -.� �Y:���. : �r�'° .�3• �� �. �`..�,�`. F�'.� .:.• �k; �' �` .��,'r•�'.I. � � ' � �'�j, , .'';,`'�'�'f:'}�i::'"�iy.�...' • �':, 't'fi': .q; . •,. � ��,.-;, :,� ;.-.i.wi.; ,: . „. _i-..3 ;:i:V..�.;;'.e;,:,r. ,FF.(`'~ ',j;r.�t'l.:,j;('�{�..Li,:it{c`§s,'�•�5.� o. ;.i' ::��ti�„? �.i4�YP „�:='t` � BXHIBIT H :�: ° :: ;�:':;�; .�.. �rY� > •F:;` ;;;._:�:1.�:�:, - 'r_����=;=.'g:`'Ey"�"f:p��v�#.,t �rw"e. .� ' i "' y;'T, ,' �.=:�.^ .•�, ;a,. _:�,� �:'�'::? �z � r� ,:i. PROMIS50RY NOTE Por value reeci�ed� t�e City of Clearwater, FIorida� a municipai eorporat[on organized and existing under the Iaws of the State of Florids {the "Governmental Unit") hereby promises to pay to the holder hereof or to its arder, solely from the Piedged Ra�enues hereafter mentioned the principel sum oP �our Hundr�d Fifteen Thousand Dollars (��15,040} and to Qay, solely from such saurces, interest thereon from the date hereaP� as follows: (a} The principal hereof shali be paid in ri'iontt�ly inetallments on the dates and in the amounta shawn on "Sehedule 1" attached hereto; and the ent{re unpaid prineipal balance hereof, together with accrued interest thereon as provided below, shal� be due and payable in full as set forth� on said "Sahedule i"; and (b) Interest nn the unpaid principal halance hereof shall be �aid un the first day of February, 1989, and on the first day o[ eaah manth thereafter, at a rate determined from time to time by the Fineneial Advisor as defined in, and as described in the i,oan Agreeraent oi even date herewi#h between the City of Gulf Breeze, Florida (the "�ponsor") and the Governmental Unit (the "Loan Agreement"}; pro�ided, however� that {i) i# an aeeeteration of th� Loan made pursuent to the Laan Agreement [s declared following the oeevrrence of an event oP default under the Loan Agreemer�t, the interest rate hereon shall be increased to a r�te per annum equal to the Pr{me Rate (as defined in the Loen Agreementy plus 2%. Said rate shall be based upon a 385/3G6 day year €or the actval days elapsed and shall change when and as said �rime Rate shall change. Notwithstanding anything otherwise contained [n this Nate, #he interest rate on this Note (exeluding any amourts which do not represe�t charges Por the use or forebear�nee of money) shall not eaeeed twenty-five percent (2S9b) per annum or s�ach highec rate as may from time to time be permitted under applieat�le law; pro�{ded, that, in the event the imQosition of such M�acimum Rate aheli e�er cause the amount ,payable on this Note to be Iess than the amaunt of interest which wauld otherwise be eomp�ted pursuant ta the Loan Agreement, this Note shall thereafter begr {nterest at the �M�imum Rate until the earl{er o� (1) the fina� maturity of tit[s Note or (2) suctr��ttme e►s the total amour►t of interest paid ar this Nvte shall at sueh rate eyuals the amount of interest which would have been payable on this Note pursuant ta Section 3.3 of the Loan Agraement without regard ta any Maximum Rat@. The i�terest rate on tnis Note may be con�erted to a�ixed rate under certain elreumstances described in the Loan Agreement. , .In addition to the above payments of pcincipal and interest, late payrr�ents of sny amount due under this Note will bear interest at a rate per annum equal to the Prime Rate plus 29h. The payments deseribed in paragraph (b)� above, will inelude an amount determined by the Administrator to be suffictent to pay certain fees described iri Seetton ' 3,5(a) of the Lnan Agreement. All puyrrtents made hereunder shall be applied first to peyment of accrued interest on the unpaid pr[ncipal balance hereof at the a�oresaid rate� and then to LKL-11/16/88-268AA-2822 -28- 0 ..��.,.x..... � . � `„ 9 f�-ir?r�+- ;, J�. - .��� ;-,� .:;r J`:,.' %", ": . �t.:s; :� ''�,.�`k;�%=� �� :=�W �y: i�'.t!°_ r5ko _.(' '� p� . . r. .•:5��.. � riE�.t :�'F' c:� }:;";.ta ..,w.<...i ��>.''•.,:� y.�. . ti ks'�:5""'= : ..�F.=���3;�;� �-'�� `'��;;��s !6'etv�.'��''� `� i`; +-�rrk f;��;: E, 3,�c =..; , i, a��. �s "�`���}�°;; ,;�. ri� �,,5. ., .....•�,�y�•,l�;�,� .j .�-./-�! .L� �".Z F�; vS:''l��� : ::rw; ^_•';'�`•,r=��;;.�;i: ' ;t_:i� �.��;i'}�:,i�,r �``;�• :•ti`�'�-0.`" ���:�t°;: Y,, ae'v ; �-' �' t ;'�•���,� �1 :i''' �,:!?��.'i`,'�.;.:F�� .�,� _ '� � : � `.� �: �::,�;,:�_ :,.,��u:a�.�F.'-°�r`��,�� ij,� i={;;;' ::f;;'h _' ,-�� yj'< >�' ;. ,�'i .��:i�S•.,:'+1� �sr.'';�" 3�:�"i ,�°r::''>:�:,:_� ���; ~' ;: �! �,.Z :i17�"'`��','y6iY.,�"i-' z�r .. �:A.,i1r;. it`�.g'a'k`L�.,,.'. ,,�; e�� �`�;t�;. �i,�` °��;;y:i��'��� �:a ..`� ;:e�;;` °'"ir: :�';= :y��: "��ti,;�- �� ��'�• �'� . :s':;�hi??;���'� }�;�:. •' �T -�f,•kY;e+3 �' . :�;=`'��;��� �`i4 �NS� s-.. � 1! 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' r^ y°.y� . . . : _ , . ; . . - . . , . , � , t� �.��:r: � �t . :i >.� � . , . � (t : :. s,: . . . . . . . . . �'�', ., . ,. . . . . .. . . . �' � . . , _'s. ,i�. � , . . �� . .t?}:• t�.i{'. ' a' , . . . . . , � . ; . . , . . . . . . , . " •.=i '�fs•.f � , ' , � ,t . . ' . . �'. . � �� ' ' ' : . : . . � � . ' ., � �, _ � . . ' � . . �jS.'Ai ' i � „ , � . , . . . . �. � ' . . ; . . , • � . ' • � +1 . ' .. �'' :�•. y} �', '' � , ; • - , . , , ' ' _ '� . . , . . ' ; t' ''�'. ,i . ' . . - . • - ' • ' , . . , ' . . ' . . _ ="z'• • �->°': e^ '- �'�.'� •,t'- . . .. . . . . �, , ., . . ., r. ,.; ..,, , y ,. V';', 0 �t�SS7FnSt�.:'�:Y�rt ... .. . .. . . . ,. . u_ . �...�..r_ r_..._. .L.. .<... .. d . �, ..,� .s. � , . --��': ��-� � � . , 1• 4•','•`'"I,, •• ��1��- .j: ;;£�:. . 1, �� 3{ .;, "��' �..j.� reduetton oP �rincipai. [n the event the fuil amaunt of this Note is not diebursed� Lhe _,;;;>';���:'�� -�>���:��'-�:�:� � :..;;,..:...:..;�-_ i :,yt: •.;:; ;;::-.:; � ::: . payments o£ prineipal due hereunder shall be reduced ratably to reflect sueh reduetion in :..ti�:.�;.��.•;:,,.�.;...,-, the prineipal amount due hereunder. ���. � :_�� ' 6'' `� .. :.�... ..s.i. .�:�sre^...a.�.� ��f... . , 1 u5'. ..�.a�t<<e .,r.f :"'.Y.1r `-� "4i y. `_ The principal hereof and interest herean shall be paid at such Place as the :';'�;�.. ;,, ;;,-,,r a:;Y�':;;:� ��-; =3,�:�..; : no2ders hereof may designate i�n writing. ?�~ ~� �• <��:=ti��. ` "� ,eti ys � � s a `r.:''�':: , , - e . ��; . r.., ;, � ." •''.�..:`. ,�., Y�.�°;�.. �':'.'.,:�'.f•.:w=17�, This Note evidences a loan made to the Ga�ernmental Unit pursuant to the -�,,:..�fa,.:•,.;;�._;.,.,--, Laar� Agreement deted as of i 198_� to finanee or reiinance the Govern- �_ �:;,; '��'-',`' �'�."`�-� `.�:`�h � , � ;:r <:. �: r:. ; .,. � •. mental Unit's eost af acquisition and Instellatton of the Pro�ect described in the Loan �� �-'� �;�'`: �' ��`�c; �� ��f. � .,:..41k.;i.,k :=���:;;�: Agrcement {the "Project"} and the Go�ernmental Untt has executed this Note to gecure aii . �°��>:";=E'�=f9���� -;..�..�=,- � payments due under said Loan Agreement. Such lnan is betng made by the City of Gulf ;�j�- ��;` :r,�is;y:�}'�:�i"�''}.�', •� ° : :.a ;;�.. .r£.�.. �r..' 1,;1i � ;i �-:1`'; 4, Breeze� Florida (the "5ponsor"}, from the proeeeds Qf its Locai Government Loan Prograrn �•�:�;.�;�•�-:;_,;�,�; ��;�i.:�r;h�;t�,���' Floating Rate Demand Revenue Bonds, Series 1985A (the "Honds"). The Bonds are issued ���u ��','�„`t`.�;��"-^�� ..�:':'.r;=.�a:•':�.`�k;-� ��:�'�ih�:..,"'`„�^. � �b �, under a Trust Indenture dated as of December 1, 1985� as amended and restated as o$ Ju1y t�.�:F<�..�..;;�_�,,,,,�.;•;.«;r�;�:,�.},,r�,�.�. 1, �986� as further amended and supplemented (the "fndenture") between the Sgonsor $nd �:�-�::4�'<��a`°� -,�:�:�.,:='a;��.,-�,.:�pa�,.e (::,'.> ,���;'',��;�e,::;�.�5;�;> . Sun Sank, Natianai Assaciation, as Trustee. The Ga�ernmeatal F1nit's abligations �:�:�= :;<�:_, :iM=�;f.:��t �: �... ; y'-r, � : 1;• ��:'..t•,....r.:.�:.a�F t-: ,. hereunder are limited, special obligations payahle soTely from ti�e Pledged Revenues in the <£�% ���'="'� ���-F?�=Y�-."�,"° .v: �:�, , ':;�s;,:: ,w;�:����;:;._�,�:�,,� manner set Forth in the Loan Agreement. .`' ''�::`, ';° ;`-:=� �;�'' i��=�T:• .� �: ; � , y �`a`;t:- .., ;Si .�Y- .i'k;�� �''Y.'T tq_� � � 1'° ' '�.��'"M: �:�� r �,.:? �ew�FS' . 'R': This Nate may be paid prior to maturtty in the manner anc3 wtttt the penalties ���:>,-�I>��'�`�;���;;ti���yr���:�.s;:`,�` specitfed in Section 3.4 of the I,oan Agreement. j-,:=iz''L�'�=,���;`��;y�'�''��i��;;,�;:_:;; : 1"S""'' j �' ..�.f`.' �l �'"s "`'. -sT� i�� �y.j �c; � �'✓`' . "Y'1'`''r��f.�•{`;.'�'� "•: .�:�fa:py.,Fa'�°:•• Thisn Note, and all payments due in this Not� does aot constitute a general �s:;'�' .�.�;,;�i�=:;{,,;�:,,;�;�t°;.:�:;��.,4�•��f` l t � f-'. .�. _._.�,a;?, i:,�,_ �.:.'r �3u�.�,. indebtedness o the Governmental Unit, or a pledge of [ts feith, cred�t or ax ng power with[n the meaning of a�y c�nstitutior�a! or statutory provision or lim[tat3on. Neither the State of Florida nor any politieal subdivision thereof nor the Governmental Unit shall be ahligated (1) ta exercise its ad valor�m taxing power or any other tax[ng power in any form ar any real or personal praperty in �he Goveramental Unit to pay the pr[netpal of this Note, the interest thereon or other payments or cost;� incident thereto, or (2} to gay the same from any other funds af ti�e Go�ernmental Unit exeept irom the Pledged Re�enues. This Note and the tndebtedness e�idenced thereby shall not const[tute a lien upon any �ra�erty of the Governmental U�it, .bUt shail constitute a lien only on the Pledged Revenues, {n the manner pro�ided in the Loan Agreecnent. The Governmenta2 Unit shall be in default hereunder upon: (i) ti�e nanpayment on or before t�ce date the sarne is due of any payment described in paragraph (a) or (b) of this Note, or (ii} upon the oeeurrence af any other Event of Default described in the i,oan Ag�eement which is r�ot corrected withfn tite �gpl{cable period therein specified, iP any, and after the giving of any required notice. In the e�ent of sueh default hereunder, the holder hereof shall have the fallowing rights or remed�es: {[) t�e entire unpaid amount of the principa! of this Note and all other amounts whieh the Governmental Untt [s obligated to pay under the Loan Agreecnent, inelud[ng but not licnited to, those sums payable under Seetion 5.2 of the Loan Agreement, sheil become immedtately due and payable in fuil without notice to or demand on t�te Governmente►i Unit ot any kind end without presentation, demand or protest, all of which are hereby waived; and (i!} the holder may at �ts optian exercise from time to time any and all rights end remedies avatl�ble to it under t�t� Loar� Agreement. Na failure af tt�e holder hereaf ta exercise eny right hereunder shail be construed es e waiver of the r[ght to exercise the same ar any other right at any ot�er time. 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'�.a `.'6 :.E'-t r�•_ .�»_ - . . . .. •� _._.___. -- -- --- ---- --��....r_.. _ :�'�:��>'�_t �. . .—....:?c..e._. � � � �� in addttian to sll other rtghts it may heve, the i�alder hereof si�all ha�e the following right�, eaeh of which may be exercised at any time: {i) to pledge, transfer or assign this Note ia t�e manner prescr4bed thereir� and any renewals� extensions and modifieatians hereof, asaign[ng therewith [ts rights in the Loan Agreement in secordance wttt� the terms thereof and any sveri pledgee, transferee or assignee shall have all the rights ot the holder hereof with respect to this Note and any renewals, extensions and modifie�tions hereof and of the Loan Agreement so ass[gned therewith, and: the holder hereof makin� such pledge, transfer or ass{gnment shell be thereafter relieved fram any and all liabtlity with respect to th� Loan Agreement so assigned; {ii) to notify the Governmentai Unit or any other persons oblig$ted under the Loan Agreement to make payment to the holder of this Note any amounts due or to become due thereon; and (iii) to apply any amounts rece[ved under or purauant to the Loan Agreement against the principal of and interest on and other amounts payable under this Note. Upan the request of the holder hereof, this Note inay be con�erted to a registered obligation and the Gavernmental Unit shall snaintain baaks for the registretion aF the transfer and exchange of this Note in complianae with the Florida Registered Public Obligattons Aet. The terms and conditioas of the Loan Agreement are made a part of th[s Note as fully as if set farth in full herein. Exeept as ot�erwise provided herein, all cepitalized terms used herein whieh are defined in the Loan Agreement sh�ll have tkte meanings set forth in the Indenture. k �� • ' ' I x I • I � , .. � �` , . � ' . �� ��.� ., � � A LKL-11/16/88-268AA-2822 u —30— '. r s>-°Aa"•.'=;i''� � ^s', 4;' ��:. =f7�1°5��a�;Yi e?.`" �4' x'' ��p k7,c ��;: 'r�t '��`��.�»d`� 9i' .Y9'-.ti:<- �? -"�S�' c�' ��t �4.� ���«'�•,�Z�; �'Y'. .^S 4�•��-! i���'v;'i�ri'', s���.� h.uvf°�.� � i i � '�a;;'.`�s: �� r f,y`' x�°• i_' y�j=�, S !��": Jfei�i�� ."a� '."^.>��, „•..a,'',.'.: 4 _---=--:.�.,-���, .�-_ oti .... : .� • .�i�: :�..�. �,r.arF�. s '•• ' . , . ' ' .... � ' ' ` ' � ';t' . . ^�+ � . ; ` . . . � , . � _ : - . . �_ . . . .. ��rl�'�.�:`t;l�ifY.Fi!��a �f��'irr'„�.'����vhtt-;t,v.n..zt��r,��S.-;t+r«.�".��r?>«Y���yw�;^r.��nst�s--o'�-•7�..««,w. ,.'�'r'�?�•°.�7rr.:4i°4 ty, �a$�+`,:.tYa�fq+•��r*'f.? ;nFFaaW.S`'a*�S�',t•:,'•s^Rs :•''f^�?�� «e„��r+E�+,'':."^. )r;<'.`±c;Mi�`i,vLai.�iyH; "i� �t ' 'E�� . . 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'. _ S.,C �ei'7�� . . � � �R. _. �����r• .Erl £_ _ � ' i'" � keS _ . . �"e..l i�_eS°"��'.iy `I � _ P^ . _?�%�{���:w��� -. T4�i13ui.Y',A�i�'�.�Fi�?'2_.i_f .�KYT? �... _.._ a 3'T3'..TL '!�nrY.h" " t � i i . , �,;.r. �..� .�i- Ira n�:��ix .a.f;i�. ,.��y.. ,�. H t�• '�!'t� r;:+t; ��� re,: ti;.,,.i, . fi,�r p... �✓1y e„��f.. . b� � �� �h :� ;�Ztr.` s,tY > s�• w�.ii �"� 'f' 1�� .J rr 1�Fr"tAu `�.'r:..s ��� ;;,,'�;� t,°• _�, xy .� �.> ,L,. . .�-ti;;R;�-. •_�. ,�`;; "�.. ., w� �¢ �� (:�."•!ser��'Wr�' r�i..iqtl�LT�, (} f t 5?:.�.�5 3�.�n�. S,�.,Z � i:�A.�a.trt��g��3`�$� �•b�.;�y ,�1.•�.A_. fa...;t��#'{ ' i�;��s.Q� �. �.tr.�«}'�Y' i�•'•" ,').".b•'ftJ' : � � `l'�4, zT'lhf� �'�O�i 'C� 1' f..Yy. +h��7 � Ri? � a `.ld�4'.1���5�.e� �, ��: r�k yi.� }'J '� [ wlty �vi'r `9n' F.'r ��: ,�. ..t :'�_ �w�y . a� Jt;y.l'� n%t�`�'!I�'�',�?:1� S. "'�e'.":i ti-;��;.t:�i�.. �.•.k . �.'? J. '' 'r �!'i.'�'�:'�,�'°"• �"" _"!�1 .�_. . _ �+`%"L' ?i;��� S �� � i:.,.r:?':.r.5�l;3:�.,rriY.X'...=a"� '� -- -�d:%37� - Q Q . � � IN WITNE33 WHEREQF� the City of Clearwater, Ploride� hes eaused this Note to be executed tn its name, and its corporate se�l to be afFixed hereto ar�d attested, by its duly authorized oPficers, this day of , 198�• C�TY OP CLEARWAT$H, FLOR[DA .� • Hy: . Mayor-Commissioner (SEAL) � . Attest: �Y� � . City Manager Hy: ' C[ty Clerk ApQroved,as to Form �nd Correctness: � � � � � Ctty Attorney . �� r. . , F ," , t � , • � � „ • '' � . y. . . t, :: '' , ' i ' i � + Y' . • �, . S� . ..4 - . 1 • , � `.j • � ' '_", 1 ___ �"_""".. LKL-11/16/88-288AA-3822 .. .. �. •� . � -31- m m � ' � ".� ,�--�.e`"" .. ry_.. J''7�["`�='`r.9E, �".•�i;•:�,:�sr:r:'�.. . � . ' . , " . . .-�.4iY'e ����.'!1�1+'Yiw•�, � `) � . ' . . '�y �� �� �� ^'f.."f. �.•����� .My^F . . � � . r � � . • ' ' ` �, . . . � `�_'�. � .. ... . ^ .. : ' . -.:. , yi._N'"r_:� '1. . � . �. , ' . � i ...`..�.._�u - ___ - ..__.�.~��.��.�.�..���r��?� i • ... � -• �«�._� �...,�..,.. -.^ � . ♦- . . , ��. ' ,i a � }j ' , • � �,�° � 'v��:. • � , ° � , ,. • ' . ., h►�(!�3@d111@ I„ � , ?u _ � � , ; �- �,� Tne prineipal amount of $3,456.33 shall be due oa February 1� �989 �nd on the '� . ' lirst day of caeh moath thereafter thr4ugh and ineluding December l, 199�, and all unQa[d �� prinaipal she13 be due on Jarivary i, 1999. ` . � ' • _ ., , - ' . ,; . . • .. . � . ' � ' � . �, . , ., , . �: . ' . ` , . . . � �� . I� . . �� . " � � : ,. ' , > � , ; , , . , ' .r . ' . , � . . . • � 1 ` � . . ' i ' . � � .� . . , ' . � t. � .. '�1... �y ' . . . , . ' ' . . ' . � . ` . } ' . . � � �, . • � . . ' . . . ' . . � - • 5 , . � , . ' ' . ' . l .. , . , . ' � . . . , L ' , � ' , ' v •� '"#, ' � S ' ' . .. � � � . � ^.1 , � ' '. ' � r'l��'. 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'�.�'� ��, . _ , ... , +,S�f ,kf', �i . .i. ,r� °,�:. , .i• �'� ., . � • �',� 't;. � �.�t �.: �^s� '{?;��: . ��t'�: i . . . I: .- t ..5�;'.;�". t . .i. ::J' . � .� . ' .. . �l' �'}�'1 vN .:� :y � . • . ��' . . � � .ti,,. . ;'f�� a��'.�'r: "�w� !i .�,{�,•�.5;,;': , t. a4� 'e' '�!' _ , , . ' . - e�� . . . � � �' :! ':�*- s' '.i.::�"��'���1"t.;=.";. s , � . . . . �.1'r� .�'� .'A^' .�; r • ^ � . .. . . . . . - 'f`�` . �.x}r;�,i:�r. ''1�' �3'.'•' � '1 ' .�."'.. . [�:�a:. iC 'o . � . . 1L�' �k„� . •(: . . . . ' ' .I.Y ' . ,. �i..,�.�i.�f�.r . 1: :5... .i , 'i• •i' °-A'4� 'rt: `4� . _ I ' . ' •'!r •'l� 'yf'2� ��' ' . � ���'t, ��i� i���f:'„' - . - ... . .._. .... �1�.'�Il lir�i�r iniiuu���..n�� �S� ».»j G�.l.....��...�,....i�:: . ;r '.:_. �,: '.. '. c�`�.` T r�ti��.t'��•�„':!`�^t..�:.,:;;x � � . :' i,;t�_;r � �;; :�i rr }-S' c£ '°`.-R�C�� •.i � f�.� jI •. , � � � .e,, ?.; :I�kp�?P.r�� �-,''':: _ � . 1 •"i' ; ,1': �:r.�,�Y.•� -�� ��cl:i,' � 4"y�ty'Z;..',%?`+:'���z:� .r°.'��. .��'k t '•DS°r ��`'�``.!',.. „ ��� ": .� � ' ° ' � BXHffilT C GBN�RAL CERTIFICATII � This certiPtcate is made by (the "Gaver�mental Unit'� Yo City of Gulf Sreeze, Florida (the "5ponsor"), Sun Hank, National Assoclatlan, as Trvatee and to Financial Guaranty Insurance Cnmpany (the "Credit Feeility lssuer"}, and to their respective counsel and bond eounse! to the Sponsor, [n eonnection with a loan from the Sponsor to the Governmen4ai Untt in the amount of � (the "Loan"} from the proceeds of the Sponsar's $�00,000,000 aggregate pr[ncipal amaunt Loc�l Go�ernment Loan Program Floating Rate Demand Revenue Hands, Series 1985C (the "Honds"). The Loan is evidenced by the Governmentai Unit's promissory note of even date herewith (tne "Governmer�tal Unit Nate"}. Tt�e Sponsor is making the Loan to the Governmeatal Unit for the purpose of finaneing or ref(naacing the Governmental Unit's cost ot the acquisition and installation of eertaia yualified projects (the "Projeet"), as cnore partievlarly deseribed tn Exhibit "A" attached ta the Loan Agreement of even date herewith {the "Loan Agreenteat") between the Sponsor and the Governmental Unit. The Go�ernmental Unit, hy the undersigned officers� hereby certifies that: 1. The Governcnental Unit �s a duly organized and �alidly extsting under the laws of the State of Floride. The Go�ernmental iTnit has Full pawer and legal right to enter into, and perform its obligations under, the Laan Agreement and the Goveramental Untt Note of even date herewith hetween the Sponsor and the Governmental. Unit. 2. Attaehed heretn as Bxhibit "A-1" is a true, correct and eomglete certified copy of a resoiUtion of the gover�ing body af the Gavernmentel Unit, approving and autharizing the executtan and del[very of the Governmental Unit Nate and the Loan Agreement. Sueh resalution was duly adogied in..�ccordanee with all procedural rules as speeifted in Chagter , Florida Statutes and, if applicable, the Charter of the Governmentel Unit. Said resolutton has hot been smended, mad[f ied ar repealed and is in f�ll ioree and effeet on the date hereof. 3. The names o! the members af the governing body of the Governmental Uatt, their respeet{ve offices and tl�e dates of expiration of their respeetive terms of ofiiee are as follows: Name T[tle Term Beglns Term Ends 4. SUCh o� the above persons as are required by law to £tle aaths af ofPtce and bands ar undertakings ha�e duly iiled sueh oaths and f{ied such bonds or undertakings in the amount and mannec required by law. 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'.4��'':P : ;i=�` , � , � „ '�' . . � . . . . . . . .. . . , . `a`. �`-�7:::.� .i�j:.` , .. . . . . . . . , �'�' .roxja.•:`i'. � �'�''. :£� €, . � .. . . . , t e:, �F� .i. . . , . 7 . . . �i�:l'e� , ei• . {• . ' _ , j- , . . `: v�°'��' ��,..�.. 'i� .t. . ' 'i!� , j.' , . . „ . . . . .� . . . . • . , ��. '��ry' • " � . � . ' � , . • . � . �. • ' ' . . � . ,,�j. ..er q .�SSS`�;'.�.. . - ' _ '��' � �' , . . .�..... .. .. . r . .., . .e. , . � . .. . . . , . .. ' ''��..�..:i'�...� ...�. - � . • . . ..... -- ._.� ...._._� - ..... , , ,. ..,...... ._.......r.�.rr.rr+� ':,4✓,�' . . . � . ' . , v � . , ' ' • ' , _. � . � . , . : ' .. . , _... ' �.�;:��.r..�..�, .L.an-::s�b'�•+}�, t . I:�r�`.'z,:`. ':i f a;?.i. r��iz : � /� ��� ,�1.�":�t::�'��Fi(',,..; z.f��i'» � .. '� �� F � .. .S.I�i'=q�'xp"�•�}l��"�,`}•�� •),'d'.V +i'.`''i�. ? � . �f � ��r~ ,tiy`� n4`. �if;� . �i � y�' t. : iy .Ft4.a ��.�i �1' � �.'� :• � � .i^t�! � . `I ~�'�� _°�'''=r,` •':: T, �� ?. .. . .� , . .i.;`;.,. � ���YI.��c. ��.���< ,�iir�ti.�ti`'`: • . ;'� 5. Eaeh of the below named individuals whict� ha�e exeeuted the Loan �..,: '�.�•°;;�.��;`==°;:'=�:>,=�,;. , Agreement and the Governmental Unit Note, and which will exeeute requis[tians•� for `�>,., �ry'� ��� <z ;�> � : t.,.: , ..i:�,::s. _ � ,, riR�;• ;�. . ��';��•. - disbursement a!' the i.oan, has been duly elected or appainted as A member of the `•.��,�,.,�::.,;.:�:::.��;;,�.�,,,�,;.'`•�� � govern{ng body of the Ga�ernmental Unit and is euthorized ta aet for and on behalf of the , W° :°����� '"_,'.. :���.. , „ .�,..ss::�c,..i;.�,� 6�'� Governmental Unit in conn�etion with the exeeution of such documents, and the si ature ~","':`_'.:'�:"�t�"tT;"a�� � � � . •:.;�;'. ' ,:';;, i :�:'=°�.;4`;'K� �`;.�`;•�:14�:=. set oppostte the name oi such oPflcer is a genuine specimen of sueh officer s sigriature. ...,-: -- - , �.: ..��arr''k;s�1�: �;i.+s�`�'u +�*yl ' ' f s ' �4 F �`�tr"`b�:�?'`: i . � ` •y, 1 . ;r... , f}�� , .°F�itEa�`?'S' . ".,;;:r,;,.': . . ..�>l.`!' f:5i°�•er��w:f°• . �:: Name 5peeimen S�i nature Offiee �.f�,'.: �:�;;?,;5: ,�. .z��.. .1 . i � . ;� � � .`��. .F ' ,��I �, �� i . 3 �'; � .� `:�. ;� �. � � `:=� �: ;; �; :� '� a � �F � � '•.� ;i; . �;1� �,, .�,1 �.�;' . -.� �:. � . � i B. We further cert[fy Yhat on , 1988 the Governmental Unit No:e was executed an� attested by the manual signatures of the undersigned � end of the of the Governmentai ❑nit. T. We further eertiFy that at the date of the Governmental Unit Note, and an this date� such offtcers were and are the duiy chosen, qualified and acting oificers authorized to exeeute the GovernmPntal Unit Note. 8. The undersigned did, an � 1988, duly exeeute and attest on behalf of the Governmentai Unit and deiiver to the other parties thereto, the Loan Agreement. 9. The Pledged Re�enues described in the Loan Agreement have not been pledged in whole or in part� directly or indirectiy, for the benefit of any obligations previously issue@ by the Go�ernmer�tal Unit and are not snbject to any other encumbrance, other than as haa heen diselosed to aad a�proved by the Credit Facility Issuer pursuant to the Loart Agreement. ' ., �. 10. (a} The portion o� �Che Loan (if any) financing the ariginal cost of the Governrrienta! Unit's aequisition and �nst�llatian of ti�e Projeet (if any) listed in Exhiblt "A"' attac�ed to the Agresinent, toget}�er with the estimated interest ear�irgs on the und{sbursed portion oP the Laan does not exceed the actuai cost of such aequisition and �I15Y8118t�011. '• (h) The portion of the Loan (iP any) whtch is refinencing an obligation '� ar indebtedness incurred by or for the benefit aP the Governrnental Unit to finance the , Go�ernmental Unit's cast of the acq�isition and instaltation of the Project {if any} listed in Eachibit "A" attached to the Loan Agreement daes not exeeed the outstanding pr[neipal amount of such oi�ligution or indebtedness as of the date hereof and, if the interest on sueh obligation or indebtedness is exempt lror� federal ineome tax, such obligat[on or . indehtedness is subjeet to prepayment or redemption on the date hereof. �f �' �Z ` 1 , � � , . � 7 {c) The Project identified in Exhibit "A" atteehed to the Loan Agree- ment was not aequ[red or placed in service hy the Governmental Unit prior to • LKL-11/16/88-268AA-2822 ��� • r��' _`r.�.�'H[�r'��^ � �.�ww..w.�a�.a� ►r�� w u...� �:j �... .�r: vh<;, ,rt �I'`} ¢Fiay74'a.°�:��'. . • :^fy .• IY�'h'• R`�1fiZyjC':.�.(%1� . �� r�i'.` �iil. e•:�r� r.'.?;;fl�1�Nti' '� � ' , ."�. i '7 : �.1 `+»]3 L�,. �.���� �4','�i, ��, ;.rf'•, .�I�; �' )P+� � 'i.' � i��•:c .�.:..; �r�,..:,�. �>i"�r�: f''e :?.,1�i..I.i'�,'>.7( 't �y.r,' Py :,- tz � ��'; � ,�e�F:�,y�:�"Si � -, ; - -• <;� J' . • - :;;.;�`�%'i :,: ri�;,:��•> , i: „,y ;;�,:}.��r.' ..' 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'�' , . . _ �a���_j ... , _ . , t . . . . ' . . .. �. . ... •.. . �� •1 . ' +!' t.?�.:� � .,� . � . ... . . . � � " , . . . . , . � !i' t . ' "•l{`..� ;;. ���.: . . 7 ' �•�f �,�� , � .. .. . . . � ' . ' . . .. t . � . . , ,ir� �i•J.�i�tr� . , , ° � . �a � . . . . . . . . . a s, '. .. '`€,'.it.,;,, ' r' 1 �' • .il . < . , . i . . ' . ' '' ' � - , i '. .. 'a . , `. , . , . � . . !� ..� , , _'.�' ,' • ,. � ,,. � . � � . , . . S�' ' .• �� I .. , . . 5. ,. ,:i':•, . �� � . � 1 . . . . . � . ' � . . • ' . . �.. ..i .............«.......-a • _ 4� `ii.'•P�`�.�.°�. .1�. _ � . . . r " . _".__. _ __.". __ _�—_ �-�.�..........- ... . . . .� .. .. _'�'-'.'- - ' '�k:•. .j � ;....',."'��..�.=: �.�. ` :..; 'ti L'.i.L=.S'.V ' � � : r ' l�� .;t r, .. � � � ��� 1,� + � �l.e '�1, il;r � �et��� 'g;`t~ `.�. � . {d) No portion og #he Lonn will be used to ftnanee any Project which !s ;`:� ����� �34� ��,', : : w • : - :... : �.;�;. ;'__ '1.Y•:y.`" u�,ed [n the trade or businesa o€ a person who is not �n "exempt,person" as d�flned in '�:.';,�.;;;,�;:,�_;:�Y;�,"r.:,y.•,,-tl;_ Seetion 103(b)(3} of the interaal Revenue Code �f 19�4� as amended (as in effect on ���'i�;�z':'�#'�::':,.,-;;:;•'::;�;" • •.��:.;^:�,:. . December 3i� 1985). Yn this regard the Governmental LTnit further certiftes that (i) not in ^ '-°�E�f<:;y=:��,; �� �• .>� �x�..:�:;.:.-�,;,: eaeess of ten pereent {1095) of the net Proceeds of the Governmental U�it Note wiil be :. �.. ;:�` .•=-.. •.: ���..•e .°� used for Private Husiness Use if, in addition, the paymerit of more than ten percent (1096} �:`: ';° •:��.}a=°,'`��p;"_:._ of the prineipai or ten percent (1D96) of the interest due on sueh Ga�ernmental ❑ntt Note `� `'° =� �':��;�`:''.'.�`� . Note or �n .y� �,� �` ` �� during the term thereof is, under the terms of such Goverament�l Untt Y �� -±` �-''����'�'���::�:;;;`°'; �.� underlying arrangement� direetly or indireetiy, secUred by any interest {n property used or '�`; � �_`; �:;;;�',',tz:;q;;t�� .; to be used for a Priv�te Bus{ness Use or in paymen ts in respec t o f pro Pert y used or to be t: �°�'<•``��� •;�� �"'=';'�" '.?!.';:"t`�.. �.:-..:'. ., .;;t: �;.:�.; used for s Pri�ate Husiaess Use or [s to be deri�eci from paym�nts, whether or not to the . r�.� °°`-"=�`�.� �: �c,.�� °.:::��, � �^,<�; �y }-�,.: ia��:V;i�:;i �". Go�ernmental Unit, in respect of �roperty or borrowed money used or to be used for a �;�; �� ;:;.,;� '.�, �� ; j�,�.;�: . Pri�ate Business Use; and (ii} tha�, in the event thst hoth {A} in excess oi fiva percent �''=:�:�`;�°::�::'���f'':" ' ,il .iY�_.r ,..S�Y:�;� 'i (596} of the Net Proeeeds of such Ga�ernmental ilnit Note are used or na�e been used for � `� �-�`=`�<ti. :~ ,, � r-�r,�:;: ,:,...,:t- `4' 9.4,'�,��; '.._ a ..:::. : a Pri�ate Husiness tise, and (B} an amount in exeess of fi�e percent {5%) of the principal ; tl:-::.;,.°-:�.�;,�: :-'t�?:°�.uY��;� . ;; :�.`r=:,4;:��g``` or l�ve pereent (596} of the interest dus on such Govern�nental Un[t Note during the term �"r���; ';�:{,:�az.f:,�:w:;� thereof is, under the terms of suah Go�erncnental Un{t Note or any underlying arraage- :�;;::;.:':r.;:_L=�'�;;f:':x; �,;<;`::,�;,;e a�: . ment, directly �r indirectly� secured by any ir�terest in property used ar to be used for said _::;'�'�':`•s'::=;?��;:�����"-;.�� ,:P::-:; ;t,1,.,e '..`a's.S°?�:4'. •: P i t Bu in ss Use or in a ments in respeet of praperty used or to be used Por said �.�`=��,��;;,,s:,:;r:f.��;�,�?:,�';�:�:� ' ,i ; �� , � 4 ; ,F � z ;, �� 'f ry , , �E � , :' , r �a e s e � y Private Hvsingss Use or is to be deri�ed Prom payments, whether or not to the Gavernmental Untt, In resgect of property or borrowed money used or to be used for said Private Business Use, then said excess o�er said five percent (596} 04 Net Praceeds oP the Governmental Unit Note used for a Frivate Business Use has been or snall be used For a Private Hus[ness Use related to the go�ernmental use of the 5ystem. The term "Frivate H�siness Use" means usa direetly or indirectly in a�trade or husiness earried on by a natural person or in any activity carried on by a person other than a natural person, excluding, however, use by a state ar Iocal governmental unit end use as � member of tt�e general public. 11. The Go�ernmer►tal Un{t is not in breech of or in default under any existing law, co�rt or administrative regulation, decree, order, agreement, indentare, mortgage, Iease, sublease or ather instrument to�.which it is a party or by which it is bound, end no event hae accurred or is�,continuirig which, with the passage af time or the gtving of notice, or bath, wauld constitvte a dePault or ar� event of default thereunder, except for such minor breaches, defaults or potential defa�lts or events af de€ault, i4 any, which individt�ally and in the aggregate would have no material adverse effect on the Go�ernmental U�it's financtal condition, operations or properties. 12. The execution and delivery, receipt and due per4armance by the Govern- menta! Unit of the Loan Agreement, the Go�ernmental Unit Note, aiid the Loan Doets�nents here�fter descrihed and eompltance with the provis{ons tnereof, da not anci wlll not confliet with or result in the breach of any of the terms, conditions or provisions oi, or eonstitute a dePault under the Charter, any exist[ng resolution or .ardinance of the Governmental Unit, any existing law, court or adm�nistrative regulatton, deeree, order ar any agreement, indenture, lease or other instrument to whteh the Governmenta� Unit is a party or by which it or any of its propertles ia bound. 13. Tnere !s no actian, su[t� proceeding� inquiry or investigation at law or in equity belore or by any court� publie board or body pending or, to the knowledge oP the LKL-11/16/SS-268AA-2$22 -35- � � -,������—�--._�__� � �' �" , . .. _� . - - ;:fi.r,;'�7s :.Y.�� �E .`1N� .,l w�'�.���k� '�}{"iS`y ,� . ,."�:�-,� `,�:;; a ��i'� �:�f.:� ^ ;�f';,''.:�';!'� � �i- :s: "t.ai:,�;�'�� 3 < :;ti: ��'4`•> ' `•'�'. •' �;a �;:sv,; � =,'.4�t. ���!��`� ,'f3A�'�' .�. . f�' , _` 4 '' Y4 ,�' [ PN'� � :� ;�,`. :�`. � � h::S f,i�:°;S-, ,�A.i`s' �3 ��S � ,[j if.�"Skr:. • : : ,yy' "'+� r ; �:�'. ��:�' ` �� :�° ;a �t _'{ �;f.;�Y::��.3�:� ;�r. �yi; �I: � '��;:�.; ;�' ��� �`_n:K:�''`- '�,�,,>�:v::�:; ;;j�`��A �''`'�= . ��_� ���a�.< - i M1= <-'f,.',:,;r �; � :�'�z���}3F� '�? I:�'.', •:1�,'Li •aki � Y� t `` s �1} .i. 'ti�� i'{��;v;.,+:r� �:,,-�:�;�� :� �� ; ,"i: a� r.'ft s�At.,:•. Li�i;�� :. _�„<<:,: ,� v i�:t„�,. ::;,��; y,�^�. .. �.:_.>.a: :='r.': �.h�.�:` - ,� � � • . . . , . � . . . . . . . . . � . . . . . 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' :,��:,i^�. ` , , � ' � ' . � ' � " , . • i ' . �1�. �'•:.7;;�• � 1 , ' � ' . � . , • . . . . . . . � , . � � . . . . � � � i�: <'[.:'. ; . .. . ' . . ' . ,' , . .. � . .. , , .�; � � . ' . . . , . .. . . . . ,,�.' . ' �'. , �;,.. � . •�i' ' , . ' r ' . � � • � ' � . .. . . . . .. . � 't`' y . f' , )� i. . . � Yr"."i. ' � . r� . V� .�. ' . . . ' . . . 3� � ' �.l �.1� ;:•.11 1, •'i;: I , ' .. ' ' } . ' . . . . ' . ' ' � � .. . ' . � y � . . .. . • . ;:� ' �',• .tf- ', , . . . .. . ' . ' � . . � � . � . . . .. . . .�/ . . � . . ..:. ` �.Itf 1 � ��i�;J, ' I�, �r.1� { ' .� . . . . . . . . �f .'� .. , :l'�. H • ♦ .. .•,'... .7. ...._.__� . . . ' •« ... ........... -.+.+��—�.�...�....w. ___ �'�y�1,.: •'�.7'��::.:�,�r.' �. . . , ��`:P.:�� , c>1t:.S'Y 1� � � i.�';5��'��!'i; � � ; `"�'.: s ; ,'!^' , . � '� �:..�✓ � : i '�7;'j%;;''':i e ". ,,�, ���-�. �. � .'! � :.r Y.,S� <`..� t . Gavernmental ❑nit after due inquiry, threatenec� against or affeating the Gavernmental �`� ��`''�; �-' �• 1��. �:t�,;... . �,� ...::.�_�•�;. ,. � Unit� whieh has not been disclosed in writirrg to the Credit Faeility Issuer, contesting the .�`".�;as�:':<:'';`�;.ii`�'::_��;��'' • ;.�,� due o anization of the Go�ernmental Un(t, or wherein an unfavorable deaiston, ruiir�g or "'� 3;6. ;.; �'. °'=S`.�� :�;�,�;:.�. ;� rg �� -..�:,;:�;::'-,,,;�, finding {i) would have a material adverse effeet on the £iranciai condition of the �:��:�:;��:���,:::��::�a�:� ::,�` �.; GovQrnmental Unit, the operation by the Govern�ental Unit of the Project, Ii� •�CI1�LiQS t'�}��•h�'1.�''dl}4F���j,l'y.�`�ri�4ay'. ` � and its other roperties, or an adverse effect on the funettonin of the Governmental Unit ;�_'`•.'fY.� �r';`'•,:'.".°-ri�•"�° : p B ' :� . �,�.v�,�:;��>� :.. ,;;�fr ;'„ or payment by the Governmental ilnit of the amaunts due under the Loan Agreement in -.';`,w'31;,,v,,.ys���_;T::+;��;;�:;,,°��•- �-� the manner and time reguired thereby, or the tax-exempt statUS af the Governmental Unit �<,.; .�:,T,�..;.�i�;`��y{,'- ' .�e:c1t., . "F�:S.:,.S �;"h::,{; ' '+ or the Gavernmental Unit Note, or (ii) would have an adverse effect on the validity or ���>;�;,:�.,;:;,�p_�:,=;�,�;�;;.,;j,.. ; entorceabiltty of the Governmental Unit Note, the Loan Agree�nent� or the resaiutions of °;1.:.`� r-3''?°;'; �-F :.yJ'"t: .. the Governmental Unit author{zing the Gavernmental Unit Note and thQ executian of ���,��`� �'�'�'��LA' ����.,:. ;, :.�:.�a �° , . -,,: `�`;.' ':s��'';�i.�..'�. � �•::,. ',�.•�r;,j.�;, other dacuments in connection therewith (the "Laan Documents"). ��`�,:f��;y.�:�,;1�`�-,=.r��.-:.;��:��- �� l. �.i \.�3;'i_� ?�.�'i�i: lt�� � . .l. � . E`.'. '.§'��ii��' ���`'p ' 14. No final judgment for the payment of money has been rendered against ,;�fY �'=r,°�`��';�`:`; •'�`q. .,'� �•' . i. � + �i�:�L':,r;i ] 0 � f I �:.: .�� � the Go�ernmental Unit, unless within 6D days from the entry thereof, (i} suc3� �udgment �as been discharged or (i[} the Go�ernmental Uait has taken and is diiigently prosecuting an a�peal therefrom, or from the order, decree or process, upon which or �rursuant to whieh sueh judgment was granted or entered� and hes eaUSed ti�e exeeution or le�►y under such judgment, order, decree or proeess or th� enforcecnent thereoi to be stayed pending the determi�ation of sueh appeal� or {iii} the Governmental Un[t has provided far the payment or securing o4 such judgment tn a manner satisfactory to the Credit Facility Issuer, 15. The Go�erncnental Unit has duly performed and com�lied with ail the ohligations, agreements and candltions on its part to be performed or complied with at or prior to the closing. Eaeh of the representatians, warrenties and other information eontained in the the Go�ernmental Tlnit's Ioan appiication is true aad correct and does not contaia any untrue statement of a materfal Faet or omit to state a material fact required to be atated therein or neaessary ta make the statements ir� sueh documents, in lig�►t of tne c[rcumstanees under whieh they were made, not misleadtng and has nat changed s{nce the date of the Governmen#al Unit's loan applieation. The Governmental Unit has authorized, by aI� necessary action, the exeeution, delivery, reeeipt and due performance of the Governmental Unit Note, the Loan DpGuments and any and a!1 such otiter agreements and daeuments as may be required•'to be exeeuted� delivered and reeeived by the Governmer�t�l Unit to carry oUt;��give effeet to and consUmmate the transactions eon#emplated by the Loan Agreement relating to the Gavernmental Unit Note, and such authortzation hes not been madified, amended or repealed. Z6. The Go�ernmental Un[t Note has been duly auti�orized pursuant to the `��� �oan Agreement and the Resolution [n the Farm� delivered by the Governmental Uni# [n connection with the issuance of the Governmentel Unit Nate on the date hereof. The �4`� Resol�tion was duly adopted in aeeordanee with all procedural rules applicabie to the ��' , ..�: Governmental Unit, and has not been the sut�ject of repeal or madification since the date �'� of iis adoption and is in full force and effect as af the date hereof, ;�;; , 1�. To the best of our knowledge, no event affecting the Go�ernmenta! Unit ``� hes oecurred stnce the date of the Go�ernmental Unit's loan application whioh either yl. makes untrue or incorrect in any materiai respect as of the date of Clasing any statement °,:;� or informat[on conta[ned [n the Governmental Unit's loan ap�licatic�n, and a11 of such ���, intarmation eontained in the Governmental Unit's laen apglication, ineluding aIl financisl :��� information con�ained therein, is true and correct as of the date hereof. ,=�-; LKL-11/16/86-Z6$AA-2822 -3$- '... . - ���7�:�• � � A _ -' , . K•.s,�r<< ;�er �. .. �7;a��.�t .'1±�3�� ���' w�� ,1E:'r.. �F'��'• ���';..'1:w�'r'FKOii.;.�r.�r�{. � ,. ;:' �`s .:., _ , r;• '['r�;f'�;y';;:-' : �,..= -.a;; 3�'�,'�,a. �'. .,�; , ;.�^tits:'_%;`{�;:ry;:.-.,.'r�t , , , ,:: ��;.-•: :,,:,, .�; -' ' ' �:F yi,+.` i; j ,wyV���° : , . . 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E.4'. � . ��?4',�f�,�Ya;; 7.!.rx.`7 i ».•: �. , . � ' � ' . • I i • . ' i •i t:f . � � f�•,�� � � . . � k p � f' '..{' .5-0�'1` ...� '1 � � .i�.. �M �. ' � y . , � . r s ii,hj�i�'��';�y":.�+`,�''1J�:, �,;``_ ..r. "i",S,f`.;.:✓'?'-0..! �.''}"�. �•.•{Y'�' .�E: ��Ia � ���% 18. We further cert[fy that the aeai impressed upon this eerttflcate is the Zegally adopted, proper and only offtcial seal of the Governmental Un[t; and thet the.seal has been impressed ar lmprinted upon the Gavernmental Uni# Note. 1.�. The representations end warranties partaining to the Governmental Unit as cantained in the Loan Doeuments and any other doauments ineldent to tt�e tran�aetion desortbed therein are true and correct as of the date:t�ereaf; no default has oeeurred with . regard to any .of the obligations of the Go�ernmental Unit, and no event has occurred as of the date hereof whteh would bring about or eonstitute any sveh default. 20. We have no knawledge of any legislatian adopted by the 1988 Session of the Florida L�gislature that restriets or otherwise ad�erselyr affeets the Governmenta3 Unit's power ta tssue the Governrrisntal Unit Note ar its ability to provide for the payment and the princi�al thereaf and Inter�et thereon in the manner provided in the Loan Agreament or the Indenture. � i ., � ". �',� � :. � . �. LKL-11/16/88-2BSAA-2822 . } . .,. . . , � . . � . , � . , . �. � . .� -3T- ..•I�� 0 0 u vi � ' �° � . <.,:...;��_ :�', �.�E,r'w'""�"�'-�:;; �y::<; ., � . . ' s ,. .-. ��� .... ��.n •"*' -':: � . _ ° `^*• ..�� � ,`�^���-��� - � ; �� ` ' � r d.,; J' .,` `� . • '• :, •� �. ...,.i=� � �" ....� . . � ' � ? - , �� ' � . . .' i1' ... _ �+ . � . � . . 1l ' ' w' ^{'H' �'(:`i �L. r�.� - f� i! .�� � y''af.`.<t F � � , � , 7 a' ? s l" a` i �,F . < .y"� � ,J' , H �'� r,t�� r{.. � ''�`ii�� ' �3� � `+, L f � �� . 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S�i. r., K X�. Y;` F;_ 3;e�,e ;�+ =�~?%' F l.��-1 :tr } �i�� �' •t e a r i`�.. ;< t, "�!L, ,[ra.�i� """'�ii��r�rrYr..►r:+:.m:. � � ' :�'"ty+Z R=� 1% . � . � � � ��' IN WITN�83 WHEREOF, the below-named offtcers oP. the ' of the Govern�nent�l Unit heve hQreunto set their respective sfgnatures as such of£Icers • • and have affixed the corporate seal o£ the Governmental Unit this day ae . , . . (SEAL) � ' , FLORIDA Governmental Unit � . ,•..,. ..� . . � ATTE3T: � Hy: , . Its: Hy: . � ��. , Itss . ,t By. , � Its: . � �. . ,, � �. . � ' _ ,�� . :�, . , , , ' 'r: , , ;. , . , � . , � �5 , . . , : . . 4 � � ' . . .. • , . � . . . ! _ .� . . � . , . ' t . . . ' . . ' . . �. ' � ' . , ' .. ..5 . ' . �, , , ' ' , . . . ' . . ,; �. , � ' . ' . � . . � ' I'i . , . ' . . �Y . .� •: ' [, . . � . . , , E �� [ . � _ �� ' . .1.� . . . . :,; � � . , ' ` �f ,' � , LKL-11/16/8$-2BBAA-2822 -38- .� � ' i� ' • � � . ' . . ' 56: , �� s�.,. . . . . 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F.'ti �.,'.�" :.t F�'+': � 1�3' ''�- i�' ,.i :� . .. _, . .. i'•.: , . ! :�yl:� , ;i, ° ;•y: ,:�5.?.} t (. � •1 � � �6 � 1:-`� . . - ' �'t . . . � 51. � . 1 .. , , �•�.. �.., %: .4" . t`. �3• ,i:, . . .. , '7" :i:`3F, . j. . .. ...1.,. .. , f' ;Iisi. �: '�.I• �3., e � '�• •.I���i.i�.• � . . . ' .. . � 4 , ° . . , r' � . � .�i ' . ?9.. - . . - . , . � .. .. � , • .-, . ;t:�3 . _ � � . , •_�.� �' . ., . , s«. , . • . . - , . . .`.51, � {' . . ... , �'t,'� . i, ;3. � �" ` i�': � . »'. ,: ......_..r.. - . ... .... .+.., . . ... ._,'F: ,., �. ,... _ ._ _ _ ..... - -_..___......� _._, �.' •:�J;,�?3nr a �'• , j..!.:.' �.;t,'. -ri N ' �.`��}:::�: ! tc:;'[:�'. . i ' , - . ' � '" , A, r~ •`,�•. ',��' �;��i `ta� . W_ '..S�L; �i^ � "_ 0 � � l . 0 I GF;� LI F: ��� {�etterhead of Governmental Un{t Counsel) City of Gu1C Hreeze Gu1! Breeze, Flnr{da �un Hank, National Association Orlando, Plarida , 1988 Livermore Klein dc Lott, P.A. Jaaksnnville, Florida Finenoial Guaranty Insurance Compiny New York, N�w Yark � Res � Loan from Clty of Gulf SreQZe, Flarida, Local Government Loan Pragram to Lad�es and Gentlemen: As counsel for Florida {the "Gaverntnental IInit'"}, I am delivering this opiaion to you in connect[on with the consummstion of a loan by City o! Gulf Hresze, Florida (the "Spansor") to the Governmental Unit In the amourit of ; (tt�e "Lasa"} from the Qraceeds of the Sponsor's $140�00O,OOQ Loeal Goverr�- m�nt Loan Program Floating Rate Demand Revenue Honds, Series 1985C (the "Honds"}. The La�n ia being made pursuant to a Loan Agreement of even date herewith {the "Loan Agreement'7 between the Sponsor, the Governmental Unit, 5un Bank, Nattonal Assoetation {ti�e "Trustee"), and J$ekson G Tuttle, City ll�anager (the "Administrator"} ta finenee the Gavernmental Unit's c�st of the aequisition and installation af certain quaiiti�d projPats of the Go�ernmental Unit (the "Projeet"). The Loan is evideneed by the Governmental Unit's promissory note in t�e �rincipal amount o£ ; {the "Governmental Unit Note"}. Aa pro�ided in the Loan Agreement, the Loan Agreement and the Gavernmental Unit Note may be assigned to a eredtt laeility iasuer for the Bottds (the "Credit Facil{ty Issuer") under cert�in eireumstances. It has been represented to, me that: {i) tne Bands were [saued pursuant to Chepter 125� �iorida 5tatutes as amerided, Chapter 168, Florida Statutes, as amended, Chepter 163, Florfda Statutes, es amended, Chapter 159, Part I, as amended, and other applieable provisions of law for the purpose of financing and reflnaneing the cost of the acqutsition and {r,stallation of quslified prof ects in the State of Florida; (ii) the Spansor [ntends to l�hd the proceeds oi the Bonds to eligible governmental units hy entering into a loan egreement w[th each partiaipating governmental unit; {tii) it [s intended that such agree�nents, Ir� ti�e aggregate, will provide ior the payment by the go�ernmentai unita of $mounts suffieient to �ay the principel of and interest an the Bonds and other eosts ittaur�ed In conaection wtth the Sponsar's loan pool program; and {i�) t�re Bonds are seeured by an assignment and pledge to Sun Hank, National Associatian� Orlando, Florida, as trustea under a Trvst Indenture dated as of December 1, 1985, as amended and restated as of Juiy i, 1986� as further amended and supQlemented (the "Indenture") oP certain of the Sponsar's rights under such laan agresments, inoluding the Loar� Agreement, and by a pledge of the notes given by the go�ernmental untts e�idencing such lnans� ineluding the Govecnmental Unit Note. 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' A ,. . �5- •3�' . 'i �'tt..'..i �-ty i � . ,F ,! , �. . � �:i ,�. ' ;; �,.'F�,.: , J� , , �c � `t'!�. "Y •5"...". . . , 7�, ,�• t• i� , s• . , r � , �� ` . , ��.. i� ��}��' . . � 'rr';: , �.;' � i, ,. . . � .¢ . . � �t � d�i, 'i"', . � . . � `r . :r' ,� '�i'i :s•: � . . . .�' . . . .. • 'i:��;�• c =.t �r'. . . . .. ,�t• _i� � . o'� .�t'!y, ,�. , . ;.5t�. . :7.�� •/i:': �ct"�.4.r..arli�': .. e . , � . . . � . a�'e . :.i;. -.t.� �ti� >�a' .. Y'�I;� ;? . , ' .. . f . . ... . . . 'Y�':'�'°•',:' . � . . . , . . -:i' �. .:i;t , . . , ,.}:.,. `...:"'�' i.�`.'�:, 9' 13'f, . . . . . . � Y � '�`�' . . 3�l�� ' �a� '.Y. S �.'` ��! t !.� 1`��°��•�. .'`:;. �: . � . .. 1 s•'-;" � ;�•' �'r: ; ,#',� , , . ,. , . :� . �;:,.�'�.,: ;. .�. .. e . . , �}'. , _ �s.,�_•:� �;,J - _ . . �F•5 . . . . . . . .. • . , , • . - :�:: .. '� . .. : `y� r;i-•�,,' s4'i�.'�_i�'.}:� �l�i�'�'e , . � _ . ... — _' s..._... t _ — _— —_ G •�+:. ` ; -°Y • c, . � �I.��:.�..w.�'. .��y;,����•':��•. . • ;';; °. _l1t<''S''�,?� •Fi fii'_.i,'• ) � �� � ';��'tf,::���}��i�,�r;'a";:;;�%.^',. � E . si. '}I:� .s.;.��,, �����ki,`�,.., � .� � ,']L'.•���?.; j:,: �ii.'�54�f;�f:it' � -••- '�' . .., `���':a' �.��.:'..;�`. . z .. . ��. -,., :f;:'< :�. ;4� 4 �7-� .k.�l� �� : •�i,t: 4 ��::� � •-�: y.:�;:��; '!€��3S�i�! . aj ��,� ��� s. .,lt f+i�. �� � ���"��: `�� .:,� t.M [ t,.Y�4• . ,i i . . . .' At a ciosing h�ld taday, the Governmental Unit has executed and delt�ered to the Sponsor, the I�oan Agreement and the Governmental Unit Note. ' As caunsel for t�e Governmental Unit, I have examined the ariginels or cert(fied copies af each of the agxesments and instr�ments referred to nbove and a resalution duly adopted by the governing board af the Governmental Unit on , 1988 (eolleetively, the "Resoiution"). I have aiso exarnined sueh other documents and certtficates, made such inqudries af officers and empinyees of the Go�ernmenta! Unit and others and cansidered such ather matters of fact and questians of law as I deemed neeessary for the purpose oi gi�ing this opinioa. Hased on tne foregoing, I am of the apinion that: 1. The Governmental ilnit is validly existing as a o� the State af F�orida and has fu�l power and authority to conduct �ts operations� to adopt the Resolut{on� to enter into, execute and deli�er the Loan Agreement and the Gavernmental Unit Note, and to perform ali aets necessary to effectuate and cansummate the �ransactions contempiated thereby. 2. The Resolution has been duly adopted, and the Loan Agresment and the � Governmental U�It Note have been duly authorized, exeeuted and delivered by the Governmental Unit and constitute b[nding and enforcea�le agreements of the Governmen- tal Unit in aceardance w{th their respective terms (subject as to enforcement oP remedies to any applicahle banitruptcy, reorganization, insolveney, moratorium or ather Iaws or equitable �rinciples �ffecting the enforcement or ereditors' rights generally from time to time In effeet.} 3. The Go�erninental Unit is not in breach of ar [n ciefault under any exiating law, eourt or admini�trative regulatton, decree, arder, agreement, indenture, mortgage, lease, suh�ease or other instrument to which it is a party or by which it is bound, and no event has occurred or {s cantinuing whieh� with the passage of time ar the �VIIIg OP I1pt�CL'� or both, would canstitute a default or an event af default thereunder� exeept for sueh mtnor breaehes, defaults ar patent3al defaults or events af default, if any, whieh individvally and tn the aggregate would ha�e no materiai adverse effect on the Governmental Unit's f inancial con�itian, aperetions or properties. 4. The executian and delivery of the Loan Agree�ent and the Governmen- tal ❑nit Note a�id eompliance with the pravisians thereof, do not and will not eonfltet with or result in the breach oi ar�y of the terms, conditions or Qrovisions oi, or constitute a default under, the enabiing Iegislation and Charter af the Governmental Uait, any existing ordinance or resolutian of the ga�erning body of the Governmental Unit, any existing law, eourt or administrati�e regulation� deeree, order or aay agreement, indenture� lease or ather instrument to whIch tt}e Governmental Unit is a party or by whieh it ar any o£ its praperties [s hound. 5. All r�quirements imposed by Section I63.U1, Flarida Statutes, as amended, as preconditions ta the effectiveness of the Loan Agreement as an ir�terlacal agreement under such section h��e been met and the Loan Agreement eonstitutes a valid, bind[ng and enfareeat�le interlocal agreement under the provisions of such Sectian. LKL-11/16/88-268AA-2822 ��0- � ,��::��. 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' r' <, %,�:� �4 'i i '.�`t� '�s. r? �t' .�-.', d ., r` '� i�i.f.' .. T� :`^}.�1�= `'�' =z' � i'� v,j.r '1° �, 1. ,)'., � Y.�. '�f�'�, ,i� - •S � , :'C. :�` .,{.: i�i .!' •1' .�a�.'� ;�w' .5 '. �. r.': <'.: , s . .. � �yr � "!,. .. 7?: .�., r ;1 ' �;: � �'i ,i'` i" �' k� 1:�'.'. .4.. i ) `'w �� <e� .� '��r�� ���, :6:�. .E..r • . �4 : :i�. ,' �;' Fi° <�t•' �'�4 ',��'..�',•j��•-�:...: �^5 . ,:'/. .S e �l. ° . i � ..�'", •y�' si� . � �.. .�,,� . G�' .�r • r� . ''tx' 3ip� ' �. .r. `S� 'i 5� ;� F', nf,: T�. . t � . :3' ri '•i �•[' ,!� �1.�. ��l2'f a� t-1, �r,` �� , ,,. . .. _ : }'„^� , .� -'. ..,,.� ,�,. ...,..,.• . ., .. �.. . .. ,' �°s""" ...... ' '' .." +_, � .. . . . a . e r . . , .. . -,"' . - . ' ^- . .. ...4 ��•. . . • ,_ . . .. . ..�.' �.., „ - , . � . , '� . .... . . , . . . ... � +7. � � B. Tnere ia no aetion, suit, praceeding, inqulry or �nvestigation at law oc in equity bePare or by any eourt, public board or body pending nr, ta oUr knowledge, �hreatened against or affecttng the Governmental Unit which has not been diselosed in writing to the Credtt Pae{14ty issuer, nor� in our o�inton is there any meritoriaus basis therefor, eontesting the due organization of the Go�ernmental Unit, or wherein an unfa�arable decisian, ruling or Cinding (i} would have r� material adverse effect on the financial condittan of the Go�ernmental Unit, the operattan by the Governmental Unit of the Pro�eat, �ita faetlities and its other properties, or an adverse effect on the funetioning of the Governmer�tal Unit or paymer�t i�y the Governmentsl Unit of the arnounts due under the Loan Agreernent in the manner snd time requ{red therehq, ar {it) would have sn adverse efleet on the �alidity or enforceability of the Governmental Unit Note or the Laan Agreernent. 7. No finai judgment for the payment oi money has been rendered agalrist the Governmental Unit, unless within BO days from the entry thQreof, (i) such judgment , , has heen discharged or (ii) the Government Unit has taken and is diligently pros�cutiag an appesi therefrom, ar from the order, deeree or pracess, uQon which or pursuant to whieh � sueh judgment was granted or entered, and has caused the exeeution or levy under such � f udgment, order, decreee or process or the enforcement thereof to be stayed pending the determination o! such appeal, ar {[ii) the Governmental Un[t has provided for the payrnent � or seeuring of sueh ,�udgment in a manner satisfactory to the Credit Facility issuer. � , ,' , , m 8. Ttte Pledged Revenues deseribed in the Loan Agreemen� have not bee!n p�edged in whote or in part, d{reetly or indirectly, for the benefit af any obligations previously [ssued by the Governmental LTnit and are not subjeet tu any other encumbrance, except as spec[ficaily descrit�ed in the Loan Agreement. 9. We have no knowledge of aay legislatior� adopted by the 1988 Sesaian of the Florida Legislature that restricts or otherwise adversely afi�ets the Governrnental Untt's power to tssua the Governme�tal Unit Note or its ability to pro�ide far the payment of the principal thereof and'interest thereon in the manner prov{ded in the Laan Agreemeat and the Indenture. , LKL-11/16/88-2$SAA-28ZZ � ..r Very �truly yours, (Governmental Untt eounsei) -41- -,....,..�a`�"� � � �-` .. . • ..���.•�=' , . - - ' ..,:;.' ... . � . . ., ' ' -�": -��;�'' "� T �t.',�...�. :ka;�,,� i"»"!4`§' �,.^ti;...,,,y;.r;�troon.gW1•• s . ,. ,W�t�f.. w r,ne.�,�.y,p .�cr''�C.y, +rt+ 3�Ct?!n.;,;7r.2;R.°'F.y�,;d'- ,.�"r y..i4�'. ,},s.!. `'i5�..ii.� r : 'f '.�+= , e– � {p... , . ,z.: . , ':?c; ,� . �6:–, ;'z. •.e.. . • , � . - � �;i `�.t + r '`�SS ' 's:� ° ' S`. ' �S ' . - ' .i.. SN, � .v�.'ijF ' a• ,1,}l::'�4'�° .a � e�i.;, :s,`. �;y�' .,,r' '�.°=� '^�':�^�f:�9r�"a��� �i•" �/t� : s . y • 'm^;'' :',�. 'v" ^t � s4�e, '.�..5.; .� � �J ti, `�'l�.t°�. • �9 � :!�'."'��L ���i' :'E.3�,. .t",'•SZrz:$° �..tb��' -}'ri'. .�i;'>;"� �:,;:.�. .r-Y ��'�ii .la� 's� ,Ff.� � S� • i�'. t �' . l3iA �s�t lf L(. , S r :L' i�:.e, 6�e6�. :.4 •Dy.�, ' L r�-gaa. u. f��. s�. #... r.e�...+�1�k.nw�P..�f'�'rw;mi�:'...,t:.�p=K..':�c..°.v.�3,..�;,:��P,<.x..��,,:�... ';n.,tJ�>,a:t:�x��c,.�:.:'�.�.M.:.�:t::'�u:;.'vr:^��-�r�*rr�:rx:>::,�:k;`I;�:.l�;��`r:s�};'iY..-a+,a•�i,^��t�'i��A.��t..�kx•, ., � . � � � ' � •. ... • . � � � w i� � � Exhibit A . C1TY �F GULF BREQE, FLORIDA , ' �.OAN APPLICr4TION Please iorward aRe completed arEgi�a� and on3 copy af lhis appliction form, alang with otY�er requested ci�cumentation, !o: . Govecnmer�t Credit Corporat(on p.0. 948 Pensacola, Florida 32594 • Attention: 5ieve Gart�an Submfssion a( thEs applEcatfan constltuies permissEan io share this in(armation a� recorcfed i�ere or interences a�ci cor�clusians based on tnis ar oiher periit�enl dat� arnang pariles ta this ira�saciian lar the purposes of t�is transactfon. ' , � Depending on lhe Raiure oi ihe project(s} ior whEch thts borrowi�g request is being made, a�d ihe intended source of repayment, some oi the in(ormation asked 1or in ihis quesiEo�naire may not be � apprapriate or relevant. �� the oiher hand, there may be addilona! informalion that 1he Banfcwill require in orcfer to adequate�y assess the ifr�anclal feasEblility a! a gfven project ihat �s not included !n ihis questia�naire. Name ad Applic8rlt: Cit of clearwater � Mailing Address: �.a: sox 4748 Clearwater, FL 335T.8 ' Two Contacl Persa�s: Daniel ,7_Deignan, CPA, E'inance Directos _ Aavid H..Csstzs, CPA, Assistant Finance Directar Telephane Number(s): 87.3-462-6936 r .� .» . � � • Gl /, Ri7�?8-$8 ; i:,-� h�;",� � yy.,4>:,:x � . . ' � , . �° �;. ' r , . • _ '° ....���-��� ����:� E �� � ,",�y, � . . ` ' �.;,i � - .�w: :I.,'�f��°..t.,�` i�> .... , _.� . . ' 4 . < K ' 'y� . . , . ' ' •:,;-;, ' . . . ,. . . . . ' ' • . � � , �aerr�?!}��:ar�:�."3f.q�.t:�r , " :.a'w.4�!jt+*.AcYr... ..f.,F.��.. '*.t,-t:^ `Y:. •�-t.` 'w4 «g:�w.s.�,...e'a•(,t' '�;���ryv.. . w:��•F`"::,'" i�,.�i�aS'-'n''"'^ry.,±. s,��_ .a,- �+::.k..w�rr� ..'w.� r,+»�;'rr .t�'Fw"� K ^� • . �-�' .. . . .. • . �. . .. . -.>. �'r'��� h• r.g , , . . :�`��' ..� . . �' � .. '�r..�=`'�:,�„. ` y y . .r.' � ' � ' itY�^; • ' . ' . ;. . . >�;.4 4;`,Fw_`. . ' .n. 4�. 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' Y r�;�;�""�-',,�`: � :'.�;:�;�.: ::;�����i.�„ ..�� .. . �.�� �;�� ,��� . `'' �"�t�°N��q���;���y;�� �'k �.r`]` .L4�.:5'f�y. .:��=.` JutiSd'Gtion ' 1970 ':�' :���.����;�.�,� g4!': 1980 i985-E�imaie 1990 Forecast �: �-A�:. �c•...���.�. b 'i'. .. ;=c�,,,:. , ; `�.�,i.,�, .�F^. �, � r, � ��V � ..� L. .',le� �(; l ��,��`•.;if• r .r: s�e`s, l F; a:aE; �;; �}'�1,: . , ; � � ., , . ' �. � . I " 3 � . Pinel�as Count}� 522,329 728,531 St. Peti�rsburg� 2].6,159 J 238,647 7BO,Ob2 240,562 927,3Q3 N/A Clearwatier 52,074 85,528 95,33U 106,186 Largo 24,Z30 ,-58,977 , 54,253 N/A; SQURCE: US Census Sureau, Universi.ty of FZorida, Pinellas County Planning Depart-snent, C�ty of Clearwater Planning �epartment B. Age Distri�ulion ot tne City PoAulatian: � AcJe ��ry (Tata1� • 197D 1980 1988-Estirnate Cur�e�d 0-14 years 9, 543 12, 455 13, 882 15-24 year5 6, 359 11, 944 1.3, 31.3 ?5-44 ysa�s 8,687 � 19,031 2Z,2Z2 45-64 ye ar5 I2 , 517 19 , 812 22 , 083 65 &oVer I4,968 22,286 24.89a SoutCB: US Census Bureau Data and Prajections from Clearwater Plannissg nepartmen� t • G4 . ' ,����.y �,�„i-,' ..a _ - .. . . . �-Y• �-�iR.�',,,j��„ G-- Y�. �- . ' ,, � . . 'y�-� ' -�_ .. .. . . . � .u�� _ , , „ -.,i, . . . i 1 � ' , _ ... � ..�.. �.. , .-m=' -;S'T;�r�,,r»i ._ _ _ ,�a...,.,.s.;._Pw . � . �� ,•" ,� :+ . f', .. ..., .y... �''. - . .. � - .. „ . .. , .��. •-'t•'t, . ' ,. .. .' ' ,' ' . . : ' � . �.. ' ;'_,., ,. i��Zk �t, ,:.2:�;ii .:� ; �� � � we.=,:. . ,. :'': ;�,.' 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"f . • £.': . �'h` . , � f, xl � :f.ie�L i , . . . . . • . . . . • "< f'; ��. •,i' ` . . h? , . .:, ,.. . ,... �.. �. ...� .. . ..,.. .� ...'-. ...� t.� � ,. , . . . , . . � . . . , . . , . ...� ... � .�.' : , _ ...,. . . • � . .. . , . . - . .. . � . � . .� . .,'. . . . ,.. � , , .� .. . _ . . . �,. �_.�. , . : •_ _��..�__ � " - �-'��-"--... ...y,..:u .:..............' -- �i_ - - --- - -.,;�s.`r'.'t5u:u�'t `�'_.: ........�.+. .- .� , . . , .___ .,� _ x. •.:•�{ 4 -� • ,j;. , r'r: �� � . . , . � a ..�;.o .4�-,i. "^,;`, . . F�S. ��`';��� 4. EC4NOM�C DATA �;� ; ; ::� ::';? . :3< _ . ,:,�',,Y� , �'r'� A. �mploymenl Qata F'or Pinellas Caun�y Ta�al - Separa�e Clearwater �ata is �_�, ` �+', - ,.'`; vailable. �' ; j` ���. ''�' �;.�r=� '`'�'~ Period 1980 1981 1982 1983 rt9&t Currert ;� ',:�,. ' `��� �"� � ` ."} 'Tataf City �:� ;'�:�;=;;r ,�.;..� . N/A N/A 286,229 3z1,822 327�1Z2 336,975 `t`t a �mplayment s•� :'�! t� �! � � ^` 4� ek ?� . � � �� � 3, °� - A Llnemployment N/A N/A &. z 5. 4 9.6 3.9 ��! :;�.�5^:��i� •Aate �`s: �. ��� 's: �;''�f{ � �"_�'' Civilian 4abor f�' . �. x; '::;i;;'. �.�<; Fproe N/A IJ/A 311,Sa� 3Q0�325 342,834 352,539 ��'J ; �• , .rr � ���� ����� `�5��� Sourc�: Florida aepartment af Labar and Employmen� Secura.ty '� �, >>1:,; �.�.�.; . . :^,.' :•.� ,�.�:�, � Bureau of Labor Market Infonnation t+� �.,z.r= ."'�s B. Empioymcnt by industry grpup in the City Major lydustry G�oup '�. Managerial. & Professional a. Specialty Occupations Technical,� 5a1e:� & „ Admznistrative,Suppor� � :< ���: .��; �«>• . ;?� �} � . ;t � . , �} ' S1 IN • " .F t � ' �Y . , " . : i � � � � Sezv�,ca Occupa�ions Faxzning, Farestry & Fishing Occupations Precision, Production, Graft 6 Repair Qccupations Operations, FalZ�icators, & Lai�orers �otal SOUCCe: I9B0 CenSUs r . 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Ten largest 7axpayers in ihe Clty-September 30,1984 Taylor, 3ohn S. Trizec Westezn Zna. Be�lwether Prap. Lp. L�d. Cheezem Investment Pzogsam Atnerican Design & nev. Corp. Sand Key Assoc�atian L�d. Sears Raebuck & Co. Church o£ Scientology ,�ssessed Va1ue 28,51.2,000 27,580,200 2]., 6].9, 700 16, ].SX,S00 13,410,80D 3,3,296,700 I3,Q62,400 12i749,5U0 Levied* Arz�nt Paid I22,687 II8�67B 93,030 69,629 57,707 57,216 56,208 54,86i Hank af CJ.earwater 1,2,566,000 54,071 Fininves� America Corp. 12.381,900 53,279 5otlrCe: pinellas County Property Appraiser 0 %of'i�c �ioq .95 .41 , .�z .54 .4A .44 � .43 .42 .42 .41 0 * Amnun�s shown are �axes levisd. Da�a on inc�ividual collections is kept at � the county level and is not easi].y availab].e. r . t , t 3 . . t � ' . ' : 7 , '. ` ` `� ' � ' e G9 .. , _ .._ . _ . w. , ��a,�:��, ' -- --_ •..;�c_h'��"'u; �" �-�="� : ,;:;�.a a .. . 5M . ' ' '�`� -����`-" ::. � � - -- , , . , `. c J� • ' . SS�+� . 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L �.:::. :�r'�" 1'�i� .:,a �F' ".j".'E�' �t' Eiia: '.i:',;.�y..C�f IG. �°51c ,t.• -'.S �" ..�Fal . ��' ° .�J.'.: h S ..?•: .}• [ t ^ ::sry't'��1. .,"�r ..�' :��r�� .�I•....''�.�:.�..(a.e..��� �!�},.: �'.{�i 4�. T� �.l �.`r/�; �iv ,.) rf i'.=N. y 4 S;� � L. � 6. CiTY GOVERNMENT LABQR DATA A. Tatal Clty Employees P�� Em�loyses 1985 1,538 1984 1,498 1983 1,519 1982 I,502 Source: City of Clearwater Payroll nepartmen� Piease idenlity the raasons ior any large increases or decreases: r e � G10 � � 0 � . . __ : ���y}�+��"r5-'T:6.. :Y� �: ��.a 1, �. " � . . .0 ., . , • (t� � �, FY1J)�I.Y� ��� '6�,'1 ' .. �r��r ��'��^�f� lw': � . . . . .� � . ' ' ��^�n=�.r. �� � � . ,., ' • � , ��1 _� _._'__-___.�_ .�..._J....`......"_"�}� . . . '• '_ _ _ '_......"" . 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R4i1.,^:'`.: t Y(�yS 1 , • }�u' � � ' F . . -f 1 •' � . 4� , �: � P� ;� 6. C1TY GOVERNMENT LABOR DATA (continueci) �; � , � e, , x x ;�- �-� y: B. Labor Relalions:� If labor �r�lons rspresenl any at the city emplayee groups, please complete the iolEowing. � �� • rv ^ ' . u °� �� �' . < �: t� ,. � Nameat�Unbn � Numherof Empfoyee Mer�sbers Contract Fxpiral'�a� E3ate .F„' � � ' :�' ; � Gommunicati.ons 9 flp 9/30/87 >; , ;.�, workers of America � ' 'i� Fzaternal Order �. �' `'?� of Police 20Q 9 30 67 �� ` • ;;� Internatioaal ��� g/30/87 T� �'f Association of . k � '� F�,refighters � ��: ii. . 4.. w . , . . �A 'i: ' � . . tyi }: ��' ' Saurce: �°: `.� , . . t �r. . ;� � ��;; C. �.abor Refatfons: In the space below, please provide a brief descr�ptifln of current � � '��= ur�ion activity and labor refations with cliy employees. , ' � � ' �'' - `' �� Tha City has thr�e yaar aontracts wi�h all three unionsF thns, at �his time � � �� there is little act,ivity ia labas rela�ions. 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'�' r� �i: �-K _ t. i � ^7 ,s �3' �,t��h tn.. 1. �.7"i 3 S`' . r.� -.i.a;:=�::`,rr` i.-::`.r �,s.�.' : k., F:, • .i` �'C . ] �f.':i �.S , . ,f; b�fi. �".'i� : s,.�� i.s �i' � . i; .5.• �e' ��5�' . °z��' .. :iw':.:: '�f'•�: :.'S-:.vs .ix'e� ,C'.!' , . . . �1`j •�t:. . i::�; � '�'r�,;�t-. �(• , - ��Q�� r: +:�- 3 . i t „t• '�+fk•, 'c.i.�'�'.'�� , `:�` 'y,'..�:: '�5:. r�.5�i�!•,!, . . i��ic •✓.: ,�t . °�.�' .. �.�' ..'�i:^�c� ,�: r.: ( :i,� �'� .. . .} � `�}, . ;.1.�'7� - :,i . � � �' •i'; ^ )�, % � , i'1....t: �i� 1'i . �.,' .. �. i r=��< i +1''�= ' , . , , )�:. � , ',:l �:'�.: , . 'ei �t'• i� °9' '�: aA xd:.� _��rla Sie :�f:� '�i�` . :i• . 'o:�Y.: t i' �.' . 'c'i � . '�F:� •1� � '�y'�` �;i� a:'� '-F . Sx4 • -1:� �', ! {e.� �.r �t .,y:� y. :'d, ii.�. :t . �'s; , . i.;� .m:�. . :�:� ���' .s. t. : �': r. � . .i� .�". }• , �;`� �10 .�. ; °-,:; ��; '�, r' �. i . C � •�i' 'i> � 1 :l� ; ..ii• i' •�) • ;.3.'�•��� ,. � 'i'. i,' 'M� .1.�:`. '�� ;1'. - ss��ss..,,,, '�;ics�?i:_ �-�'� . . ... . , . �. . '.�e: er��' '.� . �' .�� '%1�� _..�.�w�����w ��i�ii����"_� _ _- _ _ - .ak/ui". i y.� . .,.4�E ;4� . "•l�._ . , i�1 �-wi�..-...arr.�...i��.... .� . ���=i�{', ; _ � , ��� � • � � � / . ; ' � W 7. OUTSTANDING DEBT: It tt�e city has current�y ovtstanding �or�g-term (matur€ty oi mare than ane year form date af lsst�ance) pfease pravide the follawing inforrnatian: Name at lss�,fe Generaz Ob2igation • - Bonda � Public 5ervice Tax & Bridge Rev. Bonds � 4later 6 Sewer Revenue Bonds Parking System Revenue Honds � Gas System Re�enue Honds ' Capital Impzavement Revenue Bands �ncinerator Revenue . Eonds � Clearwater Pass Dredge Note Sarne�t Recreatian Comp].ex l,aan_____,� Barnet� Capital Improvement Nete Hi].gore Property ' Acguisition Notes Community AevelopmP Bonds � � � '. i -' 'I , I . , • "I ' ; � �; Arrraurrt Outstardirg As �0�9/30/ 3,955,nn0 7,�55,000 13,246,593 840,000 7,030,Ob0 576,000 190,000 358,937 170,800 468,000 590,000 Z,660,000 �bC�galion fi X X X X X X x X X ' X X x Date of Dateof Issue Matur�ty I971, 1978 1/i/99 8/27/85 12/1/98 11/].S/8a 12/1/9�1 Z/1/83 1/1/98 Z/1/84 9/1/2QI3 Il/16/84 lI/16/94 2/27/63 2/1/89 6/30/82 fi/30/89 5/30/80 5/3f}/90 8/1/83 8/1/BB 8/22/86 B/22/89 , 8/1/86 I S/]./D6 Rafing I Fiating �9��Y A� Standard & Pdnrs ������ Mpod s f>'i: AAA Standard. & Paoxs a;;�� : � .�,� Aaa Moad s AAP. 5tandard & P�ozs ;,;�� A- S�andard & Poors •�i't' �:.LE RAA S�andard & Poors °;'��` ,r�.� �ione N/A .�'�' ;��, l3one , N/A ;��s �^ tT `J�.c` ,- j None N/A "�.`� � ,F ;��}/ None N/A :�'�': ;,:�� ' '� ,. �q None N/A ';;�r; ::�;a None t3/A s �� �Iane j H/A S. 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'f.f �4a �1 ,� �.1. � W '{ :. i 4 �.. 2 4l _t . ��. . �:A', .4� A ','S. .� t �.', . „ . . . ,�3:. , ,a ,,.r.. wii�� -- -- -=r,Yle�r,.uiwi�`•- , .�.. __ ,.. , . _. __....._�. _ .�Ci�if� .. .. .. ...,. :°I,'.�� ni OFFICE OF FINANCE fl►RECiOR A82-B93D August 21, i9B7 � Mr. Frank Adams � „ Gavernment Credif: CarporatfoR P.U. tiox 9+{4 Pensacola� FL 32594 �ear Frank. �C I T Y � O F C L E 1�. It W A'T ��Z I'DS?'{)Cl�1Gls Il[)X q7�i8 CLf?AItWA'I'�It,t'I.ilttfhA i,151R.-•!7•fA Pursuant to our telephone conversation, please cons�der this an application to borrow funds from your varla�le rate pool for tlie nurchase of approximately 15.G1 acres of parkland for the city's ongoir�g par-ks and recreatian program. Tite l�ncl was actually acquired for a tatal cast of �1,A15,a3A on Ueceinber 23, 19a6. Available impact fees total�ng �499,381 were app3ied to the purcftase. with ti�e remainlny �97fi�453 scl�eduled for lntermediate term ffnancing using one af tlie "available" loan paols. A5 I mentianed on the phone, this praject was removed frorn our recPnt First F1Qr4da .�inancing Commissiffn Loan because bond coun5el itad some concerns tliat it might t,e aggregated witM two ather projects for �urpases nf detern�ining cnmpliance w.ith the city charter referertdurn requirement for bonds in ex�ess of $I,UUU,UU[] which are not for publlc health and saFety. You will recali that we 1�ad previausly rece$vsd appraval tirqrn you for a$5,?.UO*UOU ' . laan �'or a radio co�municatian system, �s1ng state 1/2 cent sales tax revenues a5 � security. If possibl�, we would like to use �lie same loan application as previous�y submitted, changing only the project ta be financed as shnwn above. I a;n enclas#ng a copy nf the property closing statement as well as tl�e cnmmissi�an , agenda item approving the purchase. Please ie� ni� knaw �f there is anytfaing else yau need. • , � Sincere�y, . �.l�' ' � � _ Uar�le J. peigna CPA � fiinance Uirectar/C1ty Treasurer encs. .. �.: ;;� ,� . � � ,: , ° "i:qual F.rnplaymrn! and �tjjfrmnlfnn �Sotlan F;mptnyrr" ........,�.,�.:�:�c��.,�t ��.` A " , . . _.. - . � :r� . - � , �:�'_ F,^.f`yiy,ia�fi,.;,�,�. �,: -�u;a; :tj'���?+sa`t ',''' ''n`'�;�o'y', :''x � ' _`'�";,;`i�"'.����;:! ,,:r���.�, �' �_ ;;�^:.} e�� ���u�'.�;;� �;`�`� .., ;w,,,i.'r.:���,e�,��y �. , ; �.,:�"5e� t � �'>, � � � ' . . ` �i , ; ; � , �� �. ',: .M •.« ., `�sty�f :� • E3QiIH1T B This �,oan Agreement eonstitutes an � - Interloeal Agreement Under Chapter � � 1B3.Oi, FIorid� Statutes LOAN AGREEMENT rs between ' SUN BANH� NATIONAL ASSOCIATION as Trustee JACgS�N C. TUTTLE, City Manager aet(ng as Administrator � • � � and . �,. , THE CITY OT+ CLEARWATER, FI,ORIDA � �• ���.� a munieipal carporation of the State of Florida ' . _ �. .� . i: . ' ' � .,�. �; ` '. City of Gulf Br�eze, Florida � , . . . 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' ��:. w�,i'a,� ,r{ r�;q'. ��� 'ya, y ::k' •y,:�„bn- :::l,�r�'�°rl b�;i;;�}ia �'', �i,;`a.? r.�f`...:{,�xi° •;':• �t[•ti�•� r•yA^ :.�1L-n.r',��,.;1�, 1,�` 'r.n'�� ri .4`}: � � TABLE OP CONT�NT3 CITY�OF GULl� �RLEZE� I�LORiDA LOCAL GOYERNMENT LOAN PROGRAM LOAN AGRESMENT PBrties and Reeitals . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ARTiCLE I BACBGRDUND AND REi'IiL�SENTATION3 Section 1.1 �ack�round ........... ....................................... 1 Seetian 1.2 Representations of Governmental Unit • • • • � • • • • • • • • • • • ' ' ' ' ' ' ' ' ' 2 Sectlan 1.3 Sponsar Representations • � • • • • • ' • • " " " • " " " " " " " " " " " � � Sectian 1.4 Administrator ReQresentatians • • . • • • • • ' ' • • ' ' • ' ' ' ' ' ` ' ' ' ' ' ' ' ' ' ' ' 3 Sec#ion 1.5 Trustee Repres�ntations • • • • • • • • • • • • • • • • • ' ' ' ` ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' " 3 AIi,TICLL+ II DEPCNITIONS � Section 2.1 Def[nitions . .. . . • . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . `� ARTICLE III FINANCING THE PROJECT Section 3.i Makin� of Loan; Applieation of Laan Proceeds • • • • • • • • • • • • • • • • • • • ' � Sect[on 3.2 Disbursement of Loan; Security Interest in Undisbursed Proceeds ....................................•.... g Section 3.3 Repayment of Laan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • g Section 3.4 Prepayrnent of Loan . . . . .. . . . .• . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . .' 8 Section 3.5 Administrative Expenses • • • • • • • • • • • • • • • • • • • • ' ' ' ' • ' ' ' ' ' ' ' ' ' ' ' ' ' 8 Sectton 3.B Special Obligation of Gavernmental Units • • • • • • • • • • • • • • • • • ' ' • ' ' ' ' 9 SectIon 3.7 Benefit of Hondholders and �nhancement Provider; Compltance with Trust Indenture • • • • • � • • • • • • • • • • • • • • • """' • • 11 Section 3.8 Bonds Not to Become Arbztrage Bonds • • • • • � • • • • � � • • • • • • • • • ' ' " "' 1x Section 3.9 Assignment of Sponsor's Righfs • • • • • • • • • • • • • • • • • • • • ' ' ' ' ' ' ' ' ' ' ' ' ' } 1 Sectton 3,10 Covenant Regarding Pledged Revenues; Revenue Pund ..........................�..................... il � Section 3.11 Alternate Security for Governmental ❑nit Note • • • • • • • • • • • • • • • • • • �z 5ection 3.i2 Interlocal Agreement . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1� !; �i� � �"'�'."��-`.��Op�^{'.a1'��sW r' .'.aJyL'r5a �. 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F.e: � i +:�4 'i: .�, r�;i,,` e{. `� .>.. .i•'� "f,t ,�. • �' �,� �_.^-.` - j� _ :ti?'' •<; f;� �.1 .' 4 ' �S� g :'l k . F` � � . �� 3.at. H'3�v :'�� �.. �:j'�; �}ti. ,���" ..3, kr.;' ' i5` :• , �.[.i°`'-� �/�. N'.!. , �r� � .'r'^:; s;" =``';;, ,i'''{<` ,>t �t' r . �;b. „�p '4� �l°� ��j.! �.r��i• r.y. „r� re'1:� .•F�• t1�.,� A,1 •%�+• _ 'j.� ..;. _ .j�;. i �s'� i� .f ? i ` `.t'. ' :i.. ; :f":;,'�� : . . :��:.� �,.:.=�="�'.�' .2� ..i , ' �' . �=��-.. _ f `z � _ .i` _ �"y.� . 3,. : i`,� ,�e'�i' -a.t �: `.i¢� ��y° i• •r� �i-.. r�`:: �'�'S F . 5.' .a �i�'�.."':�t,•�" 4�4r.. :r...; a: � .,� , , ;: : � ' �. , �j,"`��.,."Y:� .f'.r '�n« Ei.' ,��. :a :.�_`: ,�,:,.' ..;t ,r.� a., ,. .,•..:.. �i ,;P. ��,.., :t'� -Ii 'i^�' -"i.� j°i, •Fx,. ...�, •^i�:.�� �:�.�. :Q: ,'i: �,o�' ��� �;��: �.�1. F' �� 3� .. 5ir` . .PII' :}, '.� � , �: , �}.. .,;; :Y � .r "� a-; �;'.: �t•�sb' �.!t ��� �. ��i,..4- _ -_ _ _ .:L 'r. ..... ...Lz,�:..�:�t.. ' "'oi',. . . � F' i i�� -C��iw��.'� �� S�a.` Section 4.1 Seetion 4.2 Section 4.3 Section �4.4 � . � Section 4.5 . T � Seetion 4.6 i � •. �.r Section 5.1 Seetion 5.2 Section 5.3 Sectton 5.4 Section 5.5 Section 5.6 5eetion 5.7 5ection G.I Seetion 6.2 Section 6.3 Seetion 6.4 Sectian 6.5 Section 6.6 Sectian fi.7 Sect[on B.$ Section 8.9 Section 6.1U � ARTICLE N COVENANTS OF THL� C01f�RNMENTAL UNIT � Reports and �pinions; Inspections • • • • • • • • • • • • • • • • • • • • • ' • • ' • "' ' ' x� [mmun�ty of Spor►sor ... .. . . . . ... . . . . . . .. .. .. .. . : .. . . . . � . . . .. .. 14 Comg1[ance with Laws • . . . . . . . . . . . . . : . . . . . . . . . . . . . • . . . . . . . . . • . 15 Tssuance of Other Obligations .� Payable fram Pledged Reveriues • • • • • • • • • • • • • • � • ' • ' • • ' • ' ' ' ' "' ' ' 15 � Issuance a� Addit�onal par[ty Bonds • • • • • • • • • • • • • • • • • • • • ' • ' • • • " ` XB Add[tionalCovenants ........................................• 17 ARTICLE Y �YENTS OF D��AULT AND AEME�IES Events of Default ............................................ 1B Acceleration ................................................. 19 Payment of Loan on Default; Suit Therefor • • � • � • � • • • • • • • • • • • • • • ' 19 Other Remedies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Cumulati�e Rights ......................... .... .. ............ . 21 Diseontinuance af Proceedings • • • • • • • � • � ` • • • " • " " " " " "" " 2� Notiae of Default ............................................ 2L ARTICLL� YI MiSCELLANE0U5 Limttation of Liability . . . . . . . . . . . . . . . . . . . . . . . .. . . . ' . . . . . . .. . . • 22 No Personal Reeourse ........................................� 22 Notiees ..................................................... �2 iilegal or Invalid Provtsions Disregarded • • • • • • • • � • • • • • • • • • • ' • ' ' ' ' 23 Applicable Lew .............................................. 23 Assignrr�ents ................................................. �3 Amendments .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Term of Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Headings .................................................... 23 Supersed[ng Clause ................................•........ 23 . Bxhibitr'A" Project Description ....••••,.........••,.•.....•.••'.•.....• 2Z � � Exhibit rig,� Prom{ssory Note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 � • Exhibit ,�C�r General Certificate . , . . . • • • . . • . . . . . . • • • • • • • . . . . . • • • • • . . . . . . 33 � �� Exhibit "D" �pinion of Governmental Unit Counsel • • • • • • • • � • � • • • • • � • • • • • • • • 39 , , ,�., � , . : ;. �: . . .� .. �. � , .. . . -ii- _ _ -- -=-�:�� ��- .�:_ .::..:.:... . . iY �r�~� .. . . . � - . � .. .ir;;�r..-4`*t�Y:i::." , . . . . ' . _ ...♦ �y�'�Jr:.!_ ". , , ' ,' ' . _ ti;r �, ::i ' ..'�.:,,," . .. • . •, • . ,' ` � � ' : , .• , . ' , ` .. . . , .f w . _ .. .. . . . `" - . \�. .i` ` . .. . . . . < , ,, . .. , ..� �<: v! , , ._i. ia . t ... . . . � ♦. . . " . ' ,�. . '� '�.r1+ �ti r � � ' . ' . ' . . . � ,: �'r; • "it�" :�'^ ";P . . .. . ' . 'J�' . . ' ' ... . � , , . � .. , . . �'� 4 .. �. � . . . . 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"•t.:� ��;.;t . . �,�•'�' - ', . , , ' � ' ' '� �� �i: �7.'r ��{ . �' �� .`}; i.vbr :l, .y.� . :s�. :I { � a i. ";f' � ,, i��� . . . . �. � . . � . , °•� . . , . . . . ��r . ei �.1, • . 'i� �f' . . . . � � •'�. .. . � � t�.,... ...us -- . .. ..,... �._...._.... ' • , : �� o e._ ; '� � )��l1%:� i"���pj .. . .. ....�4...;.1,�_.e.:..,r:.�:�i.'�r� ,i':�!'•y�,�Ty.�ti . �l � !'� �`��jy�7j. ' � �' t k`� �� �' ..j 1L 4 J . ��•4•. . � ��F ,Y�.` �'±;,::.Ti�e . •f; .i:f� �•.},f;•��3�••''x�f . 'i''1 :}�r�yti`?`. ' 2.'3 : . �, THIS LOAN AGREEM�NT dated �, 198 between StTN ��+ �=��~'`>��'^°•�"�'�s' .� QANS� NATIDNAL A�SOCIATION, Orlando, Florida, as Trustee fo.r the� hoiders of the :��'�":�'�'''��gt� -; ; < ,,... Honds {as def[ned hcrein}, JACKSON C. TU'Y'TLE� City Man�ger, acting an �ehalf of City i�,•�:��_;�.�}~�."�4�� " ',. c i,:aJ ` �: '� �'� °iar`,' wF ;.�;.;-,'.�: � o! G�lf Breeze, Florfda {the '"Adrr��nistrator"} and THB C1TY OF CLEARWATL�R, ��•;��- -- qf��==w� �-�; , FLORIDA a muniei ai �ar oratian or anized �nd dul existin under the luws af the State ^�''�"��;'��'y"�`` , P P g Y � t�:�:=�:wa..�.^MY'E'G:�a� . of I�Iorida {the �'Governmental Unit"), v►►�tnesseth r�s follows: �:,°~-;��;�;,>f�~��;;��:'�y ARTICLE I BACSGI�OUND AND RL�PRES�NTATIONS S�CTION 1.1 BACHGROUND. {�} The City of Gulf Breeze, a municipal corporatian af the 5tate of rlor3da, as issuer o€ the Bonds hereinafter referred to as the "Sponsor", is authorized ta exercise those powers eonferr�d by ChaPkers lfi6 and 163, Florida St�tutes� as amended, (b} The Sponsor has issued �104,Q40,OQ0 aggregate principal amount of its Locai Government Loan Program Floating Rete Demand Revenue Honds, Series 1985 C {the "Bonds") the proceeds of which are to be used for th� purpose of financing and refinar�cing the cost of the Acquis[tion and install�tion by "Governmental Units", as hereinafter defined, af qualified Projects as described �erein (the "Program"). The Bonda are issued ur�der and are secured by the Trust Indenture dQted as of December 1, 1965, as amended and restated as of July 1, 1986, as further amended and supplemented (the "indenture") between the Sponsor and Sun Hank, Natiana! Association, Orlando, Flor[dg, as Trustee (the "Trustee"). Exeept as otherwise provided herein� all capitaiized terms used herein which are deftned in the lndenture sh�il have the mean�ngs set forth tn the Indenture. (c) Pursuant to the Indenture, the Sponsor has caused the net proceeds o[ the Hor�ds ta be depasited with the Trustee, to be used to make loans to Go�ernmental Urt[ts for the Cinancing or refinancing of the Proj�ats. (d} Under the fndenture, the Spor�s�r hos piedged, for the securtty and repgyment of the Eonds, inter ali�, the amaunta to #�e received in re�ayment of the Loans, {n the menner set forth in the tndentvre. (e) For the additionai seeurity for the payment of tt�e grinejpal of ttte Honds, ' the Sponsor has caused to be delivereci to the Trustee a Hond Insurance Policy (the "Credlt Faeility"j iniHally issued by Ftnancial Guararity Ir�suraRCe Comp�ny (wn�ch� togeth�r ,with '`' any issuer of � suhstitut� Credit Faci�ity, is re£erred to as the "Credit Paciliky Issuer") �. pursuant to wnlaH it has agreeci� to make avsila�le f��ds far the t9meiy payment of the , principal anci interest on the Bonds (the Credit Facility and any substitute Credit Facility as defiaeci in the Inde�ture ttereiaefter referred to as the "Credit Fseility"j. {f) For the parpose af provid3ng the Band Regisirar and Psying Agent (as defined in the Indenture) with funds for the purchase at the principal amount thereaf plus ' - aeerued interest on Bonds tendered to it for paytr�ent Pursuant to the lndenture, and not remarketed in accordance with the �ravisions thereaf, the Sponsor has 'entered Inta a ;. � � � . i,KL-lI/16l86-267AA-2821 -1- ;�..:.,:; �;�;,;:_ •,°� .,: ,� ;�:' . � � e � � �: • . : . :. ---, --�- ..' • • . 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'�:' •�"� ��' ,• :�P= '1 . .t!`t }.f.•d �1; . .. . . . . c,°•�"i �k �.3. } . $ • {' ,S:'.t�...,: 5�.«'�.P:� '� �', , :S T" :��� • - r'� � .. . , s� ^�.� . ,.,': `i�- . . . .;� , .. .:i ;; , . , ', � '� , • . . . � -b : . . . S .4 r� . 1 • ' '`<� , c. •�', . . . •. s�� ;S '� tt . � . . 7':,';�i�"�' 4�..; t�.=s A' r.,P:�: f . c4� . �'j. ��}µ..�' . . '�f: � 1 = 7' bt . , , . . �?� � .1�.. 1� °�.` . L� '4'' . ��' ` -��:' 'i,i: ,t' , ... . . . � � • • � �: {' e:i, i'. . ''�. . . ,i�' 1 . '.t # � F. . a� . , . . . - . . . .a��' .�! . '.5�.�,rr�.: ` ° �'., r.t' t. . . . �. ,S• {�� . . . � . .. � .. �i:� '4 . . , , s , '�� � �.r: f . . . ' .. �� .t'. �.y��'.�i::��.��;'.". i.i:� �s,� . .il . � ' . •F� �tk.�.�. :�i. ..'A: #'� '1. QN' ' . . , Y�J' 1 5's� ° r '.1 . ��;�•.f. �3. '�/ � . . %T� . . � �r , "�. . . . . . . �}'::rJ� 1. •1� i .. '.;S° �f _.�a��� . . . • ,i" . . ;e:'i:e ,�.���'�,..r. 'f_ . _,. � .k � � . . . , � F'�,s`s� � •L: _._. , . ., > . �r' }'•"�br . . z.:...�.,.._.�,. .�.w.- - . . z ._. ..- ; .�.....:.s::t:.�._.. '� .:�,�`'+: ° ' :;p,<'..';�"s`:'' �t;.... s,'::':',�; , �i" ; '_':�'r;::( •t'y': �: �:+ 4;��$r� ��:�-t,,s� � . ^ � � •,� ` f'' ��'•''f'•` • � �1 , ��':"..�j��' �;ii-�y'�Y.�:.^�:.4it�'�pct,y'�i .� �..j_(���' �.J.. �E.;� . � �f. ::i1f�6� �i�"���l�S�'t.. r; : :f'' :.L.� i�l• �.1.�1 � y•� � �t,• �:l� ' � �•���i:� ,<'� °� . 6'�•k �,' ,. " _ Standb Bond Purehase and cv 1 ing r e e da ed s of A ril 1 1988 {the �=;'` '`'�' ;; � �.`=�''�� ��" rt . Y R o v C edit Agr em nt t a p , •;� s�'; .: .:'� :��:�';�.i-:,=�°�':-��•_{, r �.�•° °Li utdit Feetlit " with COGH Li uidit Cor oratian and The Bank af To a Ltd. New ��`-;x� `�=:����=°"�� ��`��`'M �}��'� �� . 9 Y Y) 9 Y p kY r � E.:.�...,�.:., �a�,;°:`,�r'Vr`s: . ., York Agency (collectively, the Liguidity Pacility tssuer ) and the Trustee� pursuant to ��`=�` "'���'`'' `���•� � �� . �� r� �.;�t'' _�:'::r,.� s�� �.�:�:v'�; which the Ltquid(ty Fa�tlity Issuer will agree to puret�ase Bands at the pr�neipal Amou�tt #hereof (up to the aggregate principal amount of Donda outstanding), together with accrued interest� to t�r� extent that maneys are nat otherwis� a�atlable therefar under tt�e terrns of the Indenture. . (g) The Administrator has approved the Loan and has approved a comrnit- ment (th� "Commitment"} to m�ke a loan in the amount of $980,004 (the "Loan"j for the , purpose of finaneing the original cost of acquisitior� of the praject ider�tified on Exh[bit A attnched hereto, whinh shall hereinafter eoliecti�ely be referred to as the "Projeet". (h) As evidenee of the Loan made pursuant to thts Agreemerii, the Go�ern- mental Unit will execute and deliver a note in the principal sntaunt of the I,oan in the form attached h�reto as Exhibit B{ti�e "GovernmentaS Unit Na�e"). As security for the Bonds, the Sponsor is assigning to the Trustee a1i its right, title snd interest in the Governmentai ilritt Note n.nd this Agre�ment (except for the rights reser�ed by the 5pnnsar as described in 5eetian 3.9 hereaf). Pqrsuant to the Indenture, the Governmental tlnit Note and thts Agreemertt may be assigned by the Trustee to ttte Credit �acility [ssuer under the cireumstar►ces set forth therein. 5ECTION I.2 RL�PRESENTATIONS OF G011L�RNMLNTAL UN1T. {a) The Governmental Unit is a municipal corporation of the State of Ftorida, with full �ower and �egsl right to enter into this Agreement and �er€arm 1ts ohligations he'reunder, and to finance the project iri the manner eantempla#ed herein. The Governrr�ental Ur�ft's setions ir� making and perforrriiRg this Agreement hav� been d�ly autharized by all necessary offieial aetion and will not violate or canflict with any apptfesble pravisian of the Constitutlan, ar iaw of tne State of Flarida or wlth any ord[nance, go�ernmental rule or regulation, ar with any agreement, instrument or other doeument by whiett the Governrr�ental Unit ar its funds or praperties are bound. (b) The amo��t af the Loan, less anticipaYed in�estment earnings, does not exceed the "Cost" of the Project (as defined in the Indenture). , (cj No partion af the proceeds of the Loan will be used to finar�ee any � Pro}ect wh3ah is �sed �n the trade or bus�r�ess of a person wl�o is nnt an "exempt person" as defiaed in Seetion 1U3(b}(3) of the Cade. . {d} Immediately after the execution hereaf, no Event of Default shall exist hereunder nor shall �here exist any condition which w[th lapse of time, the gi�ing of notice, or both, would constitute gn Event of Defa�It hereunder. {e) The Go�ernmental Untt is duiy authorizea and em�owered under the laws of the State of F�orida, particularly Chepter 166, Part iI, Florida Statutes, to enter into thls Agrsement, to issue the Governmental Unit Note and to pledge the sources heretnefter mentioned to the repayment tt�ereof, and ta ap�Sy th� proceeds thereof to the payment of the Costs af the Pro�ect. 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',�=;':'.:. , . . . , � � . �. �' . � � -... } �. . _.......� - -_-_ '�:�,.xa.Li..,. -_ -L.,....e«,........�. jy.. -_ (t� On , I98_� the Ordinanee No. (the "Authorizing Ordinance") plated herehy� and the terms and provisinns of the incorporated by reference. � Governmental Unit duly cnacted authorizing the borrawing contem- Autharizing Ordin�nee ere hereby �. {g) Neither the Gavernmental Ur�it nor any related persoa to sueh Govern- mental Unit wtll, pUrsuant to any arrangement, formal or informaj, purchase any Honds in an amaunt reInted to the Loan from the Prngram to the Goveramental Unit. (h) The Go�errimental Unit is in complianee with all covenants and under- takings in connect[on with all ciebt oblig�tions payable from the Pledged Revenuea herein �� defined� or sny �art #hereof. , SLCTION 1.3 SPON50R RLPRESENTATIONS. The Sponsor represents ir�at it [s a municipal corporation of the State of FIarida duly existing, and with fuIl power and authortty to issue the Bands and to enter into this Agreement. By proper action the Sponsor has duly authorized the issuance and sale of the Honds and the execution and delivery of this Agreement. In accordanee with the lndentur�� the S�onsor has appointed the Administrator to execute, undertake and perform the SQonsor's duties hereunder; and all setions talcen by •the Administratar on bet�alf of the S�onsor pursuant to such appointment sha11 be deemed to be the act[or� of th� 5pnnsor. S�CTiON 1.4 ADM[NISTRATOR RLPRESI3NTATION5. The Administrator represents iha# he has duly authorized the execution end delivery oi this Agreement. In accordance with the Inderiture, the 5ponsar has appo[nted the Adminstrator to execute, underkake and perform the Sponsor's duties hereunder either personally or through the Ind�pendsnt Contraetor; end all actians taken by the Administrator or the independent Contractor an behalf of the Sponsor pursuarit to sueh appotntment shajl be deemed to be the act�on of the Spo�:sor. SECTION ]..5 TRUSTEE REPRESENTA'i'IONS. The Trustee represents that i4 is a national banking association duly extsting, and with full power and authority ta enter into this Agreerrtent and perform its obligations hereunder on hehalf of the holders of the Bonds. By proper action the Trustee has duly authorized the execution and deli�ery of t�[s Agreement anci the Indenture. LKL-11/I6/$8-267AA-2821 -3- � T �-,..�.;.�,��•-�, v�,,�,._ ..�.- . : . _ ��.� - ���,.,.^�..,.� � A_ _ . �:t� .�;, . • . ' . . ..T,.'. ; ��r 4 . 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"r'.. . , ' , � `*'.. h at`. r.`,'a ; �'� F, : i ; ' Fr'� , .. ,'t.�.". . -' . , ,.. . . . . . . Hf: :ye •s.�L. o�'' , .. .. . '.k. - }; � . ".s:•;�i:. '�4..' '*i�, ��i. �.�'�: �d. .. . . :1 . ";3�-. ,r�e' .. 1 • . . . . ;�',iw:,�,� ' � Yy l�� 'i . . . ' . . . . ?y ` ' ' , I� '.�1 �,�.,� �.i' . . . �S� �l - '� ''1.. ` f : 3 . i . _ ��'� . J � 1' � a 7' e,'... .!�. 'l��i' '�:}:� ;4�; , . E. - �; � , a�•fi":' ';.}'. ,'�. 3 :;3> :',�: t::� , . 3�.. �-n ":�:' `+' . . .. i.:'3`.; .; � . �n':.i� 'u .2;' '�k�:{i: ..t�.:l� , '.i'. ..f�. .:��ii. �y::� •3 �L'r.. :E Sj;. .��t.'. �9 ,'�,. �ti' ,(i, :k'•.`.. .i. •.t1�}�: .%;:' '{' . ' . :.s:.:_�°�;i „ . . .�r. ;�. . .#:"�9 '.3,,• '4. .3L tti;. " `�t,°� k�: �{,°� . , o t"4,i`� 9:. ^f. , _ ' j � , -( �. ^�. �i' � . . . ^� :.7• •�'� �J• �A� ;i+� -A➢ ny�.�, ^�'`. .. . .�i"' 'q� � , 7- `.l.' "�S•j' �'r � 'i i , . � .i . .. , . .,-� '�:.. '1� ��°�5•, `�V`;� ..�r: '��' . a,{�^ , � j„�f� ' . �1... . S'•: ��f: ,t�� . '\�•,•i. . . ;'�j;'. ��y', � . � � ., ' � {� "�e° . .'t!. . ��' 7� � '� . • ��` ' . . vy' ,'f. - �'_ . i � , ,,}j.' :' -{;�"�" ,:` ^ ''i.; ":i . •:2 ;';: , . . , , � � " �I' : i� . . . . �•� .� • ,'IJi� . . . '! [ � . . .. S.. . �. �i.y� `�' .�'P +; .'�It ..}a.. �. fF. �1. � ` "S� . .�3.: �• � � ' ., . �� ' , �: ' �•i: �•j. - �� ' �!. i.'� . . . . .. , . . ., . �1� �+. `��r o = , .. �: � •�•�� . . . . , .1." � ` f � , �.�1 �' � . � . . ' . ' . : {� . '�' ��r A. ..... . .1 .. .�. � < t '' ' ... .. ?.� .E '1: a xfl'. . ' . . 1� . .i - y . 'i � � � . . . .. . . t . i�,I� . ,.}� �t •� . „`�. .k,.' .-' . '}' . .. � . . . . � . . . . . f . :��. „1•� . . . . . F S`M:.��,w�.� . . . . � . . • . • � � _ e _ �...�...� e. . i... ...»wr — " _ —_�/�LI{'�"� _ ..N . ��, •.....yw.3. ! • m ❑ ARTICLII II D�FiNiTIQNB � SECTYON 2.1 DL�FINiTION3. The eapitalized terms used herein which are defdned in the Indenture and in the Authorizing Ordinanee shall t�a�� the meanings assi�►ed thereto [n the Indenture and in the Authorizing Ordinance� unless the eontext hereof expressly reqv[res otherwise. In additton, the fallowing terms sha11 ha�e the meanings defined ns follows: "Additional Parity 8onds" shall mean Additional Parity Aonds issued under the terms, canditions and provisions hereof, "Annuai Debt Service Requirement" shal! meen the debt ser�ice coming due in the aQplicable fiscal year on the Governmental Unit Note, any Additional Parity Honds, and on any other indebtedness issued by the Go�ernmeatal Unit wittt a lien on the Pledged Revenues. In ealculating the Annua! Debt Service Reguirement, the interest r�te 4n any varisble rate indebtedness si�all be deemed ta be a fzxed rate of i��) pe�' annu m. , "Commitment" means the commitment of the Administrator to make ttte Loan. "Cnsts and Expenses oF the Program" shali fnean the fees and expenses of th� Trustee, the Liquiciity Faciiity �ssuer, the Cred[t Facility [ssuer, the Remarketing Agent, the Administrator, the Inde�endent Contractor� the Registrar and Paying Agent, and the Issuer, ineZuding the fees and expenses of general or special eounsel ta any of the foregoing, and shall inelude, withaut limitation of the focegoing, all amaunts prn�ided in Section 3.5 hereaf. "Cast" nr "Costs" in conn�etion with the acquisition and/or canstruction of any ProJect, means any cost incurred or estimeted to be ineurreci by the Governmental Unit which is reasonable and necessary for earrying ovt all works and us�dertakings tn groviding and canstrueting ar acgu[ring such Project for the Governmentnl iTnit, ineluding the canstrvetion of the Projeet� #he cost of necessary studies, surveys, plans anci speeifica- tiarss, erchitectural, engineering� iegal or other special services, including the fees and exp�nses nf bond counsel, deveIoprnent, construetion and recanstruction necessary or useful in canneetion with the construction of the Project, the reasonable cast of finaneing incurred by the Governmental i7nit or the Sponsor in eonnection with the execution of the Loan Agreement, or in the course of the acquisitIon andlar canstruetion of the Projeet, includir�g reimbursement to the Administrator for its aut-of-pock�t expenses and inclufling cap[talized Interest on any Loan disbursed in steges, a�d the cast of such Qther items as may be reasoRable and necessary for the aequisition and/or construet[on of the �'roject. "Local Credit Enhancement" ar "Local Letter ai Credit" means a credit enhancement de�ice aeceptabie in form and substance to the Credit Facility �ssuer securing timely paycnent of prinetpal of and interest and �remium� if any, an the Governmental Unit Nate. LKI,-11/16/88-287AA-2821 ¢ -4- , -""`*�—.����4•,"—� ,,;-„ .��,_ ; . � .. --T�%`•fi �. " M-�.r^^'�!'�S?'S' ..:. - . . , ^e' —`:�'!+��.. ",.' . . . . .t . 8 ~F!'. ,,;;�,� .;�, :.t: ,:s�� :a ':�"- 1-�=,;, � � F'' :;4:�: _�.;=� ::r�' -�jd :}�r •ifi ,"s',>�. .:�f! ,`�::;°:;; :,F,: _:�Y: ':j ;;a:`� je��`j4 ; = �'�:�,_�:��, �'�� � ��;��, ���, `;i ix��z<' ; ,..y,�-n � '�r, :;� �� ,.s-'G•�{ 41.r ,r ^�-�v �: �'. • :�f'�7. '�.��'�;` �.. ... `_ ` .,{ „ ! � � y.r.�rS�x-A,.. . ';�e,;��."�NS J�srn..i�3;a,� .;5.. . . ' ' . . . . . t.r. . , ... v .,,. i �e.s.}e: � �.;�� .�1'r�,`"'v :.yrs�i s.;�,'.:��.«-�.ia`r.�. r��ii'.7;�5�`ni _ w � �ayft'' . 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Pf �� i . � ......r. _ . � � •: "Max[mum Annual Debt Servioe" shall mean ns af any date, the maximum arnount of prinaipal, interest and other emaunts pra�ided for hereundcr eoming Bue in ony year an the *..oan and on �ny Addit[onal Psrity Hands. Such amount shall be computed at the higher of (i) lOg6 per annum or.{ii)(A) the highest fIoating rate o£ intereat borne by any Variable Rnte Loan durtng the �receeding 24 months or {B} if no sueh Vuriebl� Rate Loan is then outstanding, the eomponent of the I�oan interest rute payable in respect of the Go�vernmental Un[t's Pro-Rata Share of interest on the Bonds s�all he computed assumtng : the h[ghest rate borne by the Honds during the prececiing 24 months. In the ease of Additional Parity Honds hearing interest at a variable rate such amount shall be comPuted at tne h[gher o£ {t) 1U96 per annum or (ii} the highest variable rate horne 6y sueh Honds dur[ng the preeeding 2� months, provideci that if ne s;;ch HuiicSs are then outstanding� the �iighest rate borne hy variable rate ahl�gations the interest rate on which ts camputed according to the same or a similar index as that to be used for the Additional Parity Bonds to be issued shali be assume8. For the purpase of this definittan, "interest" on the I�oan shali inelude that amount payabie in respeet of the C.overnrr�ental Unit's Pro-Rate Share of interest on the. Bonds� Non-Asset Bonds amount, anci Costs and Expenses of the Program. . "Pledged Revenues" shall mean the proceeds of the local gavernment half-cent saies tax, as defined and deseribed in, and distributed to, the Gavernmentai Unit under, Part V1, Chapter 218, Flnr3da SYatutes, securing repayment of the Loan and the Go�ernmental Unit Note, pursuant to Seetion 3.6(b) hereof. "Pro-Rate Share" shall mean the percentage dertved by dividing the princ�pal amount of the Go�ernmental Units Loan by the sum of {1} the prineipal amnunt of ali laans outstanding plus (2) the amo�nts on deposit in the Pro�eet �,oan Fund. "Recycled Bond Proceeds" shall mean proceeds used to make Loar�s from the Loan Repayment Account under the indenture. LKL-11/16/88-267AA-2�21 � -5- � � e .,. . . '--�_- � �`3:i�.i � �z', �.-d .. . . • " , ",,._'. v.��'"�i�_� • ,' .x^ .. - • .• .;r ,=;��,' :r':' . , v t.:a. . 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': j' , .]' 1 . .I . . , b `.� : • jt�:.. . i� " " �. �� l'�. . . . . , 4�l": l' K ! .f�:.�.i�,�s • ,1� �Ili. �f'!.> .�5. .1 i +�i`.''` •"t eF . . � .. . �. �.ir`�, r5 . i- • ,.� ' 'ar', I•[ �C�. . '.l�� . 1' . ��}. .,qY�'. .�'!sN, .': <<.. . . `1;, t�.,. ;(.y,; �.? a��.. `.t. . . , 'i'IZ. .��.^.: ��11.` 't�. •.3 . ��,�.i� .,+.?.e.::.�. "�''��t • � c � . . , . • �it � .t' ' ,`i;�' . , .��_:{:� � ' i : >� 3 ;% i;'2'�:�«. �:�^� ':.f� . 'Y �.i ��•�. , gf.a. , ,�f•� . . . • �. . . .3�'.. ;Y ��- t fl . 1'I� . ,�;.. , .. . F.� { �f.". 'j.'.�< .#, s-."}r�' !%:�:. , ���. `iF� .p !� ' f ,:'4,� : � C . �}1;;:.r•=': s�:. S � Yr'w7rF� •uY . '.�,;A.' 1.. . . �--�'' M_-__ _..-.-.. - - ._...�,....� _ ....1 ,. . ,:.. ..... _..a.. ; l.d.:3 �.�..:s:.i.�»'wJ,...e_ . �... �;�'_.�7..•..�1 `. _ _._ _•03�.(. ... �x. 0 � e � 11111 �CAIL'. 111 PINANCING THS PROJIICT , � sECTION 3.I MAgiNG OF LOAN; APPLICATION OP LOAN PROCEED3. From the amaunts on deposit in the Project Loun Fund created under the Lndenture� the Governmental Unit hereby ngrees to borrow and repay the surn oP $980�aU0, The Loan madc hereby shsll be repatd in n,ccordanee with the Go�ernmental L)nit Note and Sectian 3,3 hereof. The Governmental Unit cavenants that it shall use the proceeds of the Laan solely for the purposes described tn 5ectinn 1.1(g} hereof and that it shall not use the proeseds of the Loan in a manner ineonsistent with the representat[ons and covenants set forth in 5eetions 1.2(c), 1.2(e} and 1.2(i� i�ereof. SECTION 3,2 DISSURS�M�NT OF LOAN; S6CURITY iNTi�REST IN UN- DISBURSL�D PROCE�DS. (a) Following the exeeution and deltvery af this Agreement and the Govern- mental Un[t Note (the "Closing"?, the Trustee shall disburse the fees and expenses of bond counsel and the amount of expenses of the Adminis#rator to be reimbursed from the proceeds o£ the Loan to the �xpense Aceount created under the Indenture. The Trus#ee shall disburse the balance of the Laa�, with the written sppraval of the Credit Facility Issuer, to the Ga�ernmental Un[t in reimbursemant far trie cost of aequisition of the Project pre�[ously incurred by the Go�ernmental Unit. �: (b) The Goveramental Unit agrees that, upon re9uest of the Trustee or the , Administratar, it shall supply sueh documentation as the Trustee, the Administrator or the Cred�t Fae[lity issuer may require to determine that the proceeds of th� Loan have been , applied solely to payment of the Costs of the Project. l SECTION 3.3 REPAYMENT OF LOAN. The Loan to be mede to t�e Governmental Untt for the Project shall be repaid in installments which shall correspand in time and amount to the payments of principal and interest on the Governmental Unit Note and shall bear [nterest at t�e rates� �nd shaIl be �Qyable ot the t[mes payab�e on the Governmeatal Unit Note, as follows: {�} The prineipai af the Losn shall be paid in 120 installments on the dates and in the amaunts shown on "Sehedule [" attached to the form of the Gavernmental Unit Note, which is atteched hereto as Exhibit "B", wi#h all remaining principal, togetYter wtth any other amounts payable ia eonnection therewith, due on JAr�uary 1, 1999, or sueh later date as the Credit Facility Issuer shail have approved in writing. {b} The iaterest on and other amounts due in respeet of the Loan shall be paid commencing on the first d�y of February� 1989� and on the first day of each month thereafter. The repayment amounts due in respeet of all Loans to Governmental Units shall be an amount determined by Lhe Financiai Ad�isor on hehalf of the Sponsor, suiftcient to retire� over the life of the Laan, the Pro-Rata Share of Non-Asset Bonds, and an amount sufFleient to provide funds, which, as described in the immediately following paragraph, together with the Governmental Units' Pro-Rata Share of amounts In the SurpIus Fund constttuting ineome from the investmer�t of certain funds established under I,KL-11/16/88-267AA-2821 0 °8- -- �!�^,,�,�::^:; ;; .. . , ' - : .. "�,�, i';"^ _ . . .. .. � ..f� ,. f^ , . , s �:�, �. .��j`a.a..i •e:•��;`a:�'���"ry�{'tr��t �r�I •k�i ,:i�,`.F.�...�. `1ui.'.��w" : 'r � ' �{•! •,i t'�7ii�'�':i:��w.:j'. . ��t.� ~•5��a`.1:::5`a • NE,: ' ; �,':S; • �'����:' 3 �}.�s.,'..�tk. :,Yarl���.}r'_,�3.+.3.:>:;.�:,:'� . , 'i. �rfr.:.....x.!u1;A�°iWw.. r. .}. � � ;�l(� , 7:�' .t.� '�:. 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J.� ,"�.��, .� . . . a '.#'f1Y�aj ��i,'i • � ill be sufficicnt to a when ng other things the Costs and "'°.�°r, ``;°��:��,'�`�:%�< :,'�",, . . � t3�e Indenture w ► P Y due ama r :��y';;�:�;,`�,��,.�.,.. �._�•�„ .,.. • � � �xpenses of the Prvgr�m� the est�mated inkerest {lr�cluding Add[tionsl 4nterest, if any} ;:,:;�A,,:';;•�'�,e::4``:�>�a`°`:�'..,: - becoming due on the o considerntio t that such interest nn all nr �"`��'��F.,�i:�;.�a''r`�``;;#1~:-��•+"�`���.��� Bonds, taking int n the fac � X°F: �� �, ��r:�.�jr.,.:,: ,.,�.r:,,;_,:. :. a portion of the Honds w[ll �n�y an a weekly hasis pursunrit to the Indenture; provided, : �; �_����. -.;-~:kc '°�.�� .� , ::s.-�;�:� � . ����� �� ' however, thut if an acceleration of the Laun is deciared pucsuant to Section 5.2 hereof =`�"''`�`'`�`'`':'=yy``'"'°�z.... ���az,•::�,.:. ;:,,.•- r:, w.....,,;�t�� :` fol�owing the accurrer�ce of an Lvent of Dei�ult hercunderf the interest rate o� the Lann ::t=�•�°'�r��=��s:'=��",��`°_+�'���-,;y � ;:t;� . ,< . _. ; t,: �� shali be increased to a rate �er annum equal to the Prime Rate plus 296. Snid interest :"5.-:""�',�;3�r,<��w.;,,���N�;`.'4^*;tiv,�;;<E:,; ' rate shall be based upon e year equal to 3fi5/386 days for actunl days elnpsed and sha11 '�: �.: ;-:;�:7�"}.: .r<<�;'•:��: ��`•=` �� '.1 �. ': ` •' . .'""Y' � �4 's�� "E ''ri� � . ..- � � 4: T'��•. � ehange when said Prime Rate shail ch�n�e. Notw�thstanding anything otherwise eonta[ned :�i.:=:�:;.°�''�:�a':�;.;�;�kt`,=�'�'r�'�3:�;°. 4�... � erest rate on t xceed twent -five ��uva '���=�: �• "' ``��>i � in this Agreement, the int he Loen shali not e Y percent '::,P `'���,�-.;� ;����,/,�t�.•.''Yk'S.'`r' � �`':"!�+<<:i�::v.:g!�ti'r,., � (2596) p�r a�aum {exalusiv� oi amounts eh�rged for Costs and �x�enses of the Progr�m z:��°.,;�:;; �x.,,�';�:�:;�;-,�.:�::=.��;,.,>,�{;,�,°� �;,,. .,i,:��- �.,•. . � �� whic� are not charges for the use or forbearanee of money}, or sueh higher rate as may "�'�'� `', '-''t3,;„���,:'�;;.<<;�s`�','�rK' ;� . ilit ��.',..,.._ `r�>'A'�',u::,=:,.:��. �,�,s=f.; m , } I � r I�r:....--�+� from time to time be permitted under applicable law �nd spproved �y the Credit Fae y Issuer (the "Maximum Rate"); provided, tht►t, in the e�ent the imposition of such Maxlmum Rate sha�l ever cause the amount payable on the Ga�ernmental Unit Note to be less than the amaunt of interest which wouid otherwise be camputed pursuant to this Seetion 3.3, the Gavernmental Untt Note shall thereafter benr [nterest at the Maximum Rnte unt�l the eariier of {�) the final maturity of the Governmental Unit Note ar (2) such time as the total amofxnt of ynterest paid on the Go�ernmental Unit Noie shall at such rate equals the €i..rnount af interes# which would ha�e been payable on ttie Governmentel Unit Note pursvant to this Seetion 3.3 without regard to any Maximum Rate. The Financial Advisor, an behalf of the Spansor, shall determine not iess often than eaeh January 1 and July 1 the rate of inter�st on the Laan and the Pro-Rata Share of the Casts and Expenses of the Program and the Non-Asset Bonds and shall notiFy the Trustee and the Administrator of sueh determinat3on. The Administrator shall compute the amount of each Governmental Unit's mnnthly payment and shall notify the Trustee and the Governmental Unit, at least ten days Qriar to the first day of the month in which the new payment amaunt is to beeome eifeeti�e, af the �eriad (not exceeding six manths) for whieh such payment amount is to he in effeet and the amaunt of each interest payment which the Governmentel Unit is required to make during such period. Hawever, if at any ttme the Trustee determines that such payment amovnt, together witn .other funds available therefor� does not provide sufficient funds to pay interest on all Boncis and to pay the Non-Asset Bonds, the interest becoming due on ti�e Bonds (inciuding Add(tional lnterest, if any, together with the annusl fees and other amounts, if any, eharged for or due under the Cred[t Fae[lity and Liq�idity Faeility, together with other iees and expenses relating ta the Sponsor's multi-governmental loan progcam, the Trustee shall so notify the Adminis#rator and the I�inancial Advisor. The Financial Adv[sor, on behatf of the Sponsor shall increase the �ayment amnunt an the Loan then in effect by an amount sufficient to cure sueh daficiency by giving notice thereaf to the Administrator. The Admintstrator shall recompute #he amount of the Go�ernment�l Untt's monthly payments and shall give the Governmet�tal Ut�it notice of a revised interest rate at least ten days prior to the date such revised interest rate is ta become e€fective, stating the per[od (nat exeeeding six months} for which such retrised interes# rate is or additional payments are ta be in eff�et, and the amount of each inter�st payment which the Governmental Unit is required to make during such Qeriod. The Administratar shall send to the Trustee and the Credit Faei!{ty Issuer duplieate copies of each statement to the Governmental Unit specifying the total payment due �rom the Governmental Unit for principal and interest on the Loan, the respecttve amounts of �rincipal and interest included in such total payment, and khe amount of any fees and expenses billed ta the Gavernm�ntal Unit on a LKL-11116/88-267AA-2821 -7- . �.�.�.�'� �}� ��-�..-".�:_ - - . »�`- . - r�: 'u.'- • . -J� -.�' - ' .' . . 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'" ] • " . �F r. � C:,.. , ..�",r ;�t�1;;�'.�.:i:: .� .. . .. � '�> '•;:. :;;. �. r. : a � , �onthly basis pursuant to Seetion 3.5 hereof.� The Governmental Urrit agrees that the Sponsor has reserved the right to determine the extent to whtch {nvestment income on the fun ds ea ta h l�s he d un der t he In den ture (�nc l u d i n g a n y i n c o m e f r o rt� the Pro�ect Loan Fund pc[or to full dis�ursement of the Lasn} may be applied tn determtning the amount Qayable rereunder. . {c) As provide8 in the Governmental Unit Note, in nddition to ;the above paymetists of prineipal anci tnterest an the Losn and the additional pnyments pravideci far � herein, nny payment of priricip�l and interesi on the Loan w�ich is reeeived lat�r than ite � i due date st�all bear interest at a rate equal to the Prime Rate plus 296 per annum. . Y�;. ,. ,=a: . . ti .�';t;<'� ��... �� y ; ti: :�.�}r� :;. :�r � -� � : i:; '_ '; :-:: =;"SY,e�`�f; . `.�}�,�XT ,, _ �'.�� �r:�� , �: �., SLCTION 3.A PRE�AYMENT OP LOAN. The Governmental LTnit m�y upon bny Interest Payment Dste on whlch the Sonds may be redeemed or converted to another Mode at the optton oi the Spansor and, upan not less than �29 days prior written notice to the S�onsor, the Administretor and the Trustee, prepay the outstanding principal af the Laan or nny portion thereof in accardance w[th the requirements of Section �4.04(b} of the Indenture. There s3�all nlso be paici as a prepaymeMt Qremium an amount equal to any premium paynble to the holders nf the Sonds . in conneeti�n with sueh prepayr�ent. S�CTION 3.5 ADMINISTRATIYLr L�XPL�NSES. {aj In determining the payments [n respect of the Loans which all Gavern- mental Units with non-accelerated Loens shall gay in each month, there shall be [neluded an emount determined by the Administrator or� behalf of the Sponsor to be sufficient to pay when due the iterns referred ta in 5eetion 3.3, ineluding without limitations: ' {1) the annual fees and other amoe�nts, if any, charged for or due {i} in the case of Variable Rate Loans, under the Credit Facility (incluciing additional surety bond premiums, if any); (ii) under the Liquidity Fecility, and {tii} if this Loan is �unded from Recycled Sond Proceeds the bond insurance premiums and additional surety boad premiums� if any� related to Reeyeled Sond Proeeeds for the Loan (whicY� shall be paid in full at Closing); {2} the annual administrati�e fees of (i) the Sponsor, the Administra- tor, and the Indep�ndent Cantractor, if appiicable, and {ti) tt�e Trustee, the Bond Registrar and Paying Agent and any other Paying Agent or Agents; {3) ' the �nnual fee of the Remarketing Agent; (4} cost of isst�ance of the Sonds allocable to the Loan as Non-Asset Bands; {5) the deferred increased Cast Pnyments accrved to the date of Closing af the Loan (whieh sha11 be recovered over a 12 month per[od); and (6) the Governmental Unit's Pro�Rate Share of any amounts payable pursuant to ti�e Indenture as Fnereased Costs or Deferred increased Costs. 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' ; ' , ' ,,t," ° j; , , . . , r�.,C: -�.:"s•:,.: "is ' ,S''ij.rP" .� ..,. .. �S�'s�• •i���•i �� � �.: �... :�{,.`-� e `�bi _i ,�.. � , .. ��.. ,. . • . . . .�. :7c"t:�� .:y�.. '�f , . . . . , � . '�\' .b'� .} S�. ✓ , �> ' . . ' . . � . ,4' v_f;,� ' i�T�, . }'� , . . . . . . . . '� : y=•° t j : , . � ,�t i - ,�� � �. � . , � � . ' , . - . . � � � . ' . .. . . • , ,.>; .q�l� .�4• ���r:.,h.{..,�'yh`.� 4iM:;':. � , . !•' � , i • , „ ��ti _ _"_ `�: 'i . . . . . .[ .[,'Y.r�' `��' �!�i.� �.. -_�w..... . � . �, .- .,, e.: >K�I, „';'.�.i:'��'� t.'.� � ` i.4��'tl�� C. �. �.,.....�......�.....M �...�_..... , . . ,. . , o..._. -- -- � ����m�rur��._�.....- - �.....,_. .. , ...r :,z.:.,._;l_��.a. - `". >; i� < � � �g'.. �'" '� ,• , �t<; ' �'`� a�,':'�'° '`'j;;;�;i-,�a R�;t"i�'°' , 1 ' "ti/ � . �"s�_ ,,+'' � <:ls�` L:�? �r�y`.` ^ ',, ,; e'_.: . ' �;, l t �: .f � '_* ,f p�l. �' �.'. j;J, ..b,7t�t;?�.�"�;?'" ,r 'w'!�' '' #:;,, 5�;� ."ry.„f,.' ,a'1r-f"'_i�� � ��rit eoneurrentl "�,t.1'l,��t"s�::x:�ir4,:.,1r§.`,�:,�IS a"eL�;'�3.�, �, The Administrator, on bchnlf of the Spnnsnr� shall determiae such am ( y ,�;��y�':��,��,a::���;f,`���:A;,+-ja,:,` � � �with the determin�tion of the interest payments on the Lo�n pursu�nt to Sectton 3.3{b) ��� �;�;��:��;;�:�;'�f'��;�,';;�>:;`:�:;:� ; hereof} end shail notify the Governmental Unit at least ten d�ys prior to the first day of `}'��`"` "��' �''�� '`'t�A `' �r;`''� ' t,, , .,�,,,V�?��.<�aw�;,a4'� '" ' . _ .�.��e?�t-.,=i:,. .._ ,.. �„ F 4 �E the period for which the new psyment sehedule is to become effective, of the period (not exceeding six ri►onths) for which such payment schedUle is to be in efFect and tY�e arnount of cach payment wi�[eh the Gonernmental Unit is required to make during such per[od. However, if et any time the Administrator cletermines that such paymenta made by ell Gavernmental ilr�its with non-accelerated Laans will not provide suffieient funds to pay the amounts described ia clauses (1} through (6) above, the AdministrAtor, on behalf of the Spansor, ahall rev�se the schedule of payments then in effect by gt�ing the Governmental Unit notiee of re�ised seheduie of payments, at least 4en days prior to the date sueh revised payment sehedule is to 6ecame effective, stating the period {not exee�ding six months) far witteh sueh payment schedule is to be in effect and the amount of each payment which the Governmental Unit is reguired to make durir�g such per[od. (b) The Go�ernmental Un[t shall pay the amounts described in paragraph (a) above to the Trustee, as the Sponsor's assignee af this Agreement; except as atherwise provided in Seetion 3.9 hereof. (ej Any ather amounts due irom the Go�ernmental Un[t hereunder, including closing costs related to the Losn and not pnid at elosing. SECTION 3.8 SP�CIAL ODLiGATION OF GOYL�RNML�NTAL UN1TS. (t�) SacH Credit [ssuer may share with any other Cred[t [ssuer any infarma- tion g'�ven to any of them by the Governmental Un[t, including without limitation financial statements, and may also share such information with any participant of such Credit Issuer� and any finaneial [nstitutton which is bein� solie�ted to beeame a participant of any Credit Issuer. To #he extent necessary to permit the foregoing� the Governm�ntai Unit hereby wai�es any privtlege ar right to canfidentiality� whether arising under statute or otherwise, it may have wh�ch would otherwise prohibit the ioregoing sharing of informa- tian. (b? The Governmental Unit Note shai! be secured by a lien upon 8nd pledge of the Pledged R��enues, and the Pledged Revenues are hereby pledged to secure t�epayment of the Governmentai Unit Note, as set forth in the Authortzing Ordinance. The Governmentai Unt4 hereby represents and warrants that the pledge oP the Pledged Revenues to secure the Governmentel Unit Note !s �alid, binding and enforceable and that the Pledged Re�enues are nat otherwise subject to any pledge� licn or encumbrance, other than as has been heretofore disclosed to and expressly appro�ed by the Credit Feciltty Issuer [n writing� such disclosure consisttng af a first pledge and lien securing the repayment of the Go�ernmental Unit's Capitai Improvement Revenue Bonds, Series 1984 (the "198� Bonds"} and a seeond pledge and iien securing repayment of the Governmental Unit's Loan from the Program in the amount of �4�5,oaa {t�e �'Parity Loan"). The Goverrt�ental Untt covenants that it will not cause �ar permit ta exist anq pledge af or lien or encumbrance upoa the Piedged Revenues which is prior in right of payment to that securing the Gavernmental Unit Note except as expressly approved by the Credit Faeility Issuer ineluding, speeifieally, any further debt secured on a parity wiYh the 1984 Honds. The Gavernmental Unit covena�ts that it will not cause or perm[t ta exist any pledge of or lien or eneumbranee upon the Pledged Rever�ues, other than the pledge benefitting the LKL-11/16/88-267AA-2821 -9- _ -��-� ��r � . � _ . _. �_<: - - w_ .. :7"> .., ,: ;'� ii :� i �. : } . y... . . �s.a. '�. � ^,��s' .� ..:.���,:•::.�r:-. •:�.�;r;.f�, . � 1✓� �':�'`.' `���vs}�s� `-Sn`;'',":�'EY??'S . . •.,� rE ?� r i�t�c. .- i .t. `.. ,-� ;'���i� ��',��r'�:ifzS �l�.�-},;: r'� �� �;5:`� �. ' ''. . �; • . '?�°1• ki �'�,t�i;.'_^,�::. �+.;'Sy�ul.�. 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' . .. :�': . . � � . . . ,. _ ' ^� . • ..I, � •-��'. e . .. -.. . , ,;I = ' . ,-)i'� e.C',:' .., ,. � . . : . . ... . . u. � . �;' ° .�; ','��;�;,.:;:=::,,,.�:;r;:;;; . . , . _ ., :., . . . , . . ;. � . - y�r ; . - . � �.Y-,.�' � . . . . , . �i ' � ;°: ,. .. -. .. . �. .• . � . •vlii.n= " ' � � .. . . ,,.. ,,. , . . . , , .. , _ .._ . „ . � - i _.�.�_ , , . ., . ., .. ,. , «..- _. __..�....�.,��__�._. :. . .. . :_ .'i,; ��•.r . .. . . ...� .. �..._...�....,..- — --- ..r........���i....«..r.:.�.. �...�..K�...._.... ¢. � ; y:.� `i ;`p; ...,•�'. .;;� . . , .`i'i:�. ,�,;..k��.`j�1..a:y:'�,,.,�.. ' {�:.^a,.•;_;� �ia. . . [, �.!'i : i="� .�'.� j}`YA�,•�� i � ' � [ . 1 ,'i'!' 1' : �' . ' - .. � ' ,�' i ._ ` , . • . �' '•e rr':;s'� �"'`, x P�.,i.4�sP°�� � y,�tn'�':�t � � .. i ,, - ftS' 3 � •.t�''yL:. i.ji':,�i`:;;i�:�}r�I�,,�k,. :.. � 'S 'e e.�>a: .'�. ' � ;� Governmental Unit Note, exeept for sny Additiannl Pnrity Bonds ar otaligations secured by -�<�y';: �';�_�',"�:�:'�„ae ;`_;�;:.:,;;;�: i . •. i�',' ' ^i::r: °" • , - a lten subnrdinnte to the lien af the Go�crnm�ntal Unit Not� which may be issued {n the �.�,c" `;.��;A:�r;;;#'���;;�;��°�;.�� �;; �;: � � mAnner permitted hereunder. �•� �,F"��a�f (`,}�•"';�:Fi��Vti''`•'^��+�T'' ±a� � r :,�, ;i•Yt r ; : , ��: •��%' `... . !. rl'.•�.i. Y. i�ri.tti .3k6-. • � (e} Prior to each of its fiscal years, the Governmer�ta! Un3t shatl establisn a �'�"�'�'�`J4�'°"�```"� `��x�'��=�°':°°:: ,: �iudgc# far such fisenl ycar which aliacates e suffictent sum ot Pledged Revenues to pay all emounta r�asonahly anticipated by the Governrnental Untt to be payable hereunder and sll amaunts reasonably antiaigated to ba paysble with respect to any Additionnl Par[ty Honds. In th� event that the budgeted amounts prove insufficient to make said Qayfnerits the Ganernmental Unit shail as sa�n as �ractieabie (but in any even� prior to ihe exp[ration of sixty days from such event) amend its budget so as ta assure that sufficient P�edged Revenues are available to at all times make said psyments. � {d) The Loen and the Governmental ilnit Note, �na siI payments due with respeet thereto, sha11 be a special obligation of the Gavernmental Unit, payable solely - from the Pledged Revenues as herein peovided. The Logn and the Governm�ntal Unit Note do r�ot canst[tute a general indebtedness of the Gavernmental Unit, or a pledge of its ' fatt�, ereciit or taxing power wi�hin ihe meaning of any constttutiona� ar statutory pro�ision or limitation. Neither the State of Florida nor any �olitical sutadi�ision thereof nor tf�e Gavernmental Unii sf�ali be obtigated (ij to exercise its ad vr�Iore� taxing power or t�ny other taxing power in any fnrm on any real or personal groperty in the Goverrimenial Unit to pay the prtncipal of the Loan and tt�e GaverRmenta3 Un�t Note, the interest thereon or ather payments or eosts incident thereto, or (2) to pay the same frpm any other funds of the Gov�rnmental U�tit except from the P�edged Reve�ues, all in ths rnanner provided herein. '�he &ccePtance of the Governmental Unit Note by the holder from time to time thereof shalt be deemed an agreement between the Go�err�mental Unit . and such holder that the Go�ernmental Unit Note and the indebtedness e�idenced thereby shal� not eoc�stitute a tien upon �ny property of t�e GovernmE�tal Unitf but sball . constitute a lien only on the Pledged Revenues, in the msnner herein provided. , .,.. ,., ; ' e��;' :� {e} Sub}ect tn the provisions o€ the Florida Const[tution, nathing herein .�~�°�; Ft� contair�ed shs�l preclude tne Govcrnmenta! Unit from tasing any legally availebSe funds, In �;'�� i }etb. _•„•.:. add�tion �a the Pledged Revenues herein prnvided� whieh may com� into Its passession, ' � �`�r�' � ;..::.� ��, includir�Q but r�ot limi#eci to the proceeds of the Loan, co�trlbutions or grants, for the `•:,•��:�y`��' gur�ose af paymet�t oE grincipal of and interest on the Loan. S' , : Srr�',-'�{�g;? ti•„ tY,•t x�• � � ''��i`� SECTION 3.7 BENEFIT OF HONDHOLDERS AND ENHANCEMENT .:.,���� '��f:';,��,y �• PROYIDER; COMPLiANCB W1TH TRUST 1NDLNT[IRE. Triis Agreement is exeeut�d in '�`�,`„��F� part to induce the purchase by others of the Bo�tds, the lssuance by the Credit Facility . o �,.;,.�� '��F��:'.y? IssU�r of the Credit ��cility, the issunnce of Local Credit Enhancement, if any, and the �;� r+�=�� ��� '' execution and deli�ery by t3�e Liguidiiy Facility Issuer of the Liyuidity Facility and, •,. .;.h ;;_;� . �,.�?,_ix ' acaordingly, all eo�enants, agreerner�ts and representations on the p$rt of the Govern- ��s.±����� mental Uriit and the Sponsor, as set forth in this Agreement, are hereby declared to be for �;::..Y� the benefit of the holders from time to time of the Bands, and far the benefit af each �i:°�`��� Credit Issuer. The Gover�mental Unit covenants and a ees to do all thi� s wlthln its , .,,.���; �' � ��"�� power in arder to eomply with end to enable the 5ponsor to eomply with all requirements �'� � and to fulfill and ta enabie the 5ponsor to fulfill all covenants of the Indenture. �:=..�� x , , y LK�.-11/16/8$-267AA�282 X �1Q- x . ' F"�'T _ �,f�`� �� . • a i � ------- -�.�_. �:._...��:..v�_.� � ' �' S.�.i " ..1_$,: ,,.'�;.°F:` - , �;r '_ �;;,�,i`(; �„z, g,'`tT .�3y �..".l', i�: ' . i.i. -z.v a �.�e, � �', ' �;, , . �;�Et��` � �.��� .t� Y �. .! �:�- tWx, --�. -�-�.,>: } r: : �t � ���s"{�';v.i :�N, . A � �',�"' i£��� �:.�i. ���•`.,�,�.,�, 4 r, �,.i;�i:�� ;.,� ��.. , ' � r:7,:: „n=,;jr'�j l:-` /i u��rt�f : ;1i�l�Ei7h, 7 ���� i �i �3,fYc� _ aLS;"k.5 }_ �r r y . .,:�r., ';�;'��, r} � ,,;. �� }� ,��,�, ��_. `1}3t��t���''�t �r�'z., '�PS � • �. 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' � ' , " •. � . . . , f ��.'� �d:.ef;.`��•�r.+, i. 4� . ' . . . . . ..:f �i.f � . ste . •: • � 7,Yf. L��1,: � � . i: ' . ' � ' � ' , . ' • . ' . * . . .� � ' r '1'r' � ) � . . . . . . .. , ' . . ' . . . . ' � � � ..5, � . � ' . . ' ° ' ' _' _� d.•d � �'� :,Js,, , ,�}�� . . . � , x � ' ' . . , F . . . , .. '} �. rF . . , . il. �:.a �:�� ,• , . .. - . � .. :� . • ., . . " i��'' '-•� .:!`j:r;� .� i . .� , � ' . . " . ' . , ' 1, . ' ' ° .. , ... ,. . . . ; . .. , ;/.,�_l�.I;4`" , ...•-- ...,._.�..._.. . A. ' -----:�.,. . . .. a... ..._J �n��rr�reslr�s:ti�trn..�.:���� ...�... -- -- ��..�..L_��t_ ' ;"i;;. :.d;�.::':�'•.. , 1":�' 1 � ' ���-, :��;�` Y,i:�.;�; . � � �`.�fi� 'tj�:F*i�'.,':,���;,`�t'j::�',`•?f�. , SECTION 3.8 �30NDS NOT TO ��COME ARI3�TRAGE BOND3. �"�' �;F`.�::;'�'��=`',ti "�'-�'�'`,_ . '�,. '._: �': =.'' : � :�.:. f . ;�k .: �-���i:;�_ ;.�,-' . ,�. ;:-�:.� :. � The Goverrimentai IInit here�y co�enants to t�tie Sponsor nnd the holders oi the �`�:' :�=ee,i�i"'�s; �:`�'`;'�f�; �-- °>�:_�; .' - Bonds that, notwithstanding any other provlsior► of this Agreement or any ather instru- �}� `�� =�..`;`� ='��� ��`d�'}`��:�''��' � ment, [t will neither make nor cause to �e made any investmenL or other use of the ;�.`�,�' ;; -=���''`�;•��'�"':�`�; `;� 3 �' � '.:�.i'-.a:�re,;::i.. . ,. proceeds of the L,oan whtch would ceuse the Bonds to be "arbitrage bonds" under Section °.; �. �z���;;�;�;:;;.�,r�=,:,�� qs;. ., � I ernal Revenue Code of 1954 as er�ended, and the regulatians issued � �` `�=��`'k'' 1�3 ai the nt � �:;. ,:,,, •�;+f�,' � Ys4s, .;,tr,�. '„ �., , `;:::;.�.. . • ,:;�; , �i ' thereunder, and that it wtll comQly with the requirements nf such Section and regulations �,..�.. �:;_•;�;;,.�;.?,,;��;';,::E.;:;;: =� � throughout the terrn . ���: ,�t.:; `'�:_� . `'��°a� �� ..,�;„, of the Bonds ,s:_ .�;� � .. ;;:� � ;:,,.,..�,:,:,•,r;:;,;:.;> �: ;°•rA�,: ' , ` r: ,i,. Section 3. OF 5PONSU ' ' 9,`ii;�'.�:'`;" �,��s,R'�`�' ! 9 ASSrGNM�N�r R S RIGHT3. �,'>�;'},,:, �,;'= M�::s.r'::.,t���;_ ;.�. �:� �: �:;• ���o`�:;':r=�:��,�iiF; �.,.,.�;.s'�:.,r ..�:,�,, j �< �3�.. : 1.�-: " � for the Bands the S onsar will assign to the �;� ;.ti.� >z�,;;t'-��;:�`.,;v.4 �. t (a} As the source of payment , P °`'��� ��' ��:...;,�.,j.t:. • Trustee al! the 5ponsor's rights under the Governmental i1nit Note and this Agreement •� ��'`:..`�r�t;. �::`'.,"' .�-`':.�;=?` . ��4 ; •,1:,.;�. ., �, t: -,, .> � ;%;; :;,.••df:>�."���.•,, .=` .�^ : .-_ f �j� „ e. � p ., . , _ � M ,�,�.-•.,'.'� (except for the rights of the Sgansor� the Trusiee, �he Administrator and the Inde endent ��y .:. T,,.,:.;,,�.;V�,aa.._, ' Contractor, if applicable, to recei�e payment of administrative ex enses re orts �nd ��'���`w'1"' ' .,, , p , P f�'::r-,;.�,;�:�.;`��,,.,s,,.,.�Y,�y, }i:;� ' indemnity against claims, and the Sponsor's, Trustee's and Administrator's rights to enforee remed€es pursuant to Section 3.5, 4.1, 4.2 at►d 5.4 hereo£). Tne Governmental Unit will malce all paytnents reyuired under Sections 3�3, �,4, a.5 and 5.3 hereof directiy to the Trustee without defens� or setaff by reasan of any dispute between the Goveramental Unit ar�d the Sponsor. {b) The Indenture requires that the Credit Facility provide for payment of tt�e principal of and interest on the Bonds when due If other moneys ava'slabie under the Trust Indenture are ir�stifficient therefar, and ti�at rights to the payment of any principai and/or interest paid by the Credit Faciiity Issuer shali be assigned to the Credit Facility Issuer. Under eertain circumstances provided in the [ndenture, this Agreement and ti�e Goveramental Unit Note may be assigned to a Credit Issner or the issuer of a Local �,etter of Credit. v ::;x�,;.. �� ,.,. �,�.zp`�,��` {G) Notwithstand[ng anything in this Agreemen� to ti�e contrary� amounts i.t;;,��;; due under the Governmental Un[t Note and this Agreement are aceelerated as described ���'�:t"'" in the Indeniure, and the fuil amount of the Loan has no4 been disbursed �ursuant to the �T� �F� `k.�. .�; �_;;�` Commjtrnent, the Trustee sh�ll have na abligation to make any further disbursements of F-.:�;;;: ' the I,oan and shall agply the same to pay the Governmental Unit Note. {�i S�CTION 3.10. COYENANT REGARDING PLEDGED REYL'NUES; REVENUE FUND. (a} The Governmental Unit hereby covenants to take a11 lawful action necessary or required to col�ect and receive the Pledged Revenues. The Gavernmental Unit further covenants thet it has full power to pledge the Pledged Re�enues to the payment of the principal and interest �and other amotints becoming due on the Governmental Unit Nnte. (b) There is here6y areated and estat�lished the City of Clearwater Gulf H^aeze Loan Program Re�enue �und (the "Revenue E�und"). After application for the benefft of the 1984 Bonds ms required under the ardinance authorizing issuance of the 1984 Bonds, all Piedged Revenues received by the Governmental Unit shall be deposited into the Reveitue Fund and held salely for the benefit of the holder of the Governmental Uriit Note and Additianal Parity Bonds as pravided in this Section 3.10{b). The Revenu� i�und shall constitute a trust fund for the purposes herein pro�ided and shall be kept separate and dis�inet from all other funds of the Governmental Urtit and used only for the purposes and in the manner hereln provided. Moneys nn cieposit in tt�e Re�enue �und sha11 be invested in abiigations in which the Project Loan Fund may be in�ested under. the LKL-i l/16/88-267AA-2821 -11- ti . . �.t'�''��.•�'?' ��,' .. - 'e. . ' , - -A'--- ' _ -- .�A�.,"..:... a1Nt�J. ,:.5�^'.oF4±'A�j! '.`- '`� . ....c'=`.' �?z :,, , y�, :�' : �: }��,: . >: .. i.ti'. -. ; �r? 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J.. r�t .° 4'v �i r3�. ..'i��, `i.�- �^�d. `Sr.. e1`r'' m '11' '<. r=i � f e . :.'t. : c :'i4�' . 1" ' �<��' �j.: '� �i'. -�{ . ,i,` ' a; �'.'� `�.�` i .��::t. ���'..: .�:.�;.}' 'b ?i! , �: }" r : �lf - �I' `.5. .':/� .j�: ii, f. .;` ''t. i^ :�`.� r " r.Y'� .�a". ..y,� 't�' ..,. S'1�= ' �'� � ' �l:'. • �c' ` , t I .;,r„ _ - n", '�.� _ . 'f•_ L •:':: ��'• t��: �'i.' �-� � r � '!' i� ;:• LY. ��i � }1!'i ' . �i.l' !f r �T"r i; .:i.�� •�x.``':1�.J:'�` e �:y .�", ''i., '�" ' ;i+� �'_ q:; 'i=� '% , '°6�� - i: L. 1 : . . . L 7� ��er .[:r: , s.l .5.':: �y . .sa' •°s` ,� � . 5" ' !f'� �' f', 1 : �'~ .. .'t.•' ' :1 ••l'_ �;e:� ."� �. ��;'; � :,i' S l . � , . . . � _ S� Sf ~E. :l:' .�ir' '1�. �`�S' . G�• l � . 4.. J•• . _ t • .�: ._;^: �I_t, � L, ° ,(i :si' F•Y, � ''i fl.:'� t'F � '•.i'� > F. ° � � . , .7.. y�' -�#- 7'`��� �"1� tV `�L.. 'S �B:' �:�'..��•:� . . 5. . ' a � . , tf � ';c', . Y - ., i', _ •.i ���', :ti��� ,�j:� , S v� � .', . �f" �' � . ."J� � ie � ,'r'_ �"ii a d' �aS�.• . .r' .i: 2 '.�' •:t' � �' 't� °'!'. ,'i.� i=` . . .raf•".s k:: ',�" . :'�; r :1 � . . . . . . - , :1 :, . ��" ,f;:.:= a3� � . � -a'i ill � . . • '1" � � j. 1.. . - ''.}' . j - {i'��:.;t"; \ .�." - , :it . .. . , . 4.:i: . �! y < � f-� . :; �- +'i'' . r : . , . . :.r • ..s' +p.r� alt,' ' S. .. S : : ) F". � . :�" ,�y, . -�. . .�.. •a . . , . 5'. , , . �y: ��r�� :e' ' �i: . �"�' •.� . .�",�}'�;; :�l.Y M! - �1 .. . 'k' �.�'., '��' M : �t' 1 ' . , . . . `t'�a . d . � �: �� �� .. . .. . .' 3 ' .�d' `: � - . :'{ �s.� . . � . . , .�.r,r'� ,y•.. . •r.^ ��'t• .'�•��..✓..� �.Y . . . . . ;u; ;��. : ���: '� �`�� •-ti' � . , , :�'. .!1� .n"�Y?�• ' . . . . . . . .. .a � ' . :/ '!- �'ryl•f`!;a . , , , W..�. _. _ .,. _.. -- ��_.,��� . . . e ..._ --�-n.:.��te��iM�i�r�ara�r�:.�� - — .-- _ . . ... _�.'r�:.l.l.,. _ ..'::Y., � � � Indenture or as otherwise may be permitted by the Credit Pacility Issuer, and a11 Investment earnings shall be retained therein and used Par the purpases thereof. Revenues sh�lt be applied and alIocated on the fifteenth day of eaeh month (�) first, to a separate fvnd, which ls hereby ereated and desigmated the City of Clearwater Gulf Sreeze Loan €'rogram Sinking Fund (herelnafter c�lled "Sinking P'und"} cammeneing January 15, 1989, {n such amounts suffieient to pay the principal of and interest and other amounts becomtng due on the Governmente� Unit Note on the first day of;the foilowing month, (ii) next, on a Qarity with the �aymer�ts to be made pursuant to clause (i), to the payment o! amounts due in cnnn�etion with any Additior�el Parity Hnnds issued pursuant to the prov�sions hereof, (iii) next, to the payment of any juniar lien obl.igations issued pursuant to the prov[sions hereaf, and (iv) thereafter, to the Gavernmental Unit far any lawf�l purpose of the Governmenta4 Unit. The designation and establishment of the Revenue Fund and Sinking Fund pursuunt to this Section 3.1U shall not be construed to require the estab�ishment af any eompletely independent, seli-halancing funds as such term ia commonly defined and used in governmental accounting, but rather i, intended snlely to constitute an earmarking of certain revenues of the Go�ernmental Unit for certain purposes and to establish certain griarities for application of suct� revenues 8s. herein provide�. , SECTION 3.7.� ALT�RNATL� S�+CURiTY POR GOVLRNMENTAL UN[T NOTE. The Governmental Unit reserves the right to secure the Governmental Unit Note with e Lacal Credit Enhancemen4 acceptablQ in form and substance to the Credit Fsei�ity lssuer and the Administretor, and upan furnishing such Local Credit Enhaneement or other security, the pledge of arid 1[en upon the Fledged Revenues in favor of the Governmental ilnit Note shall be released and discharged, in the manner and to the extent specified by the Credit Faeility Yssuer in writing. In addition, the Governtnental Unit may �ravide for the defeasance af the lien af this Loan Agreement upon the PIedged Revenues at any time pro�ided it first provides the following to the Trustee and to tl�e Credtt Facility Issuer: {a) Evidenee tita� the Governmental Unit shall have paid, or shell ha�e tnade proviston for payment of, a!1 amounts payable under this Loan Agreement, Far purposes of the preceding sentence, deposit of direct obligations of the United States af America whieh ere not subject ta redemption priar to maturity at the optinn of the obligor {ar, with the written appro�al of the Credit Faeility �ssuer, depasit of any ather securities or investments whieh may be sutharized by law irom time ta time and sufficent under such law to effect such a defeasance} in irr�vocable trust w[th a banking institution or trust company, for the sole benefii of the 5ponsor, the principal of ar�d interest an wh�ch will be sufficient to gay when iiue al! payments under this Loan Agreement, shali be considered "provisian for payrnent", (b} An opin�on of nationally recognized hond counsel acceptable to the Sponsor and to the Cred[t Facility Issuer to the effect that (i) the lien of the Loan Agreetnent upon the Fledged Revenues I�as been defeased and (ii} the transaction resulting in such defeasance does not adversely affect the exemption from taxatian of the interest on the Bonds. (c} Verif{catton by an independent eertified public account�nt of sufficiency oi amaunts deposited in escrow pursuant #o pnrngrpph (�). LKL-Il/16/88�28?AA-282i -12- ;�='._; . _. ..� Yi,. � I � � `t:..`�'. ii.� JP :.�:;' t �:�� .,.�}` .;�} �%�, . . ��k� � ..�...��-_.�. ~"'R �:-.:-, ,.-_ _ , ... - .. . � ,. _ . � : . �'Y'�?���.r; .;.. . . , . , . ':�,.".i� ���_• . .. ' � .. ' ;; - ,. . . ' ,.. . , t , . .- . , '., . , ' ;:it'°l°� 3Y4`, �i� � ' '�Cf� *:,t� * �7 '"t�'€-'�:'+° � Y@i'� a . , zt�b:� � Ti.:�«".v�•". �'�,��1i..•�� ��:k::A�.-C-".,,� i a�.'3 r „ • s �Y i 1 �i3'° r' r.c,�';'.�; ;'.: s' r.�3�-�=',, .�'3:}�.: '.Sv ;»'r�^ ti"= x 1'X A. .�; �x �',^?� :;�t l::,� ��. �`�n f� , . r�•ri £ ,•.�c,�e�^'�-., °� [�r.r. h:.�r;'r�.�.::, i :�. zi'r. .a"�. 1 : :,t�4r ' . � .. � - SECTION 3.1Z INTSRLOCAL AGRSEMENT. This Loan Agreement, . 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' � , ,S'> ;�r:' li „ .. , �, � . :• , , _ , . .. . . . � . • , , � . . . .. , , , , . . ,. ... . . . � . : d ! ; . . v �' , �—_--___. 1 . ' .�. � ' . ' � • . . . • . : . ...� -..�___ _.. _ . . . . . :� " � . .. . r .. . i / "' . o.. �w�+iWY'3'M�r��a..__._�.,_i_ "' ... _ _ _ . . � .. _ —..�. � ! ' . . ', , ;r i . ', : .` __ "•"'"." "" '�.� _ .. .. � " _ _-a«�.,�,R!"' �•�R. ��;�.;i.f.;v�r =�.,;,f"' .��� � /+� �:"' ��;;3�' r�ik�V � ' .• �wM � ,,f 1 't5' N �,YY�`'�'Z7':; i :' ' �,^-1r, ,� ' � ���:�.^ �h •,' �� •'p,� - ARTICI,� IV ��;': �'r."_:fi��F`;: �r's�„;:�;i�� ,_;'.• � • •. !��;��1 �'�:•a °,J�:i�. A,iy�fe •" `,'1'• 1�;� •�`�-17r f '.�...ii�.iA'.ri"rs '[.', .•f�i �.a.` . - COYENANTS Oi� THE GOVERNMENTAL UNZ'T �: _: ,'�Y�:,:;.,y;;: ::��`; �_ e, � •'. ,.� f.'.3 � re'..:aR..7:`:.j+e: , �,f•s r.. i � : �"� i � ,., ...„.�p..:,...<i�_.e, . . , ,� Awi'v''..;� ;s,,�r.;'..^,: SECTCON 4.1 REPORTS AND 4P1N10NS;1NSP�CTIONS. ,' �`�`J",�=`' ''a"`•�` �'�-::�-:. :;-. ,�;s� ,;..,. , ; � ' � ,; �o :r ,�•:::e „�<<�'' �' � � ��. ' . . , A.r. . , (a} Ur�til �11 amounts due under this Agreement have been paid In fall, the �_r:;'�'..y'.'} �;:.'.,:,R,.:.;~q;.;:�;.�,;�;,�:;.` ; Gavernm�nta! Unit shall deli�er to the Sponsor, the Trustee and the Credit Issuers, wtth�n t�t � �,_�_,«itf�Y-�5��:�� � ten days ai the Go�ernmental Unit's receipt t�ereof an annual re ort re ared in ��'���''� =� �.�`�` �'�� .�� �.��-�,�` �,•: . : , P F P c;,��.;-...': •t:;9,,a:-.�._;:�,r.::.�:;. � � accordance with generally aeeepted accounting principles appiicab1e to the Go�ernmental ±:;:�:�u,;�°:`;'�{��`��`° '�_��,�;�`'�:�;';�:= , -- ' bli t t(or accot�nting ftrm) �='°:`e y�,�" ��` "�� ;��`::' Unit� and certified by an independent certifisd pu c accaun an satisfaetory to the Sponsor witich shall include a balance sheet and �neorrte statement for the prior fiscal year in reasonable detaiZ. ]n addition, the Governtnental Uriit shalI deli�er to the Sponsor, the Trustee and the Credit issuers wtthin 50 days after the end nf enet� fiscal qugrter: (i} a reasoneble number of copies of the Governmentaf Unit's unaudited #inancial statements for the prior fiscal quarter incluciing a baiance sheet and income statement; and (iS} a certifiegte st�ting that no L�vent of DefauZt hereunder has oceurrea and is cantinuir�g. (b) The Governmental Unit shnll deltver to the Sponsor, the Credtt Facility Issuer and the Trustee, not lster than the 135tt� but not eariier than the 128th day foliowing {i) in the case of n Loari secured by a I,oeal Letter of Credit, the date of each Loan Peyment pursuant to the terms of this A�reement (whether by prepayment or regularly scheduted payment) or (ii) as to Loans not so s�cured, upon the fin�i payment upon the Loan, a certificate of ihe Governmental Unit, or ati�er evidence in form and substance satisfaetflry to the Trustee, to the effect that, during the period ending 128 days follow�ng such payment, no bankruptey, insalvency ar similer proeeeding has Ueen commenePd by or against #he Governmental Unit arid that no other ever�t has occurred which would have constttuted an ��ent of default under Section 5.1{f} of this Agreement (except such as has been vaented, dismissed or d3scharged by an order wt�ieh is not subjeet to further eppesl}. Notwithstanding the payment in fuI! of the �oan, the Governmental Unit shall pay eny charges incurred by the S�onsor or the Trustee in cannection with any payment under the Credit Pacility by reason af the Governmental Unit's failure to deliver such certificate or e�tdenae on a timely bssis. In addition, notwithstanding the payrnent in full of the Loan, the Governmental Unit she:. �ay to any Substitut� Credit E�acility Issuer an amount, if any, equal to the Credit Issuer Rate per annum on the amount which was disbursed under the Cred[t Facility by reason of any payment to th� holders of the Honds be[ng deemed a Preferenee Payment (as defined in the Indenture). {e) The Governmental Unit agrees to permit the Sponsor, the Trustee and the Credit issuers to examine, vistt and inspect, at any reasonable t[me, the Project, and the Go�ernmental Unit's facilities, and any accounts, books and reeords� including [ts reeeipts, disbursements, contraets, investments and any other matters relating thereto and ta its financial standing, and to supply such reports and ir�formation es the Sponsor� the Trustee or the Credit Issuers may reasonnbly require. B�CTION 4.2 IMMUNiTY OF SPONSOR. [n the exereis� of the powers of the Spansor and its member�, offiaers, empioyees and agents under the Inden#ure ar this Agreement tncIuding (witnout limiting the foregoing) the applleation of moneys and the LKL-11/16/88-267AA-2821 �14- ...:,:�: ; y���-� � - - . , . . �. �w �i.';:;`.-c��;: <•�r1^:t•-{�;..`"y':r:« .: . t" �' �*•;i ;'7.'�' ; "�'� �;.�;t,: �=y.''';���H. ;�f�.�,Y:,; .. �_9k �'�'- .�,: `e��F: �j� )�'���`})�''i�a"�' ;l: _ �,V,.� t �.s;a,. _ ;�.s..�.;� :�y '':��'r`;y;�.r!h�.'•'�-��i";� fi,i�,>i;:�.4 f,�$. : �: .�Ft •,.. ,r . �� ,�o,s;:� ,-},:�� az'.�S�F�y,'!'�ae°:41r� •'t„'-,; . ie.�.4}Y.. �;f;. ��. ,.Mrs y .. " :'F,��_'`:" Y' 4;t- L'" T.:tqpjr!i �r�;:�': ' J :i'+�i�;� x: ,: ti.. ;s ",i. . �, � r . ;, r:;�`� � �� i • �:��. °� ��y:'��. .. '�r� ' .'f.t'C�.!'T:r. :4 kt"d.;^ 4`s' .S� 'y`A'. �r�.��• v.— . . . .,., .. .,;:s:.. 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' , , i;� f, ;� �e.. �+: . .?' �.f.i.�:: '!''�J��_qV�,+,. . , � = `[.' �.ti: . . . ��`' ° ' , � . . .�: . y . ..' , p ' . . . , , . . , . . e. . ., ' . .. 3 - . - . . , . . ' ' ' . . ' '��.'r ,�'� . ' . .. , ., . ' ' • <<, . . , . . "1 ` '„s. • .�4''��;�''s� ' �� .. .. . . .. ��� . . 'i , . �i°::: ::r_S„ • f�. . . n� . ' . � . . • . . .',i- 'y..��-. .�+�;t:°;� °.f��. . . '; ' 'J' .. . .}. , . . .. . . . . , . . .. ' r�f: ;�."�-° .':•:;',- } . `. .� . '�' . , . � . . . . . ' . ' , - . ' . ' ' i ' '�}�.'} T..`-,n`rF..,� ;'� � � � i �: ':?�..r - 'C p . . " - . . F} . .. .'i., - ., ,` ` . . P' . . . , . .. � , . '' Y' . 1.P: . ' . .. . ` . . . • �. . , . . ' '�� ' . �'�i . ' . i � -,� t€•��'"•7" •���''`'!� ; . �.�i,�..._ � � — .�..._...�._.._......._. .. . .� .._ .....r�.w�w�.. ' . . . . . '4'' °•..,•..�.,_:Y�f.'`�'��" � . . .. . . , . . . . . � ' .�i'. 3 r^". � - ��:Y,�,.' `?..z" �i � '.i ' f, > >:1; �' Sr. ,��,z�^�+�;e ,.::+°,:;c�r.i*: � , �� � � � '� 'Ft^ ( �•Y:;••� ` ` � >'x.�{ � :.�'�� f•' ��.".4e.�.. �.u.� ��E � . : '. } c] , ��.f r%. .:.' ���y.�.:� °�:;-{ ,���_,: y V�tl:�,•, � .:�'r:->f::'.f':.�, s�. .. , � - investment of funds, the S or�sor shRll not be accountabte to the Governmental Unit for ��� ��..� ,:.�-:a� •�.;_:���'=��� " . . ! i �a�r, ';� _ p . .. �. �.i �i �j'� ,-�, � .i P'S.,�,:�. ' ..(��s�;;�..n ... . any action taken or omitted with respect ta the ProJect or this Agreement by It or its ,�•; �.,.;;:' _=;j �yi���=: ,�.,; �� � y,- members, offieers, employees and agents in gond fnith and belicved by it or them to be `': ���. r�v;�,�;'�.;t'';�i�"�;:}�;_;•�,. E ,,� e�thorized or within the ciiscretian or rights or powers eanferred under #his Agreement. ��:��,:�:�=a�:�..:.;:;�:`a;���•���,::�. The Spansor and its members, offieers, employees nnd �gents shaIl be PrQtected in tta or "::',"�;�.'�.rs"°'":"� ��'�'`�:�:�°}"'. ' .• their acting upon any paper or documen#s believed b it or them to be enuine and it or �'��`-'����'����:'.;=`_`_� �:' `''�3>%'��. Y � r ;.., t�.�..�:•. :....._.,, , they may conclusively rely upon the �dvtce of caunsel und may {bUt need not) requ[ra �, ;;;-s'"-� "'" "�_ �� �' � � ';i�y ..:3,F .� m. : ..'( �'�. �,•t' ' �.f���ft�''�, � �� further evidenee of an fact ar matter before takin an netiori. No recovrse sh�ll be had �.:� ,':r!����r �•^-�-, s;�L ' � � by the GovernmentalyUnit ior any cIalms based on tne [ndenture or this Agreement °��:� ,:����� °°?',�����`���''�=� '_' '�, > i'?'"••.•':' i , ..-r � . FF.= ::ze_t''': '..:ewr?��;:'? 1 � � a ainst an member, offie�r� em la ee or a erit of the S onsor alle tn �-'"��:; -�•:,.'. ��; �t"' �-� S Y P Y g P g g persor��l liability ... .. .,�<;:.:';. ,�r;;.: . �;. � . ..? ,�..,.:.- ,. .�r�Y�:�.. ::..>r.;;. , on the part of such person unless such c3aims are based upon the bad fnith, fravd or deceit .:��:.�.r,;.��.t�;.;;,:;.�;°;,:�-t;=; `�'�L , -• of such persan. The Governmental Unit shall indemnify the S onsar and an of tts ti° ,:'; ��;_ �`:-;'-� : A Y , s.=.�;� �:�; ;,;ae�;:..�:�".-;-�y.�.3�:,:.."' memhers, officers, emPloyees or egents and save them harmless against any liability �'j .�t:;,j,167�.ar.::,R;��;,�t��, . '� intended to be precluded �y this Section resulting from acts or omissions of the �'��'��''I� �� Go�ernmentgi Unit or from aets or omissions of the 5ponsor or any o£ its members, officers, employees or agents [n connection with sny necessary ar reasonable acts �aket� pursuant to this Agreement, exeept for frQUd, deceit, or acts taker� in bad faith or which are negligent. SL�CTiON 4,3 COMPLIANCL� WITH LAWS. With respect to the Project and any additions, alterations, or impravements thereto, the Governmentat Un[t will at all times eomply with all applieahle requirements of Federal and state Iaws and with all applicable lawful requirements of any agency, board, ar eommission created under the laws of the State of Florida or of any other duly canstituted public authority; provided, however, that tne got►ernmental unit shall b� deemed in compliance with this Section 4.3 so Zong as it is contesting tn gaad it�[th any such requirement by appropriate legal �roceedings. SL�CTION 4.4 ISSUANCE OF OTHL�R OBLIGATIONS PAYABLE PROM PLEDG�D REVENULS. So Iong as the Governmental Unit Nate remains Outstanding and unpaid, the Governmenial Unit will not �ssue or consent to the issuance of aay other obligat[ons, except under the canditinns and in the manr�er pravided herein, gayable frotn the Pledged Revenues or any �artion thereof, nor �oluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance ar other charge, hav[ng Priority to or being on a parity witfi the lien of the Gavernmental Unit Note and the interest thereon, upon the Pledged Revenues. Any other obtigations issued by the Governrnental Unit in addition to the Governmental Unit Note or Ac�d[ttonal Parity Bonds provided for in Section 4.5 hereof, payable from lhe Pledged Revenues, shall contain an express statement that sueh obligations are junior and subardin�te in alI respects to the Governmentai Unit Note, as to lien on and source and security for paymen# irom the Pledged Revenues; provided, however, that the Governmental Unit may also grant to the provid�r of a Lacal Cr�:dit �nhancement for the Governrrrental Linit Note or sny �rovider of Local Credit Enhancement with respeet ta any Additianal Par[ty �onds� a lten upon the Pledged Revenues commensvrate with the lien granted [n respect of sueh Additianal Parity Bands, provided that the scheduled Maximum Annual Debt Service on the reimbursement obligation under any such Loeal Credit Enhancement would meet the requ[rements hereof, n,s appropriate, without regard to the 14iaxirnum Annua! 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No k�:::� ;��'"�;�'�`�s==':. ����'�' � - ' Additional Parity Sands, payahle on a par3ty from the Pledged Revenues wtth the ��`��`°s;���y rt:' i��:�'�;::,�;�;;:.' ✓� 3 '� � Cavernmental Uni4 Note shr�ll be issued after the issuanee of the Governmental Unit '-: �-�;�.��; �'�����'"��' �''�.��''' � :��r � . �.;�-', a>.� ... ---•-• Note, exeept for the eonstruction nnd acquisition af cApital projeets of the Gavernrnental � �� 1 r��'�''�"� ���' y� ``"`���`��`�� ,' � t. .::.,. ;} _..» :•�«.�: tar.:,.:. :w.a � �;'.3' , �� Unit ar for refvnding pur�ases and except upon the conditions �nd in the manner herein .°P;';�:<<;�e%��;�':'��^:r;.��`���:`:'fi" � proVidedt fr°. ;: ;.��,ti�;,=;: 4:, ,°: `q - : �; ',':°: „. ; �.:.. : � 1 - .i •."' •..,�':!�1'��e:'S:c.a".�tr��;:.'�?w''r:�:;'. {` � hall hnve been obtained and filed with the Governmental Unit a �'� �" �;'.°'.`:��:•,''`'��'��"��`':': . � {1} There 5 `.' ''�' � :i;n':�° ��;•44 4;�,��,; : , } � r ;•' � i`�'`;�i:.n.�.• C?^• ,. certificate of an independent certified public accauntant of suitable e erienee snd �,�_;i;,,;ih:.,�,;',.`,:.`•.- Qae:,''L';;,�:#... �� +� responsibility; {a} stating that the boolcs ar�d reeords o€ the Go�ernmental Uni� reiating to ' � the collection and receipt nf Pledged Rcvenues have been audited 6y him; (b) setting forth " ' the umaunt of Pledgefl Revenues, ss defined herein, received by the Governmenta� Unit for nny twel�e consecut[ve months with[n the eighteem m�nths immediately preceding the date of delivery of sueh Additianal Parity Bands with respect to which the certificate is m�de; (e) stating that the Pledged Revenues, received by the Governmental Un[t for such twelve month period equals at least i.50 times the Maximum Annual Debt Serviee on ([) the Governmentnl Unit Note and al! Additional Parity Bands, if anyf then ontstand[ng and (ii} the Addittonal Fartty Sonds witY� respect to which the cerLificate is made. Prior to retirement or defeasance of the 1984 Eonds, such certificate shall state the amount of Pledged Revenues received during the immediately preceding fiscal year and shall state that the amount of such 1'ledged Revenues received for sueh fiscal yenr, less an amount equai to Maximum Annual Debt 5erviee eoming due in any future year or� the �984 Bonds� shall equal at least 1.50 times the Maximum Annual Debt Service on (i} the Governmental unit Note and all Additional Parity Honds, If any, then outstanding, and {ii} the Additior�al Partty Bonds with respect ta whieh the cert[ficate is made. 1 �• r v (2} There shall ha�e been prepared and filed with the Governmental Unit a certificate of such independent certifisd puhltc aecountant estimat[ng that the annunl budget of the Governmental Unit for the eurrent J?iscal Year in which the Additianel Parity 8ands wiil be issued, adjusted in accorciance with sound accounting principles, wili be sufficient to pgy all expenses to be incurred {n the operatton of the Governmental Unit and ta pay the Maximum Annuat Debt Service becoming due an {i) the 1984 Honds, the Ga�ernmental Unit Not� and a!1 Additional Parity Bonds� if any� then outstanding and (ii) the Addttianai Parity Ha�ds w[th respeet to which the certifieate is made. {3} The Gqvernmental Un3t shall nat be in default in performing any af the covenants and obligations assumed hereuttder, and all gayments Y��rein requlred tn have been made in�o the accounts and funds� as provided hereunder� shall hAVe been made ta ' the full extent required. (4) No Additlonal Far[ty Bonds bearing interest at a variable rate shall be �ssued while any portion of the Governmental Unit Note shal! remain outstand[ng without the prior written eonsent of t�e Credlt �aetlity �ssuer. (5} Notwtthstanding the foregoing� the Parity Loant being made contempor- eneously with the Loan made hereunder, shall for all purposes be deemed an Adc3itional Parity Hond, without compliance with any of the terms of this Seetion 4.5. LKL-11/16/88-267AA-2821 --16�- , M....:.�.�;y.�:,::�, , r°� . • _ ��^ .�:" ._ ._... .l'�..__._ � � .�. . s,.�,..�;, . �.��:F m��;�;==;;`'�,� • "'•;.::�.�'���� . �v�. : ' , ,, t�;�; j; �,y , s, { � 't�,:' >`':�r",.Ys',`�,,;;.,:,, ; ":it��^; ', .f�1;'�;�P••�.;�'.:.,�'b�.�:. a;�7`�lr�f�� .r..° . ,���_��;� i;,, ;,���.z��s;,;{7°;'�`4�-�y: V�T:{;r;`_�;. t �'��r'�+' s�''���,ti,e:��.� �,4�,''f+, i ;t: - itsl„ :-9;�.��a��+,W�'aa�' ! 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'r � �f"Y .h . �.�� .�• i�'};. e��: .:s: �'�' .. �:;� - �_�: r. fi.° �z� . ?�p, �r . . . � :Y� '7x • f is . .. -,�' ��%�°'•••: { �'} `.�' ��: .:i' � . . ' L , � . , '1, �4 e °� . 1. . . .1' .:�5:' 'Ln ' �ya'+, r �i�. 'Li'r' `:�" •f' �� � . . � . . :E ' F: �i• ir.' ,;r.}'f . . r . . S.W� - �i�.a ' �<• . . . t , f. v.i � . } ��;r:° 'e . lil: ��ii . +`f�.°v .1,� 9 :{^ 2 ! I\'' tiF � . • .l.'•� "�'•� ,1', l• '�i ' . . }� .t�. 5.' .=. ��i, . . :.j':' . f` 'S �:� s.' l ,�: :t� '-,t,,,. .:Z,��; ��`' . . . , i'i .i. -:. 1' . :. . � , • ..i a :f:.: , F�' � 7.��� �f`�1':w . . -!, l� .�. ,i^ '.f; °� ....e "".,.�:l:�iia ....�-...e._a.ia...���_..._ - _ ..................J. - �..`�Ii���hY11Y'.�_���" _ �_'.L:'".' � SL�CTION 4.B ADDITIONAL COYENANTS. L.':J (A) ND PRIVATE US�. The Governmental Unit wtll take no action, or permtt ar suffer sny aetion or event, whieh will eause the Governmental Unit Note or t�e Honda to be an "lndustri�x Development Bond" or a"Consumer Loan Hond" w[thtn the meaning af the lnternal Revenue Code of 1854, as amended. No portian of the Prajeet will be used tn the trade or liusiness o£ any Persan {inaluding any governmental bady or pubiic instrumer�ta�ity) except the Governmental Unit� by �e�se, lieense or management contract or otherwise. In this regard the Governmentml Unit further cert[fies t�at {i) r�ot in eacess of ten �ercent [109�b) of the net proceeds of the Gavernmentsi Unit Note will be used for Frivate Husiness Use if, in addikion, the pgyment of mare than ten percent (] 096) of the principal or ten percent (1a96) of the interest due on sueh Governmental Unit Note during the term tt�ereaf is, under the terms o€ such Gover�mental Unit Note ar any underlying arrangement, directly ar indirectly� seeured by any interest in property usea or to be used for a Private Business Use or in payments In respect of property used or to be used for a Private Business Use or is to be derived from payments, whether or not to the Go�ern�nental Unit, in respect of property or borrowed money used or to be used for a Privste �U5�11255 Use; and (ii) that, In the even# thnt hoth {A) in excess of five percent (5916) of the Net Proceeds of such Gover[�mentsi Unit Note are used or have been used for a Private Busiaess Use, and {B} $n amount in excess of five pereent {59b) of the princi�al or five percent {546) of the interest due on such Governmentai Unit Note during the term thereof is, under the terms of such Governmental Unit Note or any underiying arrange- ment, directly or [ndirectly� secured by any interest [n property used or to be used far said Privnte Business Use or in payments in respect of pro�erty used or to be used for said Private Husiness Use or is to be derived from payments, whether ar nnt to the Go�ernmental Unit, in respeet of proQerty ar borrowed rnoney used or ta be used for said Private Business Use, thea said excess over said five pereent (596) af Net Praceeds of the Gavernmental Unit Note used far a Pr[vate Business Use has been or shall t�e used for a Pri�ate Business Use related to the goverrmental use of the 5ystem. The term "Pr[vate Business Use" me$ns use direatly or indirectly in a trade or business carried an by a natural �erson or in any ackivity earried on by a persan other than a natural person, exeluding, however, use by a state or loeul governn�ei�tal uiiiL t�nd use as a member of the general publtc. , .; LKL-il/i6/88-267AA-282I -l.?- • ��..�`�`= � - - � �� �� -�,.�. � � . ; • ,:;� ��, .. .. ,.� , . � . . . .. . . ' • �at� . . , . v. � . ... . , i. '�'.. .. �.i` r � ...3 . .�,.».,• . � . . , < .wa,. .�A,,�.;,..a-�.�,.w.r.�.�.•. . � J .� , � � , . . . .i�S � � .. ! • §:.:3, ... ;. 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Y ; , ... _ ���r � ..r.. .s�»�54� :_j ;�..i��� �'�� .p���{�•>1.:.:.W+�:3• . � ���' �::,.'�,iFf i.'�1�: .Gt.a�15 �•i�t.'w' � -. Q +_: •t,... 'y.t..�.i����'.i.,j/`:.._.,V` �p7'. . �EL•I•#`i:'F°,t:'�i�a2'��.F�:'� :�, ..rF. .Y`:'�.'�'.LS� w\di':p ,5 .,.t. . , `�','t: :ti:'.� -n.. �k:,;i.�aa. '. `��• , , . . .. .>.`try.�.�": �t.��''�••j;:�'.".''.t�:::''i76 _. 0 � ARTICLE V EYLNTS OF D��At]L�' AND ItEM�DiES SECT[ON 5.1 EY�NT� O� DEI�AULT. �ach of the following events Ss hereby defined es, and deelared to be and shall constitute, an "Event of D�feult": (a} faisure by thc Governmental Unit ta make any payment required ta be made pursuant to Section 3.3 or 3.5{a) or (b) hereof on or 6�fore the date the same ia �U�� Qr I (b} failure by the Governmenta! Unit to make any payment required to be made pursuant to Seetion 3.5{c) hereof within 30 days at'ter the same is due; or (c) with the exceptions oi tt�ose covenants set forth in Sections 3.3 arid 3.5 hereof, failure by the Governmental Uni� to observe and perform any at�er covenarit� cond[tion or agreetne�t on [ts part to he observed or performed under this Agreement for a period of 30 days tsfter wrttten notice speeifying s�ch failure nnd requesting that it be remedied is gtven to the Gaverrimental Unit by �i�e Sponsor� the Cr�dit Facility Issuer or the Trustee; or � (d) if any of the represer��ations, warranties or certifications of the Go�ernmental Un{t under Secttan I.Z hereof or otherwise made ar detsvered in cor�nection h�rewith or pursuant ta the �ndenture shall prove to be false or misieadin� in any �naterial respec#; or (e) (�j the Governmenta3 Un�t sheii make en ass#gnrr:er�t for the benefit of ereditors, (2) the Governmental Unit sh�l1 apply for or seek, the appointment of a receiver� custodian, trustee, examiner� liquidetor or simi2ar offieial far tt or �ny substantial part of its property, {3) the Gavernmental Unit sh�ll fail to file an answer ar other pleading denytng tne materia� al�egat�ons of any proceeding fited against it described under Section 5.1{f)(2), (4) the Governmental Unit shall take any aetion to sutttorize or eifeet any of the aet�ons set focth in Seet3ons 5.�(e) or 5.1(f} or (5} fail to cantest in good faith any appotntment or proeeed3ng deseribed in Seetions 5.1{e) or 5.1(f}, (ir) withot�t the sppIieation# or approvsl or eonsent of the Gavernmental Unit, a recei�er, trustee, examiner, liquidatar, or similar nfficial shall be appoir�ted for any suhstantial part oP the Gavernmental Unit's progerty and s��� apgointment shell cos�tinue undischarged ar such proeeedings shall contin+�e undismissed or Unstayed for a perioci of 3a consecutive days, or (7} the Governrnental Unit shail be in a state of financia! emergency as def�ned in Section 218.503, Floride► Statut�s, as amended, or any suceessor statu�e thereto; ar (f} {1) the Governmental Unit shall t�e a8judicated a bankru�t or beeome s�bj�et to an order for relief under federal bankruptcy law, (2) the Governmental Unit shell tnstitute any proeeed[ngs seeking an order for reiief under federal bankruptcy law or seeking to be adjud[cated a t�anfcrupt or insolvent, or se�king d[ssolutlon, w[nding up, liquidation, reorganization, arrangement, adjustment or com�osition af �t or its debts under ar�y Iaw relating to bankruptcy or insolveney, (3) there shatl be appointed a receiver, liquid�tor ar s4mllar officiel for the Governmental Unit under sny law reiating to banlcruptey or [nsolvency, or (�) without the �pplieatton, ap�roval or cansent of the , • LKL-11/16/88-267AA-�2821 -18- ;S�i4'� � �: `yA` f'` �'1�`. `}� l�>?��'pY��`.i.; . � '. � '". .: =1 i, lS'^ "i I '�V. . 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' ' � .� , ti1. : . :7..'i' °sg�t�" x�'.: .� . �.f, ; �� Y... ., .. .. . ..n..:i- ... . ...... ..i..,..... � �'�'�,.t.� i� : i�a�";,.: Y1't; .�#!,,, �,' ' ' , i.:r=�'�:'F' , St� '„-.°'v;«;:• r:..' ,. , .� `Z • , 1 � �t �'.s; a ti ' .'1 �" �'.i.�~._,.:... . ' -�.i•. � . »:�•e-, ,�+:Y 4je:,:?^`' t. t.a..! - . � O � ��° . '.�_1-f,.�::'.•"s� . �� ,'it'E�'.y_��i'' �,e�:,. °:� 0 - Gaveramental Unit, a reeeiver� irustee, examiner, liguldator or simtlar offtc�nl shall be appointed for the Governmental IInit� ar o proeeeding described in Section 5.1(f}(2) shali b� instituted against the Governmental Unit ond such appointment continues undischnrged or such proceedtng eontinues undismissed or unst�yed fnr a periad of 3D eonsecutive days; the merc deelaraiion of a state of financial emergency under 5eetion 218.5D3, Florida Statutes, �s amended, shall not, ln and of itself� constitute a default und�r this Seetion 5.1i�; a�' (g) the fnilure of the Go�ernmental Unit to provide a replaeement far any Local Letter of Cre�[t required with respect to the Laan, which replacement has been approved in writing by the Credit Facility Issuer, by the 15t� day priar to trie expiration or non-renew�l of the existing Lacal Letter of Credit. SECTION 5.2 ACCELERATION. [f an Event of ❑efault as d�fined in Section 5.1(a), (b), (e) or (f) hereof s�all have oceurred, or upan the 7.Oth day prior to the expiratton, terminatinn, or non°renewal of a I,aeul Letter �ursuant to Section 5.].(g) hereof, the Loan and all other snms which the Governmental Untt is oblfgated to pay under this Agreernent shall, uQon directian of the Credit Facility issuer, hecame due and payable Immediately, and the Cammitmenk �shall termtnate, withaut further notice to the Governmental Ut�it. [f any other Event of Default shall have occurred, the Trustee (as the $�onsor's assignee, or any assignee of the Trustee or Co-Trustee, as may be t3�e case} shall, but oaly u�on direetion of t�e Credit� Facility issuer, by r�otice in writing to the Governmer�tal Unit, decIare the Loan and all other sums which the Governmental Unit [s obligated to pay hereunder to bP due and paysble immeciiately, and terminate th� Commitment. Upon any such acceleration whether automatically or by declaratton, anythtng in this Agreernent contained to the contrary notwithstanding, there snall become immediately due and payable, in addition to any other ar�ounts then due from the Governmental Unit hereunder, the sum of: (i) the outstanding principal of the Loan or �ro rata portion thereof, as the case may 6e; (ti) aecrued and unpeid it�terest on the Laen or pro rata �ortian thereof, 8s the case may b�; end (iti) alf amounts wriich would be payable in excess of the sUm of: {x) the nnpaid prineipal balance of the Governmental Unit Note nr pro rata partion thereof, as the case may be plus (y) accrued and unpaid interest thereon, in the e�ent the Governrr�ental Unit No�e had been �rrepaid in eccordance with Seetion 3.4{b) hereof on the date of acceleratian pursuant to thts Section 5.2. S�CTION 5.3 PAYM�NT OF LOAN ON DEFAULT; SUiT THERB�OB. � (a) The Go�ernmental Uttit co�enants that, in case default shali accur in the payment of any sum payable by the Gnvernmental Untt under Sectton 3.3 of this Agreement as and when the sarne shall become due and payable, whether at maturity or by acceleration or otherwise, ther, uQon demand of the Sponsor, the Credit Factlity Issuer or the Trust��, but only upon direction of the Credit Facility Issuer, tYte Go�ernmental Unit will pay to the Trustee (or its assignee) an amount eguai to the sum of: {1) th� amaunt described in Section 5.2 hereof; (ii} all acerued interest on the Loat� ko the date sueh psyment is made; (iii} sll other amounts which the Governmental Unit is obligated to pay nnder this Agreement; and (iv) such further amount as snall be suffictent to co�er the costs and expenses of collection� t�eluding a ressonabiQ compensation to the Sponsor� the Trustee, their agents� attorneys and caunsel� and any expenses or ltabiltties incurred by the Sponsor or the Trustee ather than through grass negiigence or bad fsith. 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' � ; E 6 ., ; I � i i � i i � ; i � l � � j 7 # � , , � ,: i � ; . . ,, . . � i f � {b) In case the Governmentnl Unit sh�.li a or w a pay amounts upon sUCh dernand, the Sponsor or the Trustee {or its assignee) shall be entitled and empowcred but only � upoa direction of the Credit �acility 3ssuer, to institute any actions or proceedings at law or In equity far the colleet�on of the sums so due and unp�ld, anci may prasecute any sueh aetion or procee�ing to judgment or final deeree� and may enforce any sueh judgment or final deercc agaiast ti�e Governmental Unit And colleet in tt�e m�nner pro�ided by law. (c) ln case any proceedings shal! hQ pending far the �ankruptey or [ar the reorganizatian of the Gavernmental Unit under the Federal b�nkruptcy laws or any other applicnble law� or In case a recciver ar trustee shall have been appointed for the pro�erty of the Governmentai Unit� or in aase any ather similar judieial proceedings shall be pending relating to the Governmental Unit or to ttte ereditors or property of the Governmental Untt� the Trustee (or its assignee) shall be entitled and empowered, by intervention in such praceedings or otherwise, to file and prove a claim or claims for the whole amount of the Loan made to the Governmenta! ilnit pursuant to this Agreement and far interest ow(ng and ungatd in respect thereof and to fiie such proofs of claim and other papers or documents as may �e necessary or aci�isabZc in order to prosecute the ciai�ns of the Trvstee (or its assignee) tn any such judicial Qroeeedings relating to the Governmental Unit, tts creditars, or its property, and to collect snd receive any mon�ys or other property payable or deliverable on any such claims, and to dtstribute the same after t�e deduct[on of its eharges and expenses. Any ree�iver, assigr�ee or trustee in bankru�tcy or reorganization is hereby authorized to make such payments to the Trustee (or its assigr�ee), and to gay to the Trustee (or its assignee) any amaunt it reqnires £or cornpensation and exp�nses, including counsel fees it has ineurred up to the date of sveh distribution. SECTION 5.4 UTHER REMi�Dt�'S, (a) Whenever any E�ent of Default Y�ereunder shall have occurred anc3 be continuing� whether or not al! sums which the Go�ernmentai Unit is ohligated to Qay under this Agreement shall have been deelared to be immedt�teiy due and payabl� pursuant to this Agreement, the 5ponsor ar th� Trustee {or Its assignee) shall, but only if directed by the Credit Faeility Issuer, take whatever action a� 1aw or in equity as may appear necessary or desirable to collect the amounts payable by the Go�ernmental Uritt hereunder, then due and thereafter to beeome due, or to enforee perfarmance and observance of any obligation, agreement or covenant o€ the Gavernmerital Unit under this Agreement� including the applieation of any undishvrsed Loan proeeeds to the reduction of the outstanding balanee of such Loan. (b} Whenever any Event of Default hereunder sha11 have oecurred and be eontinuing, before or after declaring an accelerr�tion pursuant to Secton 5.2 hereof, the Sponsar or the Trustee (or its assignee} may, bnt shall not be obligated to, perEorm for the seeount of the Governmental Unit any covenant or obligatian in the performance of whtch the Governmental Un[t is in default, in which eveat the Goverr►mental Unit shall [mmediately reimburse the Sponsar or the Trustee (or its assignee)� as the ease may be, �Qon demand for all expenses inaurred by the Sponsar or the Trustee (or its assignee), as the case may be, in the course of such performance, including reasortable counsei fees� with interest from the date of such expenditure at the Prime Rete of the Liquidity Faciiity Issuer then in effect. , i LKI,-11/1S/88-26?AA�2821 -2Q- -.�-�r.�� �:=: .. .� � ' � ' . � i t, - 0 r.�r.� .'�`:. ��F., ���� �';r+M1;��:ki A'.�:.;a; ..� ��:t' 'y' H y'w':";r! .,�:'r�:;.: ;; � �}`;:; �r ^-,`•.4�� � i � __ ,�::� :'.`y:r5< :�� i,E �'• `<..�' ,.;�� ,. 5 w��'�..:.� � ,�`;a; 4LL;�y�' =fi�i.i� .�< ;_�:: : .r,:� s, � ;. �',��s. iti . 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'r° l�"•=�'�`�� -.3'L. �"i ° . . . ��i{ � . �'py. ,�'y, . . •:1�?. � s`' , . , r: . ''r .sy . _ ti•�' ..�. U. .0 `i• � �»e�.�._ �.'� .i.. y,. � r'2K.4.,. . . . . . . . , .' . �., �, ..�......�........._.�.......,.........._... ...�••-'-... --'-�yr111EYM':11bi�!!1 � � �.��w.��.. ---- �...s�<...r.�.'i,2:...`.... a';.di°.i;''.'t•�yT,,.,�i,.:.;i� �.�r' 0 � � -� (e) No action t�ken pursuant to this Sectlon 5.4 shali relteve the � Governmental Unit from its abligations pursuant to Seetions 3.3, 3.5 and 5.3 hereof, all o[ which shali survive any such action. The Sponsor or the Trustee (or its essigmee} may, and uQon directiar� of the Credtt F�cility lssver, shall take whatever actio� at law ar in equity as may a�rpear necessary and desirable to collect the amaunts then due and thereafter to beeome due� nr to enforee the Qerformanee and observance of any oblig�tion, agreement or covenant of the Governmer�tal IIntt hereunder. (d) Except as to the Sponsor's rights to indemnity and reports from the Governmentai Unit hereunder, the Sponsor sh�ll r�o# be deemed to hav� an exclusive right to enforce thc remedies described I� this SAction 5.4. SL'CTION 5.5 CUMULATNE RIGHTS. No remedy conferred upon or reser�ed to the, S�onsor, the Credit Faeility Issuer or the Trustee {or its assignee} by this Agreement is intended to he excIasi�e of any other a�ailable remedy or remedies, but eaeh and every such remedy shall be cumulative and shnll he in addit[on to every other remedy g�ven under this Agreement or now or hereafter extsting s�t law or in equ[ty or by statute. No wai��r by the Sponsor, th� Creait �aeiiity lssuer or the Trustee (ar its assignee) af any breach by the Governmenta! Unit of any of its obligations, agreements or covenants hereunder shall bc deemed a waiver af any subsequent breach, or a waiver of any oth�r obligation, agreement or co�enant, and no delsy ar failure by the Spansor, the Credit �acility Issner or the Trustee {or its assignee} to exercise eny right or power shall impair any sueh right or power or shall be eonstrued ta be a tiva[ver thereof, but any suc� right and power may be exercised by the Sponsor, the Credit racility Iss�er or the Trustee {or its assignee) from time to time and as aften as mey be deemed exped9ent. � SECTION 5.6 DISCONTINUANCL� OF PROCEL�DENGS. in case the ' � Sponsor, the Credit Facility Issuer or the Trustee {or its assignee} shall have proceeded to enforce any right under this Agr�ement and such proeeedings shall have been discanttnued or abandoned for any reason ar shall ha�e beQn determined adversely to the Sponsor, the Credit Facility Issuer or the Trust�e {or its assignee)� then and in every such case the � Goverrtmenta! ITnit, the 5ponsor, "the Credit Facility lssuer and the Tcuste� (or its assignee) sh�l! be restored respectively to their several �os[tions and rights hereunder, and alF rights, remedies and powers of the Govermental Uriit, the Sponsor� the Credit Feeility Issuer and the Trustee (ar its assignee} sh�ll eontinue as though no such proeeeding had been taken. �f � . '� � �� I l �, � SECTION 5,7 NOTICE �k� DLFAULT. The Governmentai Unit shall gi�e the Trust�e, the Credit Facility Issuer� the Liquidity Faeility [ssuer, each Loeal Credlt Enhancement Issuer or provider of any Local �.etter af Credit and the Sponsor, a prompt wriiten notice of any eond[tion or occurrence whieh constitutes gn Event of Default under Sectipn 5.1 hereof immedia#ely upon beeoming aware of t�re existence thereof. L,KI,-11/1$/B8-2B7AA-2821 ,1 -21- LL�,��. . , -�;,�..,-�.:�:�� 4 : . . � . - - -- �::.���. 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'�: fi�1 3�K b.�s.i1V� •�5 'i•' ,{i.::3v.�£:�'� :_�� A'l.l�+ i4.i `fiF` �i'. rvtl� ..�i'�.�S:o,[',;a��.i.�:�,;N �44.'��"t��••�i• �.�� , s; �;' ' Fa' • i{`. .7'' .�i � r�'61�-l:. �i�. � 'S'x. ' re.s �.F.' • `s ' ��6 �:.,: � :`s,.iy.. �.�' �h.�': �S� :. .f'�,'.1j¢':i.`':• ����. 'i'F.��• :(' .�,( ,f.. .�a`,4'. �'�.�,^��w`r F..�n �," .....:'fnJ- t .�°c.H�<i.�:..?:A'� ..i � � {�lle��:tk'�]'?�' ��� ��f?K� x;l��°+$1• „�.�!''��� :�.� •�al°^``'i ��f;� ��i�� {�':�� `�7''•a'., �:�:1`t�°'=4r :�3;_ '�ws, ,a4ti�^�.�. j:r:, ;"=. i1 ,t _ .•��s � �:3:'-,�� ���.'} �:j's ��t: �� A�tTICLE Vi • MLSCELLANEOUS SL�CTION 6.1 L[MITATdON OF LIABILiTY. In the e�ent of any default by the Sponsor hereunder� the liability of the Sponsor or the Credit Faeility lssuer to the GQVernmentsl Untt snall be eniorceabie only out af its interast under this Agreement end there shali be ra other recourse for damages by the Governmental Untt against the Sponsor, the Credit Faeility Issuer, its offieers, members, agents and employees, or �gninst any of the praperty now ar her�after awned hy it or them. Cn the e�ent of any clefault by the Governmental Unit hereunder, the liabtlity of the Gavernmenta! Untt shall be enforceable only out of the Pledged Revenues, and there shall be no other rccourse for da�nsges by the 5ponsnr ac the Credit P'acility issuer against the Gavernmental Ur�it, its officers, members, agents and employees. SECTiON 6.2 NO PL�RSONAL RECOURS�, Neither any member nar any offieer, employee or agent oF the Governmental Unit nor any person executing the Loan Agreement or Governmental Unit Note shetl be persona�ly liable on the Loan or ti�e Bands by re�son of the issuanae thereoi. SBCTION 6.3 NOT[CES. Natice hereunder shall be effective upon receipt and shall be givet� by eertified mail, return receiQt requested, to: As to tre Sponsor: Ctty Manager . City of Gulf Hreeze P.O. Box 640 . Gulf Hreeze, Florida 32561 As to the Trustee: ' Sun Hank, National Association 225 E. Robtnson Street, Svite 35D Ortando, Flori�a 32801 Attn: Corporate Trust . As to the Governmental Unit: C[ty of Clearwater 112 S. Osceola Avenue � Clearwater� Florida 335I8 Attn: City Msnager LKL-11/16/88-2G?AA�2821 -22- � � � ' . . . . ` ..;.::�.�'r:':"',,ti„-�.�r�-��-,`:h�"'-��'�:�;.�.:�. �. • . , . ` - � , � - 'r;' �;{i�•:"�"�51�� °: � � . . . . ., _ . ' . . ' . " ' . � .. 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' i -. � ,i : f.i . - :�s,.:'-. , . . . . � � �r�, 'w�,�(r' �'l�m e (-F�.rt;'T _a,�• �� ,�. �'C� . 7.��• :'i�;• ,� . ''�!.:,`�,•;`:_ .;._� ��'. ' t'- '•1 � �i: i, e��� . ., `.� tf. %i5.• :;,r. . i' . •L�. �l' `� •}J� :�.• . , -.) • ' . ..f'" :1.' G'. 'as :S: ,': _ e.i`';�' . . 4 '.� S'r :i1 '� ."�r', :��� ;a, :�.��:. .. . . . . . ,. .. .. � ��r. .tC� ;i: �,fi1.r, .�,`i. . ��` ,t, � � "y��� , � .. ' ' ��� . ... . �.�:� 'ti . . . � . . � '?. ..�d.. �..- u. . i. .�. , . .., . . , „ . �., , E • �.�,., .,.... � ; �. • , .,. .. . ...� .� - .. �,..• �. , .. , �. , ' • . . . . •' ��Y . . . . , .'.' •: �• : � . . .. .. � .. . . , . , , , . , � . ' � +�Ys. . , . , r, e . , .. . . . .. . :, , �..:;.�..r�.��.,..�.a...... -'-_.-.. . '.i.` ��:..� ' _. �--__.__... y..9r•--� ..Y r��r����a..-- -- - ..-'.,..._.., _.._..,_.. ..'n�`�- , ; � As to thc Credii Faeility Issu�r: Finaneial Guaranty Insura�iee Company 175 Water Street, i5th Floor New York� New York 10038 Attn: President As to the Liquidlty Pacility Issuer. COGH Liquidity Facllity Blount Building 3 West Garden Street Pensacol�, Fiorida 32501 � and The Hank of Tokyo, Lt�., New York Agency 100 groadway New York, �Iew York 10005 SL'CTION 6.4 ILLEGAL OR 1NYALID PROVl5[ONS DISREGAADED. Iri ease �ny pravision of this AgrePment shal! for sny reasan be held invalid, iilegal ar unenfarceable in �ny respect, this Agreement shall be construed as if such provisian hnd never been contained herein. SL�CTION 6.5 APPY,ICAHLL� LAW. This Agreement s�all be deemed ta be a coatract made in Florida and governed by Florida law. SECTIQN B.B ASS[GNMENTS. The Go�ernmental Unit sha11 not assign this Agreement or any interest of the Governmen#al Unit herein, either in whole or in part. The Admin[sirator an behalf of tite Spansor hereby assigns this Agreemen# and the Governmental Unit Note attached hereto to thQ Trustee as provided in Seetion 3.9 hereof. � Except as pro�ided in Seetlon 3.9 hereoF this Agreement shall be bindtng upon sha11 inure � ta the benefit af the successors and assigns of the gart4es hereta. ! SL�CTION 8.7 AMENDMiNTS. This Agreement may not be arnended � except by an instrument in writing stgned by the parties and with the consent of each pravider of a Local Letter of Credit, if eny, and the Credit Facility Issu�r, and, if such arnendment occurs after the issuance of the Bands, with consent of the Trustee if required by Sectian 8.03 of the indenture. SECT3QN 6.8 TERM OF AGRL'EMENT. This t�greement and the respeet- i�e obligations of the parties hereto shall be in full force and effect from the date hereof untii the prineipal of and all interest o� the Loan shall have been paid in full and the Governmer�tal Unit shall have complied with Section �.1(b) hereof. . SECTION 6.9 HEADiNGS. The ceptions or headings in this Agreement are for convenience of reference onIy end shall not control or affect tha meaning or constrvciion ai any provision hereaf, SECTiON 6.10 SUPLRSEDING CLAUSE. This Agreement is the entire iinal ngreement between the resPectt�e �arties and superse8es ali other agreements� whether written or oral, except thet this Agreement is nat intended to supersede qr displaee any interlocal agreement pre�[ously recorded In the puhlic reeords of the Sponsor and the Governmental Unft except to the extent tt�is Agreement is [nconsistent therewith. 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'a�§�tl �e':',�., ``(^,•. t•,.f� � � F..� ; .P4 �}:. _ � .f;.: i���:�" w� v f° R�f `e`� ..Sr C�� : ' : 1N. •t a-; ,Y' ",�i r'��{4�.�� �s�_ '�- :T:•t �_r"':,� a �w�r ,•. t�,����. a° t1r �;'"` °�.:^' ���:. r ,t.u� i ,€� ^f d•: � t7 �i.,: 's� , ,� . � �... �. � � , �tF . h j�.�ar � � . .r „ �,� ` . y , ° � • �` . q "��'r: � �, � . t �' ,¢ , ' �f. ��:R .��'.+�1 ��� +f.^'�.4'�iiii3'�� �a2 Y :,"d'�'1� C��°�A.�wi�•^:�'•i t � ' +°S; �i'�"i?;he -.r" � i��r[r:� �i j� ^ �� i����..Y'.� r�d'�n'ud .: . ' , , �,,r,l , b =� ` aw.'' �� �' S _ � . �. , ..,: , : • �+� t .. 3 � — r - -� 1 • ' . •..• •��.SXP.'S'1L1w�Li�+�iw�AJi�Jrdl' Su�./.i�dl� �w". . ..-•.�•_._... . _�„ �. . .��f. '}' . ` . . �; � �.,. � • iN �+VITNESS WHBREOF� the parties hereto, lntending to be legally bound, have ��� caused this Agreement to be executed and delivered as of the date first written above. � " �ACKSON C. TUTTi,S, Ctty Manager � � . � Administrator s � � ., WITNESS: 0 , „ ! � .� ' � ' . � . � , , �. .f. . . . . s, , C , , . � ` �7 . ' ' . �.r',€ , � IS•.1. .. ' . . .f ' i . . . ; �` �?� � ; LKI,-11/16/88-2B7AA-2821 :'i ; •`, . , .. .�,� ' �4 � :1' ' . . � � E � , � �: • . . . ri -24- r � � 6 f �; � � � , . � — '- ��°s�� E=� ; . :;,� .. . � • ... . `:;�_;.�..:;.���;s�-�::,w�'� .c•. ... , � • . . . ' -� ,t.'`-ti�-� �,- ' . . :i . :s. . . _ � �;F.. ra: _. :.»` �a.V;'-L ,,, ... , - . . . . . , . ,�4, '.;�r.T.�.,;:�, _;', ...... ., . Y • . � � _ .. .� ..+��.....��LO_ .. ,� . .. _ . .. � . '� , . ' •=�;�� � , :� �fr; E;��- �. <3�`� . • ' ky.:•� �, �fa .. � . `�`" � (S�AL) Attest: _ By: City Cl�rk Approved as to Farm and Correctness:' City Attorney , . �. F ` �'F� : • . .F?L.F . , 7SP �g�, . 1 , � i{ , � t ' r, �f , „ � � '� i . • F � . , , ti' . • • � � . . . . t � � .� � � s . � ' � :r ". y . '' , . . . ` • � . " �l I � . � . .E~�. ���� `:` ' LKL-11/16/88-267AA-2821 ,, , , � ' �� � . , , - ,3 . . , ti p.� . �. . . � � � . ` � � � . _. . _. . ---�- - - .�,s�i:,.� �� i fMr'a. ;.,�'?, • � , CiTY OF CLEARWAT�R, FLORIDA Governmental Untt By:. � _�,. Mayor-Commissioner ay: City Manager ' -25� . r 'r . =��..L , � :�.;: . . _. t _ � � �T�:��;:.,���J��"'�'�,-' ' � • , r.i � �. ' ' ' , .. �Wa,'-_�`�..`.. , • � .... ` .{. ` ` -`.�`,��',`_� w. {�,r,� � . ,.. � . . . � ' . , •, �.y...�:,,,.: „ . .. .. . . . . . . ° 'i , , ,r � I • � .. , � � . � � - .� _� .... W � : �.z r� , � � � . . . __ i . f; � - -t ' i j� . � � k�;. Attest: " � ., Hy: , . Vice President �� ' . , � . • � ` _ ' "T . R . 'i �t �� S . �. � . . :� � � . � . . � • • . . iS . � . . . ; ' y ' , , . '�� . - i . ' � ", � 7 . . �} . . . I . . ��yc.s . . ' � ... �t . .. � . .' . -'+. � . ' . ' . r t . . � !, . . + ' ; •. : . r', Q ' . �,''�°:� ` ,'`� �. LKI�-11/16/86-287AA-2821 � '� °!' . . . . � � :��.: . "� '' ' . . .' . � 9'-. ' . ,' - ' ' . ' , ,'. . � . � SUN BANS, NATCONAL ASS�CIATION Trustee „ By: Corporate Trust Offieer -26- :1 � i � 1 ' ' :a"^ --�� :-i�tiH.i,^.. r� j... ���� y r„ i . .. . , ..- . . ' "': �,��+w�w+.�N � "L....""� — :� .. ' ' . . � ' � ' . . w�1f d.'[• �A N�J1�.T � _ ; . . ' . . - . � ` . • . _ . . � ..../�i� ���p. ... ... � ' 1'�Y � � , s ' . . ' . . ' - ' . . . ' . . � . . . _ '�� ��� �f...i���' : � . . � t .. � . � . . . . ' . . . � . . _ �. . . � _ . . . . � . 4l� — . . . .. .. .. . . . . . . .. . . • ', ', �,. ��„ , • . , , �:;, EXHIBiT A " �9a0,0U0 Laan Project The acq�isit�oa of 15.61 acres of land knowr� as the "Va�el ProQerty" for use as park land. ' i '� ; . r , �' -.'. , , • . �. ., � z 1 '•�f'�, ��. � J'i� � � I/ �i , ' ' , �, .) �� . . °-• `. i=.: LKL-11/16/88-267AA-2821 9, p 1. •'� � '.i • , i • j , + , , • ' . . "'i: " .. . � ., . ' . ' . t- � . . 1. . ' . , � . . . ' ' ' -27- t . tt'7ri�J�rw-1 ���'^"_� `y�r"�tirti=t1�_'k w�'}t ... . .. . • • 'y j �S• .. �.�. 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"�}St: !`Y � 0 c "�✓ E%HI�31T B Pi�OMI8,50RY NQTE �._.�i E+ar value received, the City of Clearwater, FZor#da, a munieipal corporatian organized and existing under the iaws af the State of Florida (the "Governmen�sl Unit'� iter�by promtses to p�y to the holder t�ereaf or to its order� sozely from the Pledged Aevenues hereafter mer�tioned the principal sum of Nine Hundred Eighty Thousand Dollars (;980,U00) and to pay, solely from such sources, interest thereon from the date hereoi� as follows: {a} The principal hereof shall be paid in monthly installments on �he dates and In the amounts shown on "Sc�edule I" attaet�ed hereto; and the entire unpaid prineipal baIance hereof, tngether with accrued intecest thereon as provided below, shall be due and payable in full as set farth an said "Sehedule 1'; and (b) Interest on t3�e un�aid pririeipai balance hereof shall 6e paid on the first day of February, i989, at�d on the first day oF �ach month thereafter, at a rate determined from time to time by the Financial Advisor 4s defined in, and as deseribed i� the Loan Agreement of even date herewith between the City af Gulf 8reeze, Flarida {#he "Spansor") and the Governmental Unit {the "Loan Agreement"); provided� however, tRat (i) ii an acceleration of the Loan made pursuant to the Loan Agreemerit is deciared following the accurrence of an event nf default under the I,oan Agreement, tY�e interest rate hereon shali be increased to a rate per annt�m egual to the Prtme Rate (as defined in the Loan Agreernentj gIus 296. Safd rate shalI be hased �pon a 3fi5/36fi day year for the actual days elapsed and shall change when and �s said Prime Rate shall change. Notwithstanding anything otherwise contained in this Not�, the interest rate on this Note (excluding any amounts which do noL represent charges for the use or forebearance of maney} shall r�ot eaceed twenty-five percent (25�6) per annum or such higher rate as r�tay frorn time ta #irr�e be permitted under applicable law; provided, that, in the e�ent the imposition of such Maximum Rate she�l ever eause the amount payabie on this Note ta be Iess than the amou�t of interest which wauld other�vise be camputed pursuant to the Loan Agreement, this Note shall thereaiter besr interest at the MaJCimum Rate �r�til the earlier of (1} the f[ngl ma#urity of this Note ar (2} such time as the total amout�t of interest paid on this Nate s�ali at such rate equels tt�e arr�oc�nt of ir�terest whieh would have beea psyable or� this No�e pursuant to Seetion 3,3 of the Laan Agreemer�t withaut regard to any Maximum Rate. Ttte intecest rate on this Note rnay be converted to a fixed ratQ under rertain circumstances described in the Loan Agreement. �n addition to the abo�e payments of principal and ir�terest, late payments of ar�y amount due under this Nofe wil! bear interesi at a rate per annum egual to Lhe Prime Rate plus 29G. The payments described in paragra�h (b), abov�, will include an arr�ount determined by the Administrator to be suffieient t� pay e�rtein fees described in Section 3.5{$) of the I,osn Agreement. All payments made hereunder shall be applied f[rst to payment of accrued lnterest on the unpaid grincipal balance hereof at the aforesaid rffte, and then to LK�.-11/16/88-267AA-2821 -28- ..� ���w"���",�.�- '.�: . . , . � . . . ,..���_ ' . . : �d � . '. 'P. �ai�y: t�t'r.-+iey; • .� ��. �?' i' � ra �h i�:'%�'; . _�{l: �1.f .': ��$ . ' J N�'!,� I`�j ��r �v `�'' -` ° z "�. �` ''° >:'�.l,�%c;"z}`� :•� ;.: s F�.i' : ;�:. ;. -..i�.�=';:. �;ta;����t: � \'. ,. 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' � . .. aS". � . : .l�.t :.t� e •E ,�LW.:�.a�' �} . , . , l� .. . � . ' .. . 1j , i . • . . � . . 'A'�- .E�.�i?��> > '..Sr'�.� » I "'�.' :. �.. r �'J� .. . • . . . . ' 4N n� re.�i� e� �: r . . r� '+� .r4�" y� ��' . � . ... ' ' . . ' � . . . , � . . . . . . � � . . . .. . 'v"•2'yj,?,c,,.'.. � ' � 3 `' ; .. , • ' . . , . . , . .. . , . . . . . :s' ., . ' , ,' '{�s� ���.�°r�,' �, � ;1,. r: ^ �.r: . . `' • . � . . ' . . ' ' � � ,�� . . '�" ' ' 7.. :��. = /: ' '. . ' . ?�^' ,r ; � . • . . . . 1'', .. , ; � • • `r , . . . . � `r�_ __ .. �'•��...�'_ �,--...'��' . __ _ ' .. . � , i. ' , .. . : ' � . . . , . . 'F i . . . , , . .. • . .� . ., . � . . .. � . : . . � . ,�>.°,_�_ �a.....,....�.....�--.W. .. __. ......' ' _.__�__._ �. ,. � . ti.' . � _... ..._ . .. _. ...s �. ....�. ...........,.�..�.�......., ,i`.. , «�? � • ' � � �S• ��tt,�;.. „Zj'j':. �[,�SY��, � � •1i1; ���F��'_i�lA•�� , ?. ' o- `�"�.•.i,e`� ' �i . �'`i'�Xr'�R.t���r � ., ^ ' reduction of principal. [n the event the full amount oi this Note is not disbursed, the r.�; "; J`��'�'''� .. � ...�r_.�:..... ; ... . ,: , ., �,,-'�:;; �.�. -����:::�:°�: ; payments of principel du� hereunder shaii be reduced r�tably to r�fIeet sucn reduction in �... .,,��� �,�,�,.`;;i,,� y,A.�.'.,: ; _ . the principal amount due hereunder. �•,'.���: :=„?:; "��;.:�~_���.�`•_��;' . F�� ', : : :c��.i�.;�,; _' �:•: , _ ., .... .. �... ,.;o',f�.::s.��a;y:� ;rit;�'w'.::,ii. - , . � The prir�cipal hereof and interest here�n shnll be paid at sveh p2ace as the �°_ :�:�-•���~ � s::� 'V��-.>• ��z �� . - ho�ders hereof m�y designate in writing. ��� :~= '`l�' •� x,� }. � : �•. .;,r,,,.:;�;w, ;d3 :<�' � � ; .:. �r. , � ,, t� .�;,� . i_,Y r' j.l, y.. . . �.:: +-fq , A�k;, i�e,1,. ��i K� .. •� � ; >r a:.,''-Y�,�v}�.ya,�. ��t,:. ,;;;t. . , �, This Note evidences a loan made to the Governmental Unit pursuant to the� ,`°;7.•::;,:<",:>" �tP::-;:,�,���• ` he Govern- �� �" �" . f� .. `�� Lonn Agreement dated as of � 1S8_i to fanance or refinance t �.� `:;;:'.'i='•; syrx.._�=�.�:a,•�"�:' . :,j mentt�l Unit's cost ot' aeqvisitiofl and installation of the Project descrihed {n the I,aan ►�'�<�-��..:.>:����:;;' :�k��r�f���,'.;,. � t-.i.. '•.f'?':.:•.:•.y...°i�::...b. . �" i Agreement (the "Prajeet") and the Go�ernmental Unit has executed this Note to secure aSl =°=� �� ="�"'��•�'��`'x���� °;:;. ,,•�- �,.°�,.;;;��: : � `:-�A � , ' payments due u�cfer said Loan Agreement. Such loan is being made by the City of Gt�lf ��'° �:�,'`r��'- �="� "'S�`°`�� ' '. � i b:`<-.: .'•;'. �,4° �,.' •.P, � 1 •.an � �`� j _ '� J�reeze, FZorida (the "Sponsor"), from the proceeds of its I.ocal Government Laan Program ,�,,;��`;�:�;;t';;�,�r;:::rh:.s<." .� ���. , �. � .i � � �. e �I� s `'��` � ,��. z. ; � ����- .. �� ; . �� `�`' � , ; ;� �;,-�`t j. r.. . : L � t : {�.(�, , . 5��� �i,� ; f.i` �' , �'°e �4. f . , i>s` t,� . �• ��� k: ). • e i ,' ` � ` {'.� � ��_ � Flnattng Rate Demand Revenue Bonds, Series 1985A (the "Bands"). The �onds are issued under a Trust Indenture dated as of December 1, 1985, as am�nded and reskated as of July 1, 1986, as further amended and s�applemented (the "Indenture") hetween the Sponsor and Sun Bank, National Assaeiation, as Trustee. The Governmentt�! Unit's obligations hereunder are limited, speeial obligations payable saIely from the Pledged Revenues in the manner set forth in tt�e �,oan Agreement. This Note may 6e pa4d priar ta maturity in the manner and with the penaities specified in 5ection 3.4 of the Loan Agreement. This Nate, and all payments d�e in this Note does not constitute a general indebtedness of the Governmental Unit, ar a pledge af Its faith, credit or taxing power w�thirt the meaning of any constitutional or statutory provision ar limitation. Neither khe State of Florida nor any political subdivision thereof nor the Governmentel Untt shali be obligated (1) to exercise its ad valorem taxing power or any ather taxing gawer in at�y forrn or any real or personal property in the Governmental Unit to pay the principal af this Note, thc interest therean or other payments or costs incident thereto, or {2} to pay the ssme frotn any ather funds af the Governmental Unit except from the Pledged Revenues. This Note and the indebtedness e�idenced thereby shall nat constitute a lien upon any groperty of the Gavernmental Unit, but shall constitute a iien anly on the Pledged Revenues, in the manner provided in the Loan Agreement. The Governmental Untt shail be in dQfault hereunder uPon: (i) the nonpayment or� or 6efore the date the same is due of any payment descrihed in paragraph (a) or {b} ot this Note� or (ii) upon the occurrance of any other Event of Default described in the Loan Agreement whieh is not eorreeted within the applicable period therein specified� if any, end after the giving af any required notice. In the event af such defauit hereunder, the holder riereof shall itave the foilawln� rights or remedies: (i) the ent[re unpaid amount of the principai of this Note and all other amounts which the Gavernmentai Unit is obligated to pay Under the Loan Agreemer�t� including but not limited to, those sums payable under Section 5.2 of the Loan Agreement, shall become immediately due and payable in full withaut notice to or derFtand on tne Governmental Unit of any kind and without presentation, demand or protest, a!1 0£ which are hereby wai�ed; and {;i) the holder may at [ts option exercise from ticne to time any and all rights and remedies available to it under the Loan Agreement. Nu failure of the holder hereof to exercise any ri�ht hereuader shal! be construed as a wsS�er of the right to exercise the same or any other right at any other ttme. 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'•.i ^f. �.. �t_� � 7 .� .`�, ��.h ; �'r- s �'i.�..b;lldsl,s L�'� ' i�in` , 'i! ,�.F"''tl:c%?,'Y7�^'�5' .n.. -.:.s�:Hr,_F.Y:^..anyP,-.rr • In sddition ta all other rights it may have, the holden c�reof shall h�ve the ' [ollow[ng rights, eaeh of which may be exereised �t any time: (i) to piedge, transfer or assigr� `thi� Note in the manner preser[bed theretn and any renewals, extensions end modifieations hereof, asstgning therewith its rtghts in the Loan Agreement in accordance with the terms thereof and any such pledgee, transferee ar assignee shall i�ave all the rights of the holder hereof wlth respeet to thi� Note and any renewals, extensions and madifieations hereof and of the Loan Agreemer�t so assigned therewith, and the holder: hereof making such �ledge, trar�sfer or assignment shall be thereafter relieved from any and all liebllity with respect tn the Loan Agreement so assigned; (ii) to notify the Governmental Un[t or any other persans obilgated under the Loan Agreement to make gayment ta the halder of this Note any amounts due or to become due thereon; and (iii) to apply any amounts received under ar pursusnt to the Loan Agreement against the principal of and interest on and other nmounts payable under this Note. � Upon the request of the hoider hereof� this Note may be con�erted to a registered obligation anti the Governmental Unit shall maintain books for the registration of the traRSfer and exchange of this Note in carnpliance with the Fiorida Registered Publi� Obllgations Act. Tne terms and eonditians of the Loan Agreement are made a part of thts Note as fully as �f set forth in full herein. L�xcept as otherwise provided herein, ali ca�italized terms used herein which are defined in the Loan Agreement shal! t�ave the meanings set forth in the Indenture. " . y LKL-il/I6/$$-267AA-2821 �30- • ' .•v...:..��.���Tr'+.4f^��1„ �•aYr��"'4 ' '�u-.`t • _ � . �'t w�\ A'���'� .. „� ' � , �;j'�• . . A � . t �/� -,�'y , K f ��� .��"�^�•'�' ��� i � �� . .. ' � t'+,•» °fpw.yn�.:o�,+c;��lo.�n�.»{r+.eyr..w,.a nr•,rrr�.����9'i%��'y";wd�.9•yr-, ,. =�S�St ��.• . . .;'aco, <y;�st+�t�y�at;r+wm�"a. �°�r; y����..� lYo �.;�s� ,s; a, E;•� _'� •' a^ r e w` S'7.', x.fi �?'..iY�'�} � �.. £`e „f'• I1L, , . . ' � . , . . . , .j . . . . ;.h:".'e r ii.+.��t,��'A-}�S3 2d'' ` �4� ry��.p�Y �� � 4t,�,J � �.9r;aAb ,�, <', ir. :�'s.3, =S �t •C� it. °et%'���i�y�id,�l:,c;;:r '�i, i3�'�' �h� 3., i'r :� . -�{ ` ,'r. .J r v{:,�-� �:� ..i.. `^lif6 _ �i' r-� '�• t' .`s . �;i. .v` , t � 'r� 'e�• ' i . -+'r "'i !.€'` � �'� {�'�,. .ai: i � S . .0 �^r �� ..�_.�=!'f^,r�.�;�.,...:�-.'as..,_...h�.4.:'t..., :�_�_ ..."�'."'ti,,.;f:..�....•.4�A_..w•tt�..n';�..4:_^.17?:s��.��..v.:�'...��P�x...�3�_�?..i"3: �...�...o._. £`fi:���o�'�` � .. ` v�..<u���. ... :��� . '�'l .'�'e s�b.���a.i 'µ�.�..?�, ; � . ' '�»') � . , , • 1.�. ' ° � • � IN WITN�SS WHEREOP, the Ctty of Clearwnter, Florida� has esused this Nate ��� ' ' ' to be exeauted in its name, end its corporate seal to be affixed hereto and nttested, by its �. duly euthorized offieers� #his_ day of r 1�8_• . . � CITY OF CLLARWATER, FLORIDA � � . By: Mayar-Commissioner (S�AL) i Attest: By: : ' . C{ty Manager ' � . gy, ' City Clerk . � Ap�raved ns to I�orm and Correctness: � � Clty Attorney . �. , • . . � i . .. . � � . ",, . .. , , . , , � �, . . . . . � , � '�'� . . ' . ' � � � � �� � . . , ,� . . . i . �. �I �:" � . ' ` .�''�' . `LKI,-�1/16/38-267AA�2821 .,,. IY �E. . , . ' r . .'E k � , � . � . ' tA f ` � J. ' . ' � ' . . � ; ` � . . '� . . . � _' ' ___ ___ .._. .__"_ �' _ _ -31- . � � .. . . ' �� �����Ga '! .�i.wa��Y,y4a��]R�b� � . .l � � � .r. ' � ' •. ,.. .S���w�'.til'w��:±^�'w `. : , . . M11 , ' ..'~=)-y?!. ��� ' � � � j . . . � ' . . ..... � -�; -""_ �� , - .. .. .... • ` . .. .. " ' "�', o ,�' . I _ "__ �., "" _ —_ - , _ -_ __ �K��.w�� `��.''w�....._.�..... . ... . _! — � .wJ..�' ' _....-..�" _ . . . J. i �i , - .q �� , - � ���� �+%� 1 �II�7�" • ':b,i`•' , + • *3chedule I" � �_ . • . , The �rincipal amaunt o� $8,ifi6.6? shall be due on Pebruary ]., 1989 and on the � � , first dny of each month thereafter through and Ineluding December 1, 1998, and ail ungeid �. y prineipal shall be due on �anuary l� t999. �� ' � - . �., . � , � � � � . � •� ., ,. e • � ' . . ; . � . • ' . � .� � .. � � . , f ' . � . ; • . ,. . � �� : , . ,f, . . - � � ' i. . �. - . . . . . � • .� . ..� .f .. ' �..,.��'; � , : .� . ..' �. , , ` . • �. . . . - - , , , � . , � . ;. . . . '. , .. � � .' � . ' . � . � � , . � , - •��� � � . � r ,� . .• � �� � . � . � � � . . .' . . �' � . _ 3 . . . . ' ' .5 . °;. .' � . , . . . . . . . . . � Y ' � � � LKL-11/16/68-267AA-2821 --32- , - ... '' _� . � . . �` " t" �, '}• . , . , • , , " _ � : r . , ; . ,,. • 'l.• . , � , . . c: . s : . f:;'� . , . � . . . . ' . . ' . . . . � . . ' � , . . . 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'1�. �r.; ��t�' . . . .. :�i ..�1�. . .'1. tiv+"• .�l.�,i , ' :(. � '.�,` ___ ��iA .i. .'�' .•f: j i I" - � -- ..�.�r.w. ' _ -_ - o.�-....a..4.Yrt.i:.::�.R«..��''�.�.�..��r��._:... � . �.�-...a�h.. ✓.<.il,i`�4.•'�� Sj4'rt•.'�:�,'9i f��� 0 Y�J EXIiIBIT C GENERAL CL�RTIFICATE L."'^•"J m This certificate is mede by (the "Gavernmental Unit") to City o� GuIC Hreeze, i�lorida {the "Sponsor"), Sun Bank, Natianel Assoclation� e►s Trustee and to Financia! Guaranty Insurance Company {the "Credit Facility lssuer"}, end to their respeetive caunsel and bond caunse1 to the Sponsor, [n eonnec�ion with a Iaan from the Sponsor to the Governmental Unit in the amount of $ (the "I�a�n") from thc proeeeds of the Sponsor's �1DO,OOO,OOD aggregste principal amount Local Government [�oan Program F�loating Rete Demand Revenue Honds, 5eries 1.985C (the "Bonds"), The Laan is evidenced by the Gavernmental Unit's promissory nate of even date her�with (the "Governmental Unit Note"). The Sponsor is making the Loan to the Gavsrnmenta! Unik for the purpose of fin�ncing or ref[naneing the Covernmental Unit's cost of the sequtsition and instaliation af certnin qualified projects (the "Praject")� as more �articularly deser3bed in �xhibit "A" attached to the Loan Agreement of even date herewith (the "Loan Agreement"} between the Sponsor and the Government�l Unit. >� The Governmet�tal Unit, by the undersigned offieers, hereby certifies that: 1. The Governmenta� Unit is a d��Y �� org�nized and validly existing under the laws of the 5tate af Florida. The Go�ernmentai LTnit has fuil power snd legal right to enter into, and perfarrn its obligakians under, the Loa� Agreement and the Governmental IInii Note of even date herewith between the , Sponsar and the Governmental Unit. � 2. Attached hereto as �xhibit "A-1" is a true, correct and complete ,`� certified copy of a resoiution o# the governing body af the Governmentnl Unit� appro�tng ar�d anthorizing the execution end deli�ery of the Go�ernmental Unit Note ��rd the Loan Agreement. Such resalutian wes duly adopted ir� accardance with a11 praaedursl rules as :`= specified in Chapter � Florida Statutes and, if applieable, the Charter of the Gavernmental Unit. Seid resolution has not been amended, madified or repealed and is in . full foree and effect on the dste hereof. � 3. The narnes of the members of the governing bady of the Governmental Unit, their res�eative offiees and the ciates of expiration of their respective terms of office are ss follows: ' • Name Title Term Begins Term Ends 4. Sueh of the above persans as are required by law to file oaths af o€fice and bands or undertakings ha�e duly filed such oaths and filed sueh bonds or undertakings in the amount and manner required by law. 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"N';1: : f `:y.' .. :�:j,. . .'�., , . • ,��'. . . , ' ' ,�, ��`� ;1 '�'_�. ' . . •- -- --,....._..�..._., � �...'�tr..::� ':?��.F;.�_...� .. . .~:<<,"'i,:.l�.:t � .' :t., .., t M;:,': . �i � F_ : `° i �'.`. , '•t1+1 � '�7 ~`_ � ' .. � :;��...w�; ` S ..S��i� :� f i :� ; � �' : �': �,. t:, .z'_S�• i�. { �;�°; ;; . �..;.�::; '. .:; �.. � ,' . . u � � � 8. Each of tha be2ow numed indivit4umis wt►ich �AVe exeeuted #he Laarr " Agreement and the Government�i ilnit Note, and whEeh wil! execute reguisitions for dishvrsement of the Lonn, has been c3uly eleeted or appointed as a member of the governing body of the Governmenta! Unit at�d is nuthorized to act for and on t�ehali of the Government�l Unit !n eonnectior� w3tt� the execution of sueh documents, and the signnt�re set opposite the narne of such nffiecr is � genuine s�eclrnen af such of£lcer's signature: Nome Speeimen S(qnature of�t�� fi. We furt�er eertify that on , 1988 the Gover�mer�tai Unit Note w�s executed and attested by the mAnual signatures of the undersigned and of the of the Governmentnl Unit� 7, We furthec eerttfy that at the date of t�e Governrnental Untt Note, ar►d or� this date, such officers were and ar� the duly chasen, qualtfieci end aeting offieers autharized to execute the Governmental Ur�it Nate. 8. The undersigned did, oa ��988, duly execuke and attest on behalf of the Governmental Unit and deii�er ta the vther part}es tnereto, the Loan Agreemeat. 9. The Pledged Reven�es desaribed �n the Lo�n Agreement ha�e not t�een pledged in whole or ir� part, direcfly or indtrectly, for tt�e benefit of any obligatinns Previously issued by the Governmental Unit and are not subject to �rty other e�eurnbrance, other tttsn as has b�en disclosed to and appro�ed by the Credit Fueiiity Issuer pursuant to the Loan Agreement. _ L0. (a) The portion of the Uoan (i� any} finar�eir�g the arigin�l cost of the F; Goverr�me�tal Unit's acquisitlnn anci instalietion of the Project (ii any) �Isted in Exhlbit "A" attached to ttte Agreement, together w3th the estimated Interest earnings on tt�e �� undisbursed portion of t�e Laan does not exceed the aetusl cost af sueh acquisition and �,� �, installatian. ' ,., . (b) The portion of thc I.oan (if �ny) which is refinan�ing an obligatian or indebtedness incur�ed by or �or the benefit of the Governmental CTnit io finance the GavernmenEal Unit�s cosk af the ae�utsition 8nd Installatian of the Projeet (if any] llsted in Exhibit "A" attached to the Loan Agreement does not exe�ed the outstanding prineipal amount of sueh obligation or indebtedness as of the date hereaf and, if ttte lnterest on suc3� obl�gatlon or indebtedness is exemPt from federal Sncom� tax, such obligattan or {ndebtedness is s�bject ta prepayment or redemption on the date her�of. 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"1.��• ',�i'�1j�i . i!?,�1,�. ,:.:i,1:�4:. .,��`, ' � � (d} No portlon of the Laan wiil bc used to finanee �ny Project which is �. 7��.i;�'''.,i' :�,'° ^�'N,��f �?r �y�4, • } • �: '. .; ;, '. .�.H�S-�::.: f':J'!:}'` ! r �'� rA .. � . ` .hip^:::...U.:��l.fl. . ttC � used �n the trade or t�ustness af n p�rsor� who Is nat en "exempt person" as defined in �� �i�' ��`'�`"•�==:•`5�=j'�°'�°•: °`�.. �� , t �,Fj , , e�,',; •Ls�°:� '�''•ti:_t•,},• :. > • ,:i.� .y.. , �-' �� Seetian 103(b)(3) of the Internal Revenue Code af 1954 �a amerided (as in effect on ��"'�'� � f`:`' ;�'° '':� �' � � ��- , � . . : . ;,�..= '�`: ! Dccember 31, 1985j. In this regard the Governmental Unit further certifies that {i) not tn ��'`':� ��-:iF��;�°�`�°:�'�'��'��r=:;�'., :�.� � ..•,ati..:a`..�,-.':.:.--..i:�..::t=:�w.�u.a:rrt.� .. . _ • �xcess of Len percent (1Q96) of the net proceeds af the Governmental Unit Nate will be ��-- �• :,�<�: ��r �:Y��-�-.•rf=� •. . :' ' � t 1�1':.i y' :� s'i'.�" yi"��'y�::,r:t�k'�'4•I � ; used ior Private Susiness Use Si, in sdd[tion� the payment of mare than tcri percent (1096) � ;, a �� � : .r�� ���..i "�.,_s��a,� "ytf'•' � '. . _ .�a.'�•�;i:`,'.'�' '•���.!.:' :''-,'::: �.'�':i.: of th� principal or ten pereent (109�6} of the intereat due on such Goverrimental Unit Note ��,�.;.;,;:<<:,����t,,,, . � � :'.''r• '$ ': ;r,p:<:� r�,:4'.'ni};�lYE;i .•,"•y"� �,;,' �- � during the term thereof is, under the terms of such Governmental Unit Note or any ,.;: �;.:�:; °�. �t�....,..A��:-r.��.F;,�..��... A �' ..':. ��FJ):: � �� � 'yJ. i_•'•s'. .'.�",rr: � ':f;..:�� underiying Arr�ngement, directiy or ind[rectly, secured by any interest in property used or, _� �.�,�- �:.�.��;t;�. e,���._,:;�1�,.:;4;,:;n_`.,. , . .. . �,':,... . .,..z.. . . ;. . . _ R . , . �, � �- ( E i i � � � . � � , � m � � I r � i i `� ji S ,, � to be used for a Prt�ate Business Use qr !n payments [n resgect of property used ar to be used for a Private Susiness Use or is to b? derived from pnyments, whether or not to the Governmental Unit, in ,respect of property ar borrowed money used or to be used for a Privatc Bustness Use; and (ii) that, in the event that both iAj in excess oi fi�e percent {596) af the Net Proceeds df such Governmental Unit Note are uscd or have been used for a Privat� Business Use� and {B} an amount in excess af five percent (596) of the �rincipai or five pere�nt (596) of the interest due or� such Gavernmental Unit Note during the term #hereof is, under the terms of such Gavernmentnl Unit Nate or any �nderlying arrmnge- ment� directly or indirectly, secured by any interest in property used or to be used for sa[d �'rtvnte Business Use or in payments in respect of pra�xerty used or to be used for said Arivat� Eusiness Use or is to be derived from payments, whether or not to the Go�ernmental Unit� in respect of property or barrowed money used or ta be used far said Private Business IIse, then said excess oaec said fi�e percent {596} of Net �roceeds oi the Go�ernmentel Unit Note used for a Pri�ate �usiness Use has been or shall be used for a Private Busine5s iTse relst�d to the governmentai use of the System. The term "Fri�ate Bustness Use" means use ciir�etly or indirectly in a trade or business carried or� by a natural person or in any activity carried on by a person other than a natural p�rson, exciuding� however, use by a s#ate or loeal governmental unit and use as � member of the general publie. 11. The Governmental Unit Is not in breach of flr in default under any existing law, court ar ad�ninistrattve regvlatior�, decree, order, agreer�ent, ir�aer�tur�, martgage, lease, sublease or other instrument to which it is a party or by which it is �round, and r�u event has occurred or Is contin�ir�g wi�ict�, wEth the passage of tirne or the giving of na�iee, or both, wauld constitute a default or an e�erit of default thereunder, except for such rrtinoc bregches, defauZts or po#entia� defaults Qr eveats of def�ult, if any, which individually and in the aggregate wouir3 have no mater[al ad�erse effeet on t�e Governmer�tal Unit's financia� can�ition, �gerations or pro�erties. 12. Tt�e exect�tion snd delivery, receigt and c�ue �erformance by the Govern- mental Unit af the I�oan Agre�ment, tne Governmentgl Unit Note, and the Loan boe�ments hereafter described ar�d compliance vs�ith the provisions there�f, do not and will not conflict with or result in the breach of ariy of the terms, conditions or provisions pf, or cor�stitute a defsvlt nnder the Charter, eny existing resolutinn or ordinar�ee oi the Governmental Unit, any existing law, court or adminisirative regulatton, decr�e, order ar any agreernent, indeniure, lease or other Instrument to which the Ga�ernmental Unit is a party or by which tt or any of i#s properties is bound. 13. There is no action, sutt, �roceeding, inquiry or in�estigat�on at law or in egutty before or by any court, publie �oard or body pending or, to the knowledge of �he LKL-11/16/88-267AA-2821 -35- ., ; ��9,�.;���., ,�-_ , �, . � f . ... � , ��i;.�.;:.�{;i "�tiir =, `�'=:t}�`i r4�t�4 `°� `3t�:��'i.,s'�-t,�.,s�,t��i7S�.C•e k,1,` ��.' 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' . , . �� ` 5a. _ �' , ' � ? i i4"':';" � . . ;�: . . �,�x, 'r�:.;•,�; :�'�,•,:,;.. 'i . �f. .. . . �i�� . . , .1 . ., , �F'�• ';;�, .y'°. . e�.e- . , . 'f! . ., . . t .' :i.� :�,� �r�-. . ,. . � , . • • . . • . 'F. ' '%j.. :a+ ;ro,� ��r�:;.':I� � . .!��'3 ' e � . . ' ' � � .. . � ' ... .. . _ . , '} . •�f' �. '�� , . .t�fp , •YI`����. •:.:': :i: . , . .1 . . . . . �� . • , � � � .; 't . . . � �r7'� .��9, �i�p � !.F'.j��,-;_,, j'� .. � � �I � . . . . ' . . . I�Y . �.e} ` % r; � �'_�\� �f�2 , . . . . • � � . , � � � . . . .j` , . ''' `'� "� 'i„' , ,,' ;i: 1 • • • .i. ' :r>'' ,'y�•`'' , a .. . y' . ' .. ' . � � i,� . . . , . .. . . -ja ¢'i. ', , .! , , . ` . , ' . . � . . . . . . . � • � � '{�` � ' �ss �'�:r. ' . . . • . ',.,. . . .� „ 't , . . , - . . - ` �i`';F,'" v<� `;,tr�c.+ , ' y° ' . ' . ��� . ' . . , . . '.f �1 .i �:{�: iy'':'yw i" '`I{j'�i . , _ ,y . . . . . .. . 'iy.. >�'.`i �',.� . '. , t�. �,1 , � ' ' �. . - , ' ; .. . � . ' . � . .. : � ' . , . , t{,^ '6•�'.'� i"'o-l'.� � ' . . . . � . . . , . . . "L� .e'�, ji ! . �C.,��'r . . 't. • . . ' . . • . . • .'t, . . �� � 'z�,.. �.t� . . � .. . .. . . . , . .. ��.; ;�: ;,y ; , • - . �.-�� e',�. � , ; .. �. . . . , , ' � � � . . . . . . :�. ,�}. '�� i . .�' - i . � . . . , ' . . . . : , . . . - �. i. . • ti' .t ; ���•.; ^ . .�c . . . � , . . : �� . . • ' '.�� •� . :�, -i�.'. . , . .� , ... �.7 . . ' .i. ' ' �rv ` - Wi",'.'�i1"'• •�s e . i: . _ n . ,._. .�..�. � ._ � ___ . .. •� ia, • °�w: ` :'4'{'x,l:`,,;'".4, '.i :��• ' ' ' "" . s",i. '.i>..: „a i � ,i5�.,f�. .'1'�{�1��"aRy °��'' ��_ •1 L t��i.'�.Ji � . � � '' ' ., . ��, , . . N,'..5 �� �.: . . . .'`f.ri,i`,�:i,z�,`,,1 e: ,;�; ` \ �4�.. `.1�, • .'. •' -,, `�:�=''� '. �'��;r.yll"Y'��'',.f!i�'.� ���., '1 � Ff �� .,,�� '' l,' � �.,r'.� !�.x .`, . . � � s V� ', a � 1'Z:, .''. , ,.l' •..,Y.'�:.�.,�.iY , -' ':e'..:�;'.i. i .`.���•,_ o ,: _' Governmental Unit n�fter due lnyuiry, threntened sgainst or af£ecting th� Governmental :::-.: �•:;z ;:`` ,�i; ';;, � Unit, wh[eh has aot been diselosed in writing to Lhe Cred[t F�cility Issuer� cant�sting the �� �w :� �' ;;� r:"; a�s'��::�' :; .' '�'�� �";°� �.� , �4,�'°;;;;'{;;:::� - due organizn,tion nf the Governmentai Unit� or wherein �n unfavnrsb3e decisior�� rulJng or '"���; ""- ` `.����A. ; � ,.,, : �,sv. �: ' �, ; ..;.., r. . ." ' f i�ding {�) wo�Id have a material aduerse effect on the finanaial condition of the '��':' ;.i:�;��:.�::N;�':_. ,, ,.�'�: ':• •,+ ." i }ti:r,r..,.'YL .�ii""4=°,:�,'.".I, Gavernment8l Unit, the nperatior� by the Go�ernmental Unit of the Prajen�� its faeltities =.�.�.; ;- r�x.::����.-.;:.�:T,,.:r,..- .: : � and its other ro ertles, or an adverse effect on the funetionin of the Governmenial Un{t �,.��,'��1.�'-�'r,•�'.�}=j�''I�"`"''�'M1'�C- �w'� • � P � � , :; �+�a �;.r..,.�,.,.: �,t� ; '`,�� .. � or P�,yment by the Governmental Unit of the arriourts due under ttte Laan Agreemer�t in :�.;;;'���r:;=��';.:,; ���":�'t�:� , the manner �nd time required thereby� or the tax-exempt status of the Governmental Unit "'�i. `��;�:>-'�°��:v,s'��;��.-:�:_��:� � �': ; '°-::,'�';•� �tit;���: �:'.:: :;;;. � ,.�: , � ; ar the Governmental Unit Note, ar {{i) would have an adverse effect on the �alidity or �.::,�::>;-,.-�..,.-.,:.....�,.&.,.,::,: �� �' ;, ; ��a;,�: �r;� W t�,r:,::�, ;;�':t-n•,5, �� �:`��. enforceability of the C3avernmental Unit Note� the Laan Agreement, ar the resolutions of ;.,�-,s.�:ty�:,����:,,�=y;-' ��;�;:: •; �� ' the Gavernmenta2 iTn�t authorizing tt�e Gov�r�cuental Unit NaYe and the executian ai ° "��� other daeuments in connectian therew[th (the "Uoan Documents"). 1�4. No finaI judgment for the pAyment o� money has been rendere� egainst the Governrnentai unit, t�rtless within BO days from the entry thereof, (i) such judgment • . has been discharged or (i[) the Governmental Unit has taken �nd is diligently proseenting sn appeal therefram, or from the arder, decree or process, upan wh[eh or pursr�ant to w�ich such fudgment was granteci or entcred, and nas caused the executio� or levy �Rder such judgment, order, de�ree or proeess ar the enfarcement thereof to be stayed pending the determination of sucit sppesl, or (iii} the Governmentai Unit has provided for the payment or securing of such judgtnent in a manner satisfaCtory to the Credit �aciltty Issuer. t .. . •" ., 15. The Go�ernmerttal Unit has duly performed at�d comglied with all the ob1igatiqns, agreements and condittons on i�s part to be performed or compZied wit�t at or prior to tt�e cldsing. Each of the r��reseniations, warranties and other information contained in the the Governmental LTnit's laan application is true as�d eorrect and does not contein any untrue statement of a material faet or omit to state a material fact required to be stated therein or necessary to maice the staternents in such doc�ments, in �ight of the �irevmstances under which they v�ere made, not misleading and has not ehanged since the date of the Governmental Unit's loan applieation. The Gov�rnmentai Unit hss authorized, by aIl necessary aetion, the exeeution, deli�ery, reeeipt and due performance Qf the Gav�rnmentat Unit Note, th� I.Qan I?ocurrtents A�d ar�y and all auch other agreements and documents gs may be required to be executed, cfelivered and reeeived by the Governmental Unit to carryr out, give eFf�at to and eonsummate the transaetions contemplated by the Loan Agreement re[ating to the Governmental Unit Note, end sueh autttarizetian ttas nnt been madified, arr�eaded or repealed. ]6. The Governmeatal Unit Note has been duty autharized pursuant to tf�e Loan Agreement gntS the Resolu#ion in the forms de�ivered by the Gc�vecr�rriental Ur�it in conneetton v�ith the �ssu�nce of the Goverrimental Unit Note an the date hereqf. The Resolution was duly adopted in accordar�ce with al1 �racedural rules applicable to the Gov�rnmental Unit, and has not been the subject of repeat or madification sinCe the date of its adaption and is ir� fu�� iorce and effect as nf ttte date hereaf, 17. To the best of our knnwledge, no event affeeting the Go�ernmental Un[t has ❑ccurred siaee the date of the Governmentat Unit's Ioan ap�licatian which e�ther mekes untr�e or incqrrect in any materi�l resgect as of the dste af Closing any statement ar ir�farmatifln eontained in th� Gover�mental• Unit's loan appl3eatior�, and all of sueh information contained in the Governmental Unit's laan appiication, including al! fina�ctal infarmation contained theretn� is true and eorreet as of the date hereaf. LKL-11/16/88-287AA-2821 �I� � � :i :�:r;r j;' ',r"°,-t'YrJ r ��': i; .r::�r .' ;:, - ,• :<<.::.;��;;}.�� ��� �,. ;' ° ''_a /'t`i5 �� i?� :';;,�;:;`:�4 ;i '-:i :';:;�;i.;,�. � �� `'����-� ���s.=�y . � r -:{f��..'�,`.. . � : S' � 9 � ; ,` .S f`�jf' ffJ,;L�{,����: •:tT:a..'rr.3�., �:5� 5 r;�',r���iF'.: �.7. '�.�•f:�l it r�s�`i..��—� \ .., � ;':�=: :._;,:�;''; . ._._:.r -.;- � ;.,,_ �, , - , > . - - - _ -'.._� �,..- � . �� - � ; . :'�J -,.. ��� - � . : � . .. .;ti +' iF{;.ii, i :=� ��`.:: �,;.��� .''°����x�N., " �� v .�, C'�` � , `if;^_ �,z'U 'H;.�;;'>:l� �a� i s�r T'�'�' �. ,: + t.z;,�; :� 'r:i�:{3k:J�t. � �;, � �h;� °' r ' .. ���;�' � �.��: � � ��.. Yj 'ye 4 r• i ��4i• 1 ;7 � �; ; �4�.. � �i;'�,' :. � �� � � �;�' : °,`�i: ' ': ;.: �.t ... -0 r>>, , � '�r��� � t:`` Y,''=1ti,�,�, f ;,;.�t51,�;�;: ;,s: •�hF:a t Y'!. s.z.�y,;,,�<.,•'�. r ;W,y,.[.. .:k� . .i '7^ ��•l;Fy ;' ' a~:. ,.t���'.,�; . ��:;`��' `k�" ; ���' 's.��z�;'r'' ��,.;;: . ;.,.-�= i °;.f�: �'r';,'•_' , f�r,' ;�1;x'. � its '{ Y�� iSe' "'� ; �`::3;. ° :,6 :'.i fi�y%i;;`^�yi;i. , 3s �su f ;'�::°>"� I '. ; •�� R'�i����.. ��:;.��}�K�i• :��: ��y.��.a;t:. .! 1 �� . i , �":' �/ i , �, �_ • 18. We further certify that the seel impressed upon this �ertificate is the ' le gall y ado pted, pro per and onl y official seal of the Governmental Unit; and that the seal � has been impreased or imprinted vpon the Gavernmental Unit Note. . 19. The representatia�s and warranties pertaining to the Governmental Untt � es eoatained in the Loqn Documents $nd any other doeuments tnnident to the transaction �� described therein are true and correct as af the date hereof; no 3efault has oecurred with ` regard to any of the abi[gattons af the Go�ernmental Uriit, and no enent has oceurred as ' � of the date hereof which would bring abaut ar constitute any sueh default. . � 20. We have no kr►owledge of any legisIation adopted by the 1988 Session of ' the Flaridg LegislatUre that restricts or otherwise adversely affecks the Governmental Unit's pawer to issue the Governmental Ur�it Note or its abil[ty to provide for the payment ' � "; and the principal thereo� arid interest tY�erean in the mariner provided in the Loan t Agreement or the Tndenture. . ... �K � ., � i . I' • . � .!• , ° ' + t , : . , i: . . ;a ,i j� � ' , • 'i ; . ' ' : y ..,: ��f i . � . 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'��.:.. �..;•(e ,'�, tt r``. . . ... �'5...,..,46:r., .tr•': `.ti` "3.r `l. , •}�:; :�S.y�.°! } y�r���Y.�i a.,li a , a4y�:C�' .. , s y . . •.i' �j f.'!l° 4b� ' ..� � . l. 't'. .°�r l�� •,'f•, .. , . �3, {��' !'t,�_. Y'I X; fa ' . ''4'1' ' 1°` -. . '}i"%1��..it ' tllJ . l� "..l � - . ` r } .�'. � .. i. . :'�.;. i��•: . €. �• ���« ` � i:� rs. °y :.-4. , . _s .g' �'�.• ����� 'S�, . •f1�1�' �i�' ��f: _ .. .�1. :l'.��' ''l." .-f4�.° • 4i�if �� "e.0 �'f .�1: \3 � Y�' IE' `5' .�l ..i'� 1• �r�w.' i7' 4�'.') ,F • T�9�� �5��� •f..' -1 . . �') a 1 � +' _ 'r,• F ^ ')'� "`t' .�,% S�t' '.i' �'�}�:5�. rE' !� .'.i• � .i�`' s ` , i � . ;i;: �. s .�3" � i .Y.��i' �'[: �i:• .)' ��t�• MH�"t:,`. :[•�, ��1 � . i, :.�. A . ��i•� � . �� '�. - � ���� ��F; ..: - ��� . .�� •' �,c,. `.;:` 5�.. ::s.°: . .. 'a� � `'. ;;'�- -,' `+ r,s„ r: . .:C�.� ��t. .. '� . . F. �! �i: �� . , i' ��' . �s.':e. i . . sa , � =�� t�� ,. `� � .j..;;., j. ,f: ;i;, e� A+.f, ,,s�','it �: p �� i_ ... . �' , , a" . • � �' !3;':�'�`,:...a�7t�;. ?Y.,' SJ ' -� . . . . . � �. . j ;rt. „7;., i.Y � "•,1. '.5' . , � .' �. .�'K.: 'j�' �r � �.i' . . . . . . . �E �� ':i�a-.��i �.�a`:L+y :i � 1 ,'�" , . :+".i. ' 'z: , yT �4' , .�� 1 ` :j•,�. •���..r diil^'., 4 � e'�' , ,7 ��,= . :y 'j, 1, . . �'r :�r��.7�,,: °!• `, i : . . , . . ' . ' ` ' . � �< • z:�.. r',. � . .'H'� � . • ' ' . ' � � � "ii; ,jt' � _ .c.�. .. . 'I . '�' / l� � Lti;��;r';ie,=� `��d , 'y:� . . . . �°ji'"a "�,�'7rvtdi �S. :.S' .'f. . . e .. . ° .�5 . . .. :i. , � � '.ra4 �1,�`t'�'1'��i. ' __' _--_ `J'.�' .,i, .�:,;^u. �.itl."��� �'r - -'., . .... . .r .......: »........� . �. .i�., c!?.. �..,� �:.0 n 1 � � r I�-- _ � s � � L'XHIi3iT D (Letterhead of Governmental Unit Counsel} Ctty of Gu�f Sreeze Gulf Breeze, Floride Sun Sank, National Association Orlando, Plarida , 1988 , Llvermore Klein � Lott� P.A. Jacksanville, Flortda I�inaneial Gugran#y Insurance Compgny New Yark, New York Re: ; Loan from City of Gulf Breeze, Flartda� Local Go�ernment Loan Program to Ladies and Gentlemen: As eounsel ior Florida (the "Govecnmental Unit")� I am dcltvering th�a opintort to yau in connection witl� the consummation of a loan �y Cfty of Gulf Hreeze, Florida (#he "Sponsor") to the Ga�ernmental Unit in the amount o£ � {the "Goan"j fram the proceeds of the Sponsar's 5�00�04UrOQ0 Lonal Govern- ment I,oan Pragram Plaating Rate Demand Re�enue Bonds, Series 198SC {the "Bonds"). The Loan is being inade pursuant to a F�oan Agreement of even date herewith {the "I.oan Agreement") between the Sponsor, the Go�ernmentai Un[t, Sun Bank, Nationa! Assacintion {the "Trustee"}, and Jacksan C. Tuttle, City Manager (the "Administrator") to finanee the Go�ernmen#al Unit's cost of the acquisitiari and installation of certain qualified �rojects of the Go�ernmental Unit (the "Projeat"}. The Loan is evicienced by the Governmental Unit's promissory note in the prineipal amount of � {the "Governmental Unit NntP"). As provided in the Loan Agreement, the Loan Agreement and the Governmental Unit Not� may be assigned to a eredlt facility issuer for the Bands (the "Credit Facility Issuer") under certain cireumstances. �t has been represented to me that: (3) the Bonds were issued pursuant to Chapter 125, Florida StatUtes as amended, Chepter 186, Florida Statutes, as amended, Chapter 163, Florida Statutes, as amended, Chapter 159, Part I, as amended, and other applicable pro�tsions of law for the �urpose of financ[ng and refir�ancing the cost af the acqvisi#ion and inskallation of qualified �rojects in the State af Florida; (ii) the Sponsor intends to lend the proee�ds of the Hands to eligible governmental units by entering into a loan agreement with eac±� participat[ng governmental unit; {;ii} tt is intended that sUCh agreements, in the aggregat�, will provide far the payment by the governmental ur�its af amounts suf€ielent to pay #he principal of and interest on the Bonds and other eosts incurred in conneciian with the Sponsor's loan pool program; and (iv) th� Bonds are secured by an assignment and pledge to 5un Bank, National Association, Orlando, Florida, as trustee under a Trust Indenture dated as of December 1, 1.985, as amended and r�stated as af July 1, 19B6, as further amended and suppiemented (the "Inder�ture") of certain of the Sponsor's rights under such loan agreements, including the I�aan Agreernent, and by a pledge of the notes given by the governmental units evidencin� sueh loans� [ncluding the Go�ernmental Unit Note. 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'•�'%' �y:.•, ��y!;`.`!'",-�r'a'L:i ;�.:. ;.d j-? „�:,�� ,r• �� h " , �t.:��� .,i : .q �.��� 's. u� � .. , . .f'. , rS..' . , i,', `.rl u.o .,�` i•s . °'j� ,f , .y : , S.. .:1:'. , i.°, F}' ��7, t" . J��y,'. e . � i': -'s`. . .Y �.1•:. _[�t r . .. ., . .7' f �i r �� r • . . . ''f' ".'. • (.. . 1 �� I�. . . i, f' t_ •1� �.� { �',� ) • 1 , "l. n{ �f , ..ti. ��f° , . e . �J G� 1 4 k` '�f.f� '"'�S,ti�� .t�C'.'.. I i� , ,y�? �+L�r `.t ..�� .P�:l���'�{'' ,S w-t�' :i< 'ii ) . . r. •�.s j 4 i� j f . . "��' .1` ~-A���t�� . . . 0�! ,:��`�r.ss .f: � +'��'� �l.: . . 1 � �tl r �t . , . 'i4, E . )' �c r ir' . ` t � •S �' j- . ( .9� . ,. , l�� .4 • . ri r .'J � �1'. ' �~i • f;'4 " . 'r',:' ',�if.. k � "7�:: � �:}� .i �i 'Y' _SA:.. ��i• a . yl;, '•(" .�t �}, v4, � �Y'�^ . , . . i�. ;Ze. 4 I f.• i . 7 � , `5 ' ,::i,=:. r' : �:., - ;`..` , �,a .0 �i , . u `�i. . , �-�;t�.xy':� ;�{',� ,e[� . . .!� ��3' , . . �.f� �il �� : �. :j" �j 0.' j�' ,3:,.. ; ��x�� . �F1.: , i y�• i ti. � .p. . . . h]. ! � J1 �f'f i,1' � ij' � , , . �I_�� 1� , i�`.� .t 'i� +�c :1. . ��}. t'.:,..`. .1' # �i' . _,. ':,: i �a ,y� . . . ''1� ` L's� �'f . .'.R'�'.' i . � . . Y . . . . . .. L l�j!r.-� . c,� . . - . r7�.,i�' •»S'�:'..' �',,: � �` �l � �rf . .�' .Jy�,a :4. , i . .. . ��irv _ {� . ?1:�� .L � �' 1:A . l .. . ,,�i� p1t •i � . � ty �?.}. :'tA: �� •�r, ,.��,'� � i' i', . . . • . , i � �t�`• i�i E" .. . . °.�1r, b� , ..v�?��, i.1. 1 , . . �� Y.; ' Y ' � ^" . � � ,1... � � 1y . . ., n.43�- . . . ,"!.'• ='f ,i � 1:;' .i � � ° u � . . Vl': �'� . '7, , ...R.' . . , ..� � ;;.. 'y ' • ... .,:.; ., .. . . � ..: .. � . .-�� _ __ � - _ _ __'-_ ' .�.... . 'F � c. �Illi',,. .,� a ,'� �ar3 . ,r , , , .. . , _ .. . .. _ ,. -'-- ._.. _.. .�, ... _.._ .._. _ - , - f.•.'�835. ..,«.°::�'' r � � At a ciosir�g helci 4odr�y, the Governmental LTnit hns executed and delivered to the 5�onsor, the Loen Agreement and the GovernmentaI Unit Note. „ As co�nsel for the Go�ernmental Unit, i have examined the originels or eertified eopies of eaeh of the' agreements and instruments referred ta above and a resolution duly adopted hy the governing board of the Gavernmental Unit on � 1988 (collect[vely, the "Resolution"}. I have aiso eiramined such other doeurnents and eertificates, made such 3nqUtries af offtcers and employees of the Go�ernmental Unit and others and considered sUCh other matters of fact as►d questions of law as 1 de�med neeessary for the �urpose of giving this opinion. Hase� on the foregoing, I am of the opinion that: �, L The Governmental Unit is validly existing as a of the State of Florida and has full power and authority to cor�duct its operattons, to adopt the Resolutian, to enter into, execute and deliver the Loan � Agreemen� and the Governmental Unit Note, and ta perform a11 aets necessary to effectuate and consummate the transnetians contemplated thereby. m 2. The Resolutian has been duly adopted, and the Laan Agreement and the Governmental Unit Note hn�e been duiy authorized, executed �nd delivered by the Governmental Unit and constitute binding and enforeeable agreements of the Gavernmea- ta! Unit in accordance with their respeeti�e terms (subject as to �enforcemen# of remedies ta any applieable hankruptey, reorganiza�ion, insolvency, maratorium or other laws or equitabie prir�eiples affect�ng the enforcemeni or ereditars' rights generally from time to tirne in effec+.} 3. The Governmental Unit is nat in breaeh of or in default uz�der any existing �aw, caurt or ad�ninistrative regulation� decree, order, agreement, indenture, mortgage, lease, sublease or other instrument to which it is a party or by whtch it is bound, and no event has aecurred ar is continuing which, with the passage of time ar the gi�ing oE notice, or both, would constitute a default or an event of default thereunder, except far sueh minor breaches, defaults or potential defaults or events of default, it any� which Ind[vidually and in the aggregate woulci ha�e no material adverse effeet on the Governmental Unit's finaneial cond[tian, operations or properties. � 4. The execution gnd delivery of the Loan Agreement and tt�e Governmen� ' tal Unit Nnte and eomplianee with the provisions thereof, do not and will not conflict with or result in the breaeh af any of the terms� eandttlons ar provisia�ns of, or const[tute a ciefault under, the enabling legislation and Charter of the Governmentel Untt, any existing ord[nanee or resolution of #he go�erning body af the Governmental Unit, any existing law, court oc administrative regulation, deeree� arder or any agreement, indenture, tea�e or other instrument to wY�ich the Go�ernmental IInit is a party ar by whieh it or �ny of its properties is hound. 5. All rec}uirements imposed by Section 163.01, Florida Statu4es, as amended, as preeonditions to the effectiveness of the Loan Agreement as an interlocal agreement under such sect[on ha�e been met and the Loan Agreement constitutes a valid, binding and enforceable interlacaI agreement under the provisions of such Sect[on. 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"�'�. ��r�,;.rr� «(/'F`�},.:.y��: {� ':y o..'f::'�.? �: ;l:�:t'; :,;c'i j r .� �'i . t�ei "e117t���.� ��m 1. es; ��.1�'.:. � -'.. a�A,4 . iY. y•t",::..., ',-J:ti�:: ,a .�,�.• . <� .L". ��.��'y= �bit�, r�r-'�.,.."...�e," j: �' "x' :."ba'�};' .1>', ef't c!,:'`, ,� .Y�".:,` :�f.' . �� .i,'� Ix . ",<�: °=;' s•�;° . =.a�,Y:� N�`' •.4�`••:�=; -'�•'� �r�li`,i�i•S�"aG,i„ .:• ' ����''•'..'i' .. ',: .�L:.l:a3i:... ac:e� .»,•n:�.'•�:...��Z�,....,.��:..iLr.��:s'�.,......... .... iF; . �-�} �: �.. [.., :, �, . �: �.{`:::: t! }� tf�..�'�� iq.1�L.',.v ;:S,.i��`' et ��.: .� i�,., ', r�,. , : q,s;•' :' �.'� .s�s{w.,{ j�i�t,.,,,�,(�9 �.r;v�;��,`i �; � ,.; � � �S� . i Y' ��f" �.�.':. e ,� `y�.� •p,p`.�. : �! R ���j^Ia iY1 ; :t� iFK`, '.71 3 ' 3',i�`' • : �'y%,.:t . �^ , �t`..9� �.3 � � .1• •ir i '�i!. : � ti;�'(�'�RJ° E�4�f,�'�'.�.�i» .;; � .,.�,;; t, : , ,b�: ':''r'.;�T;; a °"°:s':? :,:� �r�•�.. ! � . �/ f _' B. There is no action� suit, proceeding, inyuiry or investigatioa at law or in equtty hefare or by any court, pnblic board ar body pending or, to our knawledge, thrratened against or affeeting the Governmental Unit which has not �een discla3ed in wrltin� to the Credit Pacility issuer, nor, in our opin�on is there any �eritorious besis therefor, contesting the due organization of the Go�ernmental Unit, or wherein an anfavoreble dec�sian, ruling or iinding {i) would ha�e a material adverse efiect on the �� �inancial e�ndit{on af the Governmental Unit, the: operation by tne Co�ernmental Unit of the Projec�� its fae3lities end tts other praperties, or an sdverse effect on the funetioning of•the Governmental Unit or payment by the Governmenta� ilnit of the amounts de�e under the I.oan Agreement in the manner and time required thereby, or (ii} would have an advers� effect on the validtty or enforceability of the Governmental Unit Note or the Loan Agreement. 7. No final judgment for the payment of money has been rendered against the Goverr�mental Unit� unless within 80 d�ys from the entry thereof, (i) such judgment has been ciischarged or (ii) the Government Unit has taken and is diligently prasecuting a�t appeul. therefrom, or fram the order, decree ar process, upon whieh or pursuant to wftieh such j�dgment was granted or entered, and Y�as caused the execution or ievy under sach judgment, arder, decreee ar �rocess or the enforcer�ent thereof to be stayed pending the dPterminatian of such appeaI, or (iii) the Governmental Untt has provided for the payment or securing of such judgment in a manner satisfactory to the Credit Faeility Issuer. 8. The Pledged Revenues described in the Loan Agreement have not been �iea�ea �n whale or in part, direetly or indirectly, for the beneiit of any obligattons �reviously issued by the Governr�entaZ Unit and are not sub�ect to any ather encumbrance, exeept as specifteally described ia the Loan Agreement. 9. We have no knowiedge of eny legisIation adopted by the 1988 Session of the Florida Legislature that restriets or otherwise adversely affects the Gavernmental „ U�it's power to issue the Governmen#a! Unit Note or its abtlity to pravide for the payment , of the princ�pal thereat and interest thereon in the manner provided in the Loan Agreement and the Indenture. � �� 0 � �� , ' �1 LKL-11/7.6/SS-267AA-2821 VQty truIy yours, (Go�ernmental Unit cour�sel) -91- � . _ ',, :. �"'�`i..a�y� �»��;:,,;.��..:, .� �qs�.r��;� r-.�r , � .'":..?�;�'.���,r-� . .. . � - ' ' . . . " � "�'. � _ .. .,