19-1517 Authorizing Issuance of $1,643,579 Sausalito Wall Special Assessment Revenue Bond, Series 2019

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SECTION 3. ISSUANCE OF THE BOND. The Bond is hereby authorized to be issued in an original aggregate principal amount of $1,643,579. The Bond will be issued in one series. The Bond shall be issued for the principal purposes of financing or refinancing costs of the Series 2019 Project and paying the costs and expenses of issuing the Bond. The principal of, redemption premium, if any, and interest on the Bond shall be payable from the Pledged Revenues and, to the extent applicable, the covenant to budget and appropriate lawfully available Non -Ad Valorem Revenues, as further provided herein and in the Resolution. The Bond shall be dated such date, shall bear interest at such rate, shall mature at such time or times and in such amount or amounts as may be determined by the Resolution. The Commission shall determine by the Resolution the form of the Bond, the manner of executing the Bond, and such other terms and provisions of the Bond as it deems appropriate. The Bond may bear interest at a fixed rate as shall be determined by the Resolution. In case any officer whose signature or a facsimile of whose signature shall appear on any Bond shall cease to be such officer before delivery of such Bond, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he or she had remained in office until such delivery. The Commission may sell the Bond in such manner and for such price as it may determine by the Resolution to be in the best interests of the City. The Bond may be issued without any other proceedings or the happening of any other conditions or other things other than those proceedings, conditions or things which are specifically required by this Ordinance. The proceeds of the Bond shall be disbursed in such manner and under such restrictions, if any, as may be provided by the Resolution. The Bond shall be further secured by the Resolution which may include, but without limitation, provisions as to the rights and remedies of the holders of the Bond, the application of funds and such other matters as are customarily in such an instrument. SECTION 4. COVENANT TO BUDGET AND APPROPRIATE. Solely to the extent that the Pledged Revenues are insufficient to fully pay scheduled principal of, redemption premium, if any, and interest on the Bond, the City covenants and agrees to appropriate in its annual budget, by amendment, if necessary, from Non -Ad Valorem Revenues lawfully available in each fiscal year, amounts which, together with the Pledged Revenues, are sufficient to pay the principal of, redemption premium, if any, and interest on the Bond when due, all in accordance with the provisions of the Resolution. Such covenant and agreement on the part of the City to budget and appropriate such amounts of Non -Ad Valorem Revenues shall be cumulative to the extent not paid, and shall continue until such Non -Ad Valorem Revenues or other legally available funds in amounts sufficient to make all such required payments shall have been budgeted, appropriated and actually paid. Notwithstanding the foregoing covenant of the City, the City does not covenant to maintain any services or programs, now provided or maintained by the City, which generate Non -Ad Valorem Revenues. Such supplemental covenant to budget and appropriate does not create any lien upon or pledge of such Non -Ad Valorem Revenues, nor does it preclude the City from pledging in the Ordinance 19-1517 Page 3