21-3230 - Bond Issuance - Series 2021

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covenants of Resolution 20-3157 adopted by the City Commission of the City on April 27, 2020, as supplemented by Resolution 21-3230 adopted on March 8, 2021 (the "Series 2021 Resolution" and collectively, the "Resolution"). The Series 2021 Bond is payable from ad valorem taxes levied on all the real property and improvements thereto subject to the City's ad valorem taxing power which are located from time to time within the municipal boundary of the City, as provided in the Bond Resolution and hereon. The Series 2021 Resolution requires that in each year while the Series 2021 Bond is outstanding, there shall be levied and collected an ad valorem tax, without limitation as to rate or amount, on all such taxable property within the City, in an amount which will be sufficient to pay the principal of and interest on the Series 2021 Bond as they become due. For the prompt payment of the principal of and interest on this Series 2021 Bond as the same shall become due, the ad valorem taxing power of the City is hereby irrevocably pledged. No recourse may be had against the general fund of the City or against any funds or assets of the City, excepting only (i) the pledge of Ad Valorem Taxes, and (ii) the pledge of liens expressly provided for in the Debt Service Fund and Project Fund, and in the manner and as set forth in the Bond Resolution. Neither the full faith and credit nor any other taxing power of the City is pledged for the payment of the Series 2021 Bond, or interest thereon, or for any obligation of the City in connection therewith. Neither the Mayor, any Member of the City Commission, the City Manager, Finance Director, City Clerk, nor any other official, agent or employee of the City, nor any official executing the Series 2021 Bond, shall be liable personally on this Series 2021 Bond or be subject to any personal liability or accountability by reason of the issuance of this Series 2021 Bond. It is hereby certified and recited that all acts, conditions and things required to happen, which were to exist and be performed precedent to and in the issuance of this Series 2021 Bond, have happened, exist and have been performed in due time, form and manner as required by the Constitution and the laws of the State of Florida applicable thereto; that the total indebtedness of said City, including the issue of Bonds of which this Series 2021 Bond is one, does not exceed any constitutional or statutory limitation; and that provision has been made for the levy and collection of a direct annual tax without limitation as to rate or amount upon all taxable property within the City, sufficient to pay, together with other moneys available, if any, the principal of and interest on the Series 2021 Bond as the same shall become due, which tax shall be levied, assessed and collected at the same time, and in the same manner as other ad valorem taxes are levied, assessed and collected. This Series 2021 Bond is and has all the qualities and incidents of a negotiable instrument under the Uniform Commercial Code - Investment Securities Law of the State of Florida. The Series 2021 Bond is not subject to optional prepayment prior to maturity. The transfer of this Series 2021 Bond is registrable by the Registered Owner hereof or his duly authorized attorney or legal representative at the office of the Bond Registrar and Paying Agent, but only in the manner and subject to the conditions provided in the Series 2021 Resolution and upon surrender and cancellation of this Series 2021 Bond. 0