21-1562 Issuance of Capital Improvement Revenue Bond Series 2021 - Police Station

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to the extent set forth herein and in the Supplemental Resolution, is hereby authorized. The Commission may adopt a specific bond resolution supplemental to this ordinance, setting forth the maturities (or a mechanism for determining such maturities on or prior to the sale of the Series 2021 Bond) and the fiscal details and other covenants and provisions necessary for the marketing, sale and issuance of the Series 2021 Bond. In addition, the bond resolution may authorize various interest rate modes and appropriate agreements for such modes and may establish special accounts and include provisions for the sole benefit of the holders of the Series 2021 Bond, as circumstances dictate, in order to fully protect the rights of the holders of the Series 2021 Bond. SECTION 5. COVENANT TO BUDGET AND APPROPRIATE. The City covenants and agrees to appropriate in its annual budget, by amendment, if necessary, from legally available Non -Ad Valorem Revenues lawfully available in each fiscal year, amounts sufficient to pay the principal of and interest on the Series 2021 Bond when due, all in accordance with the provisions of this Ordinance and the Supplemental Resolution. Such covenant and agreement on the part of the City to budget and appropriate such amounts of legally available Non -Ad Valorem Revenues shall be cumulative to the extent not paid and shall continue until such legally available 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 covenant to budget and appropriate does not create any lien upon or pledge of such Non .Ad Valorem Revenues, nor does :t precl,ade the City from pledgmg in the future its Non -Ad Valorem Revenues, nor does it require the City to levy and collect any particular Non -Ad Valorem Revenues, nor does it give the holder of the Series 2021 Bond a prior claim on the Non - Ad Valorem Revenues as opposed to claims of general creditors of such City. Such covenant to budget and appropriate legally available Non -Ad Valorem Revenues is subject in all respects to the payment of obligations secured by a pledge of such legally available Non -Ad Valorem Revenues heretofore or hereafter entered into (including the payment of debt service on bonds and other debt instruments). However, the covenant to budget and appropriate for the purposes and in the manner stated herein shall have the effect of making available for the payment of the Series 2021 Bond, in the manner described herein, legally available Non -Ad Valorem Revenues, and placing on the City a positive duty to appropriate and budget, by amendment, if necessary, amounts sufficient to meet its obligations hereunder; subject, however, to the payment of services and programs which are for essential public purposes affecting the health, welfare and safety of the inhabitants of the City or which are legally mandated by applicable law. SECTION 6. TAXING POWER NOT PLEDGED. The Series 2021 Bond, when delivered by the City pursuant to the terms of the specific bond resolution and any resolution supplemental thereto as contemplated hereby shall not constitute a general obligation or indebtedness of, or a pledge of the faith, credit or taxing power of, the City or the State of Florida or any agency or political subdivision thereof, but is a limited, special obligation of the City, the principal of, premium, if any, and interest on which are payable from the legally available Non - Ad Valorem Revenues budgeted and appropriated by the City to the extent set forth herein and in the Supplemental Resolution. Neither the faith and credit of the State or any political