21-3283 - Series 2021 Capital Improvement Bond - Police Station - Sterling National Bank

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for each fiscal year, the City shall deliver a certificate of its Finance Director or Mayor evidencing that the City's total Non -Ad Valorem Revenues less public safety and general government amounts payable from Non -Ad Valorem Revenues (exclusive of enterprise fund revenues) is at least 1.50 times the City's debt service on all Debt to be paid from Non -Ad Valorem Revenues, including any such Debt payable from one or several specific sources of Non -Ad Valorem Revenues (including governmental fund and enterprise fund Debt secured through a covenant to budget and appropriate Non -Ad Valorem Revenues), including the proposed Debt. SECTION 10. EXECUTION OF SERIES 2021 BOND. The Series 2021 Bond shall be executed in the name of the City by its Mayor or Vice Mayor, and the corporate seal of the City or a facsimile thereof shall be affixed thereto or reproduced thereon and attested by its Clerk. The authorized signatures for the Mayor and City Clerk shall be either manual or in facsimile. The Certificate of Authentication of the Bond Registrar shall appear on the Series 2021 Bond, and no Series 2021 Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this Resolution unless such certificate shall have been duly executed on such Series 2021 Bond. The authorized signature for the Bond Registrar shall be either manual or in facsimile; provided, however, that at least one of the above signatures, including that of the authorized signature for the Bond Registrar, appearing on the Series 2021 Bond shall at all times be a manual signature. In case any one or more of the officers who shall have signed or sealed the Series 2021 Bond shall cease to be such officer of the City before the Series 2021 Bond so signed and sealed shall have been actually sold and delivered, such Series 2021 Bond may nevertheless be sold and delivered as herein provided and may be issued as if the person who signed or sealed such Series 2021 Bond had not ceased to hold such office. The Series 2021 Bond may be signed and sealed on behalf of the City by such person as at the actual time of the execution of such Series 2021 Bond shall hold the proper office, although at the date of such Series 2021 Bond such person may not have held such office or may not have been so authorized. SECTION 11. NEGOTIABILITY. The Series 2021 Bond shall be and have all the qualities and incidents of a negotiable instrument under the laws of the State of Florida, and each successive Owner, in accepting any of the Series 2021 Bond, shall be conclusively deemed to have agreed that such Series 2021 Bond shall be and have all of the qualities and incidents of negotiable instruments under the laws of the State of Florida. SECTION 12. REGISTRATION. The City, as Bond Registrar, shall be responsible for maintaining the books for the registration and transfer of the Series 2021 Bond.Upon surrender to the Bond Registrar for transfer or exchange of the Series 2021 Bond, duly endorsed for transfer or accompanied by an assignment or written authorization for exchange, whichever is applicable, duly executed by the Bondholder or his/her attorney duly authorized in writing, the Bond Registrar shall deliver in the name of the Bondholder or the transferee or transferees, as the case may be, a new fully registered Series 2021 Bond of the same maturity and interest rate and for the outstanding aggregate principal amount which the Bondholder is entitled to receive. Any Series 2021 Bond presented for transfer or exchange (if so required by the City) shall be accompanied by a written instrument or instruments of transfer or authorization for exchange, in form and with guaranty of signature satisfactory to the City, duly executed by the Bondholder or by his/her duly authorized attorney. No presentment shall be required for any payment on the W