Ordinance 2423-99 - Laserfiche WebLink

"Finance Director" means the duly qualified, appointed and acting Finance Director/Treasurer of the City or any other officer who succeeds to the duties now delegated to that office. "Outstanding Principal Balance" of the Bond means on any particular day the aggregate of all funds that the City has drawn from the Bank under the Bond to that day, less the aggregate of all principal payments on the Bond made by the City on or before that day. "Prime Rate" means the rate of interest publicly announced from time to time by the Bank as its Prime Rate. The Prime Rate is set by the Bank based on various factors, including Bank's cost and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans. The Bank may price loans to its customers at, above, or below the Prime Rate. Any change in the Prime Rate shall take effect at the opening of business of the day specified in the public announcement of a change in the Bank's Prime Rate. "Registered Owner"means the person in whose name the Bond is registered on the Bond Register. "Rule" means Rule 15c2-12 of the Securities and Exchange Commission under the Securities Exchange Act of 1934. Section 2. Findings. The City Council hereby finds that it is in the public interest for the City to establish a revolving line of credit, in an amount not to exceed $4,000,000, to provide funds to pay the operating expenses of the City from time to time pending the receipt of revenues. Section 3. Purpose, Authorization and Description of Bond. For the purpose of funds to pay the operating expenses of the City from time to time pending the receipt of revenues, the City shall issue and sell the Bond to the Bank to establish a revolving line of credit with the Bank -3- P:\DOT\DOTOYN 99/11/08