Ordinance 2587-02 - Laserfiche WebLink

amount, if any, reasonably anticipated to be required to be advanced by the City to the Bank under the terms of this Agreement. The obligations of the City under this Section 4.1.2.1 shall terminate upon payment in full of the principal of and interest on all Project Notes, and the payment in full of the principal of and interest on all Project Notes Reimbursement Obligations, but shall only so terminate if the Letter of Credit has expired or has been surrendered to the Bank for cancellation. The City shall provide to the Bank copies of the City's Comprehensive Annual Financial Report within eight months after the end of each fiscal year of the City; the City's annual budget within 60 days after the commencement of each fiscal year of the City; each official statement, placement memorandum or offering circular issued by the City in connection with the issuance of general obligation securities of the City; and other financial reports or financial documentation prepared by the City in the ordinary course of its activities reasonably requested by the Bank in connection with the City's obligations under Section 4.1.2 of this Agreement. 4.1.2.2 Any loan made by the City to the District hereunder shall be repaid by the District in approximately equal annual payments of principal and interest commencing on January 20 following the calendar year in which the loan was made in amounts calculated to fully amortize the loan over the remaining term of this Agreement. Repayment of such loan shall be subordinate to payment of the District's obligations to pay the Project Notes Reimbursement Obligations. Each loan shall bear interest at a rate per annum equal to the greater of(i) if the City uses funds on hand to make such loan, the rate of return on City funds invested in the Local Government Investment Pool of the state, plus 2 percentage points, or(ii) if the City borrows funds used to make such loan, the true interest cost of such loan expressed as a percentage rate, plus 2 percentage points. In no event shall the interest rate on any loan exceed 12% per annum, and the City in its discretion may charge interest at a rate lower than the rate otherwise provided herein. The District shall have the right to prepay any loan in whole or in part at any time without notice, premium or penalty, and, following any such prepayment, the annual payments required to be made by the District shall be adjusted to amortize the remaining balance of the loan over the remaining term of this Agreement. 4.1.2.3 The District shall have the right to assign to the Bank for the benefit of the Bank the District's rights to borrow money from the City under this Section 4.1.2 of this Agreement. The Bank shall be a third-party beneficiary of this Section 4.1.2 of this Agreement, and may directly enforce the provisions hereof, but only, if the Letter of Credit is in effect with respect to the Project Notes, the Bank has not failed to honor a conforming draw thereunder. Section 4.1.2 of this Agreement may not be amended without the prior written consent of the Bank unless all principal of and interest on all Project Notes Reimbursement Obligations have been paid in full and the Letter of Credit has expired or has been surrendered to the Bank for cancellation. 4.2 Permanent Financing. -6- INTERLOCAL FINANCING AGREEMENT 200203010680