Ordinance 2737-03 - Laserfiche WebLink

and delivery of the Notes to the Bank. The Notes shall be delivered to the Bank on the condition that the Bank shall cancel and return the 2002A Note and the 2002B Note. It is currently anticipated that the City will draw upon the 2003 Note in the aggregate dollar amount of $3,000,000 on its Delivery Date, and if the Finance Director so notifies the Bank, the 2002B Note shall be delivered to the City by the Bank in exchange for the fully executed and authenticated 2003 Note. The Bank shall return the remaining undrawn upon 2002A Note to the City on the Delivery Date of the 2003 Note, marked cancelled. Section 14. Financial Reporting Covenants. So long as any of the Notes are outstanding or the Bank has any obligation to permit Drawings under the line of credit evidenced by the Notes, the City shall provide to the Bank: (a) When available, the City's annual financial statement, audited by the State Auditor; (b) Within eight months of the completion of each fiscal year, a copy of City's Comprehensive Annual Financial Report; and (c) Within 90 days of the commencement of each new budget year of the City, a budget for the new period. Section 15. Origination Fee; Unused Commitment Fee. The City shall pay to the Bank (a) upon purchase of the Notes, an origination fee of$1,000, and Bank counsel fees, not to exceed $500; and (b) quarterly in arrears, a fee for the unused portion of the Bank's commitment, which fee shall equal 0.15% per annum of the daily difference between $2,000,000 and the Outstanding Principal Balance of the 2004 Note. Section 16. Ongoing Disclosure. The Notes are not subject to the Rule, and the City makes no undertaking regarding ongoing disclosure with respect to the Notes. -14- P:\CMW\CMW634 03/12/08