Fort Walton Beach Council agenda — 04-23-13--regular — reading text

000 000 36 7/ 1/ 2031 325, 229, 62 3, 69762 PaetketPaetket Pg. Paetket Pg.Pg. 108 108108  11. 2. b LOAN AGREEMENT Between CITY OF FORT WALTON BEACH, FLORIDA and PINNACLE PUBLIC FINANCE, INC. M bN Dated May 6, 2013 E ddm J  11. 2. b TABLE OF CONTENTS Page 1 SECTIONI. DEFINITIONS ........................................................... .............................. 4 SECTION2. INTERPRETATION ................................................ ............................... 4 SECTION3. THE LOAN ................................................................ .............................. 4 SECTION 4. DESCRIPTION OF NOTE ........................................ .............................. 5 SECTION 5. EXECUTION OF NOTE .......................................... ............................... 6 SECTION 6. REGISTRATION AND TRANSFER OF NOTE .... ............................... SECTION 7. NOTE MUTILATED. DESTROYED, STOLEN OR LOST ..................7 7 SECTION8. FORM OF NOTE ..................................................... ............................... SECTION 9. SECURITY FOR NOTE; NOTE NOT DEBT OF THE CITY ...............7 8 SECTION 10. COVENANTS OF THE CITY ................................. ............................... SECTION 11. APPLICATION OF NOTE PROCEEDS ............... ............................... 10 10 SECTION 12. CONDITIONS PRECEDENT ................................ ............................... 11 SECTION 13. REPRESENTATIONS AND WARRANTIES ...... ............................... 12 SECTION 14. TAX COMPLIANCE ............................................... ............................. 12 SECTION15. NOTICES ................................................................ ............................... 12 SECTION 16. EVENTS OF DEFAULT DEFINED ...................... ............................... n 13 M SECTION17. REMEDIES .................. .... ..... ... ........... ... ................ ........ ... ........... I........ 14 SECTION18. NO RECOURSE ..................................................... ............................... n SECTION 19. PAYMENTS DUE ON SATURDAYS, SUNDAYS AND 14 HOLIDAYS...................................................... ............................... 14 SECTION20. DEFAULT RATE ................................................... .................. I............ SECTION21. DEFEASANCE ... .......................................... .............. .............. 14 SECTION 22. AMENDMENTS, CHANGES AND MODIFICATIONS .................... 15 SECTION23. BINDING EFFECT ................................................ ............................... 15 SECTION24. SEVERABILITY .................................................... ................. I............. 15 SECTION 25. EXECUTION IN COUNTERPARTS .................... ............................... 15 SECTION26. APPLICABLE LAW .............................................. ............................... i cket Pg, 7a0  11. 2. b This LOAN AGREEMENT made and entered as of May 6, 2013, by and between the CITY OF FORT WALTON BEACH, FLORIDA ( the " City") and PINNACLE o PUBLIC FINANCE, INC., (the " Lender "). v WITNESSETH WHEREAS, the City has determined that it is necessary, desirable and in the best o interests of the City that the City issue $ 4,470, 610. 00 in aggregate principal amount of its m Capital Improvement Revenue Note, Series 2013 ( the " Note "), for the principal purpose of refinancing the principal portion of the outstanding City of Fort Walton Beach, Florida E Capital Improvement Revenue Bonds, Series 2001 ( the " Refunded Bonds "); and o WHEREAS, the Lender has agreed to lend the City the aggregate principal E amount of $4, 470, 610. 00 in exchange for City issuing the Note for the benefit of the 3 a Lender; and WHEREAS, the City has determined that it is in the best interest of the health, safety, and welfare of the City and the inhabitants thereof that the City covenant to budget and appropriate from its Non -Ad Valorem Revenues ( defined herein) amounts N sufficient to repay the principal of and interest on the Note when due as provided herein; M and o N WHEREAS, the Note shall not constitute a general obligation or indebtedness of M the City as a " bond" within the meaning of any provision of the Constitution of the State, but shall be and is hereby declared to be a special, limited obligation of the City, the n principal of and interest on which is payable solely from the Pledged Funds ( as defined herein) in the manner and to the extent provided herein, and the principal of and interest E on the Note and all other payments provided for herein will be paid solely from the v Pledged Funds, and it will never be necessary or authorized to levy taxes on any real property of or in the City to pay the principal of or interest on the Note or other payments provided for herein. Furthermore, neither the Note nor the interest thereon shall be or m constitute a lien upon the any property of or in the City, other than the Pledged Funds in the manner and to the extent provided herein. a LX NOW, THEREFORE, in consideration of the premises and the mutual covenants N herein set forth and other good and valuable consideration, the receipt and sufficient of S which are hereby acknowledged, the parties do hereby agree as follows: n SECTION 1. DEFINITIONS. The following terms shall have the 2 following meanings herein, unless the text otherwise expressly requires: 0 d Act" means Chapter 166, Florida Statutes, the City Charter and other applicable provisions of law.