CT2019-648 Contract - Laserfiche WebLink

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to apply all or any of the provisions of the Supplemental Act. The Council hereby elects to apply all of the Supplemental Act to the Financing Documents. Section 3. Delegation. (a) Pursuant to Section 11-57-205 of the Supplemental Act,the Council hereby delegates to the Mayor or Mayor Pro Tern the authority to make the following determinations relating to and contained in the Financing Documents, subject to the restrictions contained in paragraph(b)of this Section 3: (i) The interest rate on the Loan; (ii) The principal amount of the Loan; (iii) The amount of principal of the Loan maturing in any given year and the final maturity of the Loan; (iv) The dates on which the principal of and interest on the Loan is paid; and (v) The existence and amount of a reserve fund for the Loan, if any. (b) The delegation in paragraph (a) of this Section 3 shall be subject to the following parameters and restrictions: (i) the interest rate on the Loan shall not exceed 2.00%; (ii) the aggregate principal amount of the Loan shall not exceed $7,000,000; and (iii) the final maturity of the Loan shall not be any later than 40 years from the loan contract start date. Section 4. Conclusive Recital. Pursuant to Section 11-57-210 of the Supplemental Act,the Promissory Note and Security Agreement shall contain a recital that each is issued pursuant to certain provisions of the Supplemental Act. Such recital shall be conclusive evidence of the validity and the regularity of the issuance of the Promissory Note and Security Agreement after its delivery for value. Section 5. Pledge of Revenues. The creation, perfection, enforcement, and priority of the pledge of revenues to secure or pay the Financing Documents provided herein shall be governed by Section 11-57-208 of the Supplemental Act and this Ordinance. The amounts pledged to the payment of the Financing Documents shall immediately be subject to the lien of such pledge 4