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VILLAGE OF MIAMI SHORES,FLORIDA
GENERAL OBLIGATION BONDS, SERIES 2004
RESOLUTION
ADOPTED JULY 20,2004
TABLE OF CONTENTS
Page
ARTICLE I GENERAL.................................................................................................................. 1
Section 1.01 DEFINITIONS............................................................................................ 1
Section 1.02 AUTHORITY FOR RESOLUTION .......................................................... 7
Section 1.03 RESOLUTION TO CONSTITUTE CONTRACT..................................... 7
Section 1.04 FINDINGS.................................................................................................. 7
Section 1.05 AUTHORIZATION OF THE PROJECT................................................... 8
ARTICLE II AUTHORIZATION, TERMS, EXECUTION AND REGISTRATION OF BONDS8
Section 2.01 AUTHORIZATION OF BONDS............................................................... 8
Section 2.02 APPLICATION OF BOND PROCEEDS .................................................. 9
Section 2.03 EXECUTION OF BONDS......................................................................... 9
Section 2.04 AUTHENTICATION................................................................................. 9
Section 2.05 TEMPORARY BONDS ........................................................................... 10
Section 2.06 BONDS MUTILATED, DESTROYED, STOLEN OR LOST................ 10
Section 2.07 INTERCHANGEABILITY,NEGOTIABILITY AND
TRANSFER.............................................................................................. 10
Section 2.08 PROVISIONS FOR REDEMPTION ....................................................... 11
Section 2.09 FORM OF BONDS................................................................................... 13
ARTICLE III SECURITY, SPECIAL FUNDS AND APPLICATION THEREOF.................... 19
Section 3.01 PLEDGE OF AD VALOREM TAX REVENUES .................................. 19
Section 3.02 PROJECT FUND...................................................................................... 19
ARTICLE IV COVENANTS OF THE ISSUER.......................................................................... 21
Section 4.01 COVENANTS OF THE ISSUER............................................................. 21
Section 4.02 FEDERAL INCOME TAX COVENANTS ............................................. 23
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Section4.03 NO IMPAIRMENT.................................................................................. 24
Section4.04 ANNUAL AUDIT.................................................................................... 24
Section 4.05 BOOKS AND RECORDS........................................................................ 24
Section 4.06 BUDGET PROCESS................................................................................ 24
ARTICLE V DEFAULTS AND REMEDIES.............................................................................. 25
Section 5.01 EVENTS OF DEFAULT.......................................................................... 25
Section 5.02 REMEDIES ON DEFAULT..................................................................... 25
Section 5.03 DIRECTIONS TO TRUSTEE AS TO REMEDIAL
PROCEEDINGS....................................................................................... 26
Section 5.04 REMEDIES CUMULATIVE................................................................... 26
Section 5.05 WAIVER OF DEFAULT......................................................................... 26
Section 5.06 APPLICATION OF MONEYS AFTER DEFAULT ............................... 26
Section 5.07 CONTROL BY INSURER....................................................................... 27
ARTICLE VI SUPPLEMENTAL RESOLUTIONS.................................................................... 28
Section 6.01 SUPPLEMENTAL RESOLUTION WITHOUT
BONDHOLDERS' CONSENT................................................................ 28
Section 6.02 SUPPLEMENTAL RESOLUTION WITH BONDHOLDERS'
AND INSURER'S CONSENT................................................................. 28
Section 6.03 AMENDMENT WITH CONSENT OF INSURER ONLY..................... 29
ARTICLE VII FINANCIAL GUARANTY BOND INSURANCE............................................. 31
Section 7.01 PROVISIONS REGARDING INSURER................................................ 31
Section 7.02 PAYMENT PROCEDURE RELATING TO THE FINANCIAL
GUARANTY INSURANCE POLICY..................................................... 31
Section 7.03 ADDITIONAL PROVISIONS RELATING TO THE
FINANCIAL GUARANTY INSURANCE POLICY.............................. 32
ARTICLE VIII MISCELLANEOUS ........................................................................................... 35
Section8.01 DEFEASANCE......................................................................................... 35
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Section 8.02 CONDITIONS TO EXECUTION OF BOND PURCHASE
AGREEMENT.......................................................................................... 36
Section 8.03 PRELIMINARY OFFICIAL STATEMENT........................................... 36
Section 8.04 OFFICIAL STATEMENT........................................................................ 36
Section 8.05 APPOINTMENT OF REGISTRAR AND PAYING AGENT................. 37
Section 8.06 SECONDARY MARKET DISCLOSURE............................................... 37
Section 8.07 DESIGNATION OF BONDS AS QUALIFIED TAX-EXEMPT
OBLIGATIONS........................................................................................ 37
Section 8.08 GENERAL AUTHORITY........................................................................ 37
Section 8.09 SEVERABILITY OF INVALID PROVISIONS...................................... 38
Section 8.10 REPEAL OF INCONSISTENT RESOLUTIONS ................................... 38
Section 8.11 EFFECTIVE DATE.................................................................................. 38
EXHIBIT A FORM OF PURCHASE AGREEMENT
EXHIBIT B FORM OF PRELIMINARY OFFICIAL STATEMENT
EXHIBIT C DESCRIPTION OF PROJECT
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