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LOAN AGREEMENT
By and Between
SUNSHINE STATE GOVERNMENTAL FINANCING COMMISSION
and
CITY OF MIAMI, FLORIDA
SUNSHINE STATE GOVERNMENTAL FINANCING
COMMISSION REVENUE BONDS
SERIES 1986
($6,600,000)
This Instrument Prepared By:
Bryant Miller Olive P.A.
2 S. Biscayne Blvd. Suite 1480
Miami, Florida 33131
LOAN AGREEMENT
TABLE OF CONTENTS
RECITALS 1
ARTICLE I
DEFINITIONS
DEFINITIONS 3
ARTICLE II
REPRESENTATIONS, WARRANTIES AND
COVENANTS OF GOVERNMENTAL UNIT
Section 2.01 Representations and Warranties 10
Section 2.02 Covenants of Governmental Unit 14
ARTICLE III
THE LOAN
Section 3.01 The Loan 20
Section 3.02 Loan 20
Section 3.03 Conversion to Fixed Mode 20
ARTICLE IV
LOAN TERM AND LOAN CLOSING REQUIREMENTS
Section 4.01 Commencement of Loan Term 21
Section 4.02 Termination of Loan Term 21
Section 4.03 Loan Closing Submissions 21
ARTICLE V
LOAN PAYMENTS
Section 5.01 Payment of Loan Payments 23
Section 5.02 Calculation of Loan Rate 23
Section 5.03 Payment of Additional Payments 24
Section 5.04 Credit for Interest Earnings 26
Section 5.05 Loan Payments 26
Section 5.06 Refunding Bonds 27
Section 5.07. Secondary Account 27
ARTICLE VI
OPTION TO PREPAY LOAN PAYMENTS
Option to Prepay Loan Payments 28
ARTICLE VII
ASSIGNMENT AND PAYMENT BY THIRD PARTIES
Section 7,01 Assignment by Commission 29
Section 7.02 Assignment by Governmental Unit 29
Section 7.03 Payments by Credit Facility Provider 29
ARTICLE VIII
EVENTS OF DEFAULT AND REMEDIES
Section 8.01 Events of Default Defined 30
Section 8.02 Notice of Default 31
Section 8.03 Remedies on Default 31
Section 8.04 Attorneys' Fees and Other Expenses 32
Section 8.05 No Remedy Exclusive; Waiver, Notice 32
Section 8.06 Acceleration of Loan 32
ARTICLE IX
MISCELLANEOUS
Section 9.01 Notices 34
Section 9.02 Binding Effect 35
Section 9.03 Severability 35
Section 9.04 Amendments, Changes and Modifications 35
Section 9.05 Execution in Counterparts 35
Section 9.06 Applicable Law 35
Section 9.07 Benefit of Bondholders, Credit Facility Provider and Bank; Compliance
with Indenture 35
Section 9.08 Consents and Approvals 36
Section 9.09 Immunity of Officers, Employees and Members
of Commission and Governmental Unit 36
Section 9.10 Captions 36
Section 9,11 No Pecuniary Liability of Commission 36
Section 9.12 Payments Due on Holidays 36
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