67-16 Waterworks Bond Refunding - Laserfiche WebLink

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(d) No amounts in the Debt Service Reserve Account shall be available to pay any principal of or interest or redemption premium, if any, on any 2016 Bonds of any Series for which a 2016 Subaccount was established, except that any amounts in the 2016 Subaccount of the Debt Service Reserve Account for the 2016 Bonds of any Series shall be available to pay the principal of or interest or redemption premium, if any, on the 2016 Bonds of such Series. (e) In this Ordinance the term "Parity Bonds" means any and all bonds ranking on a parity with the 2016 Bonds issued hereunder (including the Prior Bonds) which are (i) now outstanding or issued in the future by the City and (ii) which are payable from the Net Revenues of the City's waterworks. (f) In this Section 14, the term "Bonds" means the 2016 Bonds issued hereunder and all Parity Bonds. (g) In this Ordinance, the term "Reserve Requirement" for the Bonds (excluding any Bonds, for which a Subaccount was established) means the least o£ (i) the maximum annual debt service on the Bonds (excluding any Bonds for which a Subaccount was established), (ii) 125% of the average annual debt service on the Bonds (excluding any Bonds for which a Subaccount was established), or (iii) 10% of the proceeds of the Bonds (excluding any Bonds for which a Subaccount was established). In this Ordinance, the term "Reserve Requirement" for the 2016 Bonds of each Series for which a 2016 Subaccount was established means the least of (i) the maximum annual debt service on the 2016 Bonds of such series, (ii) 125% of the average annual debt service on the 2016 Bonds of such Series, or (iii) 10% of the proceeds of the 2016 Bonds of such Series. (h) Subject to Section 14(i) and Section 140) below, the City shall maintain in the Debt Service Reserve Account (excluding any Subaccounts) an amount equal to the Reserve Requirement for the Bonds (excluding any Bonds for which a Subaccount was established). Subject to Section 14(i) and Section 140) below, the City shall maintain in the 2016 Subaccount of the Debt Service Reserve Account for the 2016 Bonds of each Series for which a 2016 Subaccount was established an amount equal to the Reserve Requirement for the 2016 Bonds of such Series. (i) To the extent that the amount in the Debt Service Reserve Account (excluding any Subaccounts) on the date of the issuance of the 2016 Bonds of any Series is less than the Reserve Requirement for the Bonds (excluding any Bonds for which a Subaccount was established), that portion of the shortfall which exists as of the date of issuance of the 2016 Bonds of such Series shall, at the election of the Executive and Fiscal Officer with the advice of the City's financial advisor, be deposited into the Debt Service Reserve Account (excluding any Subaccounts) either (i) in a single payment, to be paid on the date of the issuance of the 2016 Bonds of such Series, or (ii) in equal monthly installments, over a period not to exceed sixty (60) months after the date of issuance of the 2016 Bonds of such Series, with the first installment due and payable on the date of the issuance of the 2016 Bonds of such Series, and the remaining installments payable on the last day of each calendar month, commencing on the last day of the month in which the 2016 Bonds of such Series are issued. To the extent that the amount in the 2016 Subaccount of the Debt Service Reserve Account for the 2016 Bonds of any Series on the date of the issuance of the 2016 Bonds of such Series is less than the Reserve Requirement for 19