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Authorize- Issuance of Revenue Bonds $11,960,000
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Authorize- Issuance of Revenue Bonds $11,960,000
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3/21/2011 3:56:49 PM
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3/21/2011 3:56:47 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/28/1997
Ord-Res Number
8778-97
Bill Number
34-97
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� , <br /> Distribution), or December 15 (in the case of the November Distribution), next <br /> following the receipt by the City of such revenues, the City shall set apart and pay <br /> all of such revenues into the Bond Principal and Interest Account to be used to <br /> pay the interest on and principal of the Bonds;provided, however, that, no deposit <br /> shall be made into such account from the May Distribution in any year when the <br /> balance therein is sufficient to pay the interest due on the Bonds on the interest <br /> payment date next following such distribution and the principal and interest due <br /> on the Bonds on the principal payment date next following such distribution, and <br /> no deposit shall be made into such account from the November Distribution of any <br /> year when the balance therein is sufficient to pay the principal and interest due on <br /> the Bonds on the principal payment date next following such distribution. <br /> (b} Reserve Account. The county economic development <br /> income tax revenues of the City shall next be set apart and paid into the Reserve <br /> Account and used to make deposits into the Bond Principal and Interest Account <br /> in the event of any deficiency at any time in such account, or for the purpose of <br /> paying the interest on or principal of or redemption premiums, if any, on the <br /> Bonds in the event no other money is lawfully available therefore, or to make the <br /> final payment of interest on or principal of the Bonds; provided that no deposit <br /> shall be made into the Reserve Account so long as there shall be on deposit <br /> therein a sum equal to the least of (i) the maximum annual debt service on the <br /> Bonds, or (ii) one and one-quarter (1-1/4) times the average annual debt service <br /> on the Bonds, or (iii) ten percent (10%) of the proceeds of the Bonds, within the <br /> meaning of Section 148(d) of the Internal Revenue Code of 1986, as amended (the <br /> "Code") (the "Debt Service Reserve Requirement"). <br /> (c) Excess Account. Any remaining county economic <br /> development income tax revenues of the City shall be deemed excess funds and <br /> shall be deposited in the Excess Account for appropriation and use as permitted <br /> by law. In the event of any deficiency at any time in the Bond Principal and <br /> Interest Account for the purposes of paying the interest on or principal of the <br /> Bonds or such additional bonds as authorized herein, funds may be withdrawn <br /> from the Excess Account for deposit into the Bond Principal and Interest Account <br /> in the amount of such deficiency. <br /> All funds in such accounts shall be segregated and kept separate and apart from <br /> all other funds of the City and shall be deposited in lawful depositories of the City and <br /> continuously held and secured or invested as provided by law. Interest earned in each such <br /> account shall be credited to such account except that the amount of funds in the Reserve Account <br /> shall not exceed the Debt Service Reserve Requirement, and any such excess shall be deposited <br /> into the Excess Account. <br /> SECTION 9. Any accrued interest,unused discount and premium received at the <br /> time of the delivery of the Bonds shall be deposited into the Bond Principal and Interest Account. <br /> -14- <br />
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