11-28-11 Council Agenda & Packet

Home Browse Search

means the least of: (i) the maximum annual debt service on the 2012 Bonds of such series, (ii) 125% of the average annual debt service on the 2012 Bonds of such Series, or (iii) 10% of the proceeds of the 2012 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 woI] Subaccount of the Debt Service Reserve Account for the 2012 Bonds of each Series for which a 2012 Subaccount was established an amount equal to the Reserve Requirement for the 2012 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 2012 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 2012 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 2012 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 2012 Bonds of such Series, with the first installment due and payable on the date of the issuance of the 2012 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 2012 Bonds of such Series are issued. To the extent that the amount in the 2012 Subaccount of the Debt Service Reserve Account for the 2012 Bonds of any Series on the date of the issuance of the 2012 Bonds of such Series is less than the Reserve Requirement for the 2012 Bonds of such Series, that portion of the shortfall which exists as of the date of issuance of the 2012 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 such 2012 Subaccount either (i) in a single payment, to be paid on the date of the issuance of the 2012 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 2012 Bonds of such Series, with the first installment due and payable on the date of the issuance of the 2012 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 2012 Bonds of such Series are issued. 0) To the extent that additional Parity Bonds are issued subsequent to the issuance of the 2012 Bonds of any Series, the additional amounts, if any, which are required to be paid into the Debt Service Reserve Account to satisfy the Reserve Requirement as a result of the issuance of such additional Parity Bonds 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 either (i) in a single payment, to be paid on the date of the issuance of such additional Parity Bonds, or (ii) in equal monthly installments, over a period not to exceed sixty (60) months after the date of issuance of such additional Parity Bonds, with the first installment due and payable on the date of the issuance of such additional Parity Bonds, and the remaining installments payable on the last day of each calendar month, commencing on the last day of the month in which such additional Parity Bonds are issued. - 20 -