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10134-11 Waterworks Revenue Bonds $8,300,000
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10134-11 Waterworks Revenue Bonds $8,300,000
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Last modified
12/2/2011 12:45:20 PM
Creation date
12/2/2011 12:45:17 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/28/2011
Ord-Res Number
10134-11
Bill Number
70-11
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therein, and repayment of any Credit Facility Costs shall be made prior to replenishment of any <br /> such cash amounts. <br /> (o) If, in addition to the Credit Facility in the Debt Service Reserve Account <br /> or any Subaccount, any other reserve account substitute instrument("Additional Credit Facility") <br /> is provided, drawings under the Credit Facility and any such Additional Credit Facility, and <br /> repayment of Credit Facility Costs and reimbursement of amounts due under the Additional <br /> Credit Facility, shall be made on a pro-rata basis (calculated by reference to the maximum <br /> amounts available thereunder) after applying all available cash therein and prior to replenishment <br /> of any such cash draws, respectively. <br /> (p) Inasmuch as the Reserve Requirement pertaining to the 1997 Bonds, the <br /> 2000 Bonds, the 2002 Bonds and the 2006 Bonds is currently being satisfied by the 2002 <br /> Reserve Insurance Policy and 2006 Reserve Insurance Policy, the City with the advice of the <br /> City's financial advisor and nationally recognized bond counsel, may satisfy the Reserve <br /> Requirement pertaining to the 2012 Bonds of any Series as follows: <br /> (i) by amending the terms of either the 2002 Reserve Insurance Policy or the <br /> 2006 Reserve Insurance Policy to expand the scope of either the 2002 <br /> Reserve Insurance Policy or the 2006 Reserve Insurance Policy to include <br /> the 2012 Bonds of such Series, and by adjusting the Policy Limit of the <br /> 2002 Reserve Insurance Policy or the 2006 Reserve Insurance Policy <br /> accordingly; or <br /> (ii) by obtaining a sepaxate Additional Credit Facility covering the Reserve <br /> Requirement attributable to the 2012 Bonds of such Series; or <br /> (iii) by funding the Reserve Requirement attributa.ble to the 2012 Bonds of <br /> such Series in cash funds, either (i) in a single payment, to be paid on the <br /> date of the issuance of the 2012 Bonds of such Series, or (ii) in equal <br /> monthly installments, over a period not to exceed sixty (60) months after <br /> the date of issuance of the 2012 Bonds of such Series, with the first <br /> installment due and payable on the date of the issuance of the 2012 Bonds <br /> of such Series, and the remaining installments payable on the last day of <br /> each calendar month, commencing on the last day of the month in which <br /> I the 2012 Bonds of such Series are issued. <br /> (� The City acknowledges that: (i) at the time that the 2009A Bonds were <br /> issued, the City, pursuant to the 2009 Ordinance, established within the Debt Service Reserve <br /> Account a subaccount for the 2009A Bonds (the "2009A Subaccount"); (ii) such 2009A <br /> Subaccount constitutes the margin for safety and as protection against default in the payment of <br /> principal of and interest on the 2009A Bonds; (iii) the moneys in such 2009A Subaccount shall <br /> be used to pay current principal and interest on the 2009A Bonds, to the extent that moneys in <br /> the Bond and Interest Account are insufficient for that purpose; (iv); the 2009A Bonds were sold <br /> to the Indiana Finance Authority pursuant to its Drinking Water Revolving Loan Program (the <br /> "SRF Program") and pursuant to the 2009 Ordinance the "Reserve RequiremenY' for the 2009A <br /> Bonds for which the 2009A Subaccount was establish means the maximum annual debt service <br /> -22 - <br />
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