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9603-05 Authorizing the Issuance of Revenue Bonds - Concerning the Construction of Improvements to the Municipal Waterworks - not to exceed $4,710,000
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9603-05 Authorizing the Issuance of Revenue Bonds - Concerning the Construction of Improvements to the Municipal Waterworks - not to exceed $4,710,000
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Last modified
12/13/2010 10:32:41 AM
Creation date
2/12/2008 1:46:10 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
7/25/2005
Ord-Res Number
9603-05
Bill Number
39-05
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such payment. The Sinking Fund is divided into two accounts designated as the Bond and <br />Interest Account and the Debt Service Reserve Account, which are pledged for the purposes set <br />forth below. There shall be set aside and deposited in the Sinking Fund, as available, and as <br />hereinafter provided, a sufficient amount of the Net Revenues to meet the requirements of the <br />Bond and Interest Account (also shown on the books of the utility as the Bond Sinking Fund) <br />and of the Debt Service Reserve Account. Such payments shall continue until the balance in the <br />Bond and Interest Account, plus the balance in the Debt Service Reserve Account, equals the <br />amount needed to redeem all of the then outstanding bonds. <br />(a) Principal and Interest Account. There shall be transferred, on the last day <br />of each calendar month, from the Revenue Fund and credited to the Bond and Interest Account <br />an amount equal to the sum of one-twelfth (1/12) of the principal and one-sixth (116) of the <br />interest on all then outstanding bonds payable from Net Revenues on the next succeeding <br />principal and interest payment dates, until the amount so credited shall equal the principal <br />payable during the next succeeding twelve (12) calendar months and the interest payable during <br />the next succeeding six (6) calendar months. There shall similarly be credited to the account any <br />amount necessary to pay when due the bank fiscal agency charges for paying principal of and <br />interest on the bonds as the same become payable. The City shall, from the sums deposited in <br />the Sinking Fund and credited to the Bond and Interest Account, remit promptly to the bank <br />fiscal agency sufficient moneys to pay the principal and interest on the due dates thereof together <br />with the amount of bank fiscal agency charges. <br />(b) Debt Service Reserve Account. The Debt Service Reserve Account shall <br />constitute the margin for safety and as protection against default in the payment of principal of <br />and interest on the Bonds (as defined below), and the moneys in the Debt Service Reserve <br />Account shall be used to pay current principal and interest on the Bonds to the extent that <br />moneys in the Bond and Interest Account are insufficient for that purpose. <br />(c) In this Ordinance the term "Parity Bonds" means any and all bonds <br />ranking on a parity with the 2005 Bonds issued hereunder (including the Prior Bonds) which are <br />(i) now outstanding or issued in the future by the City, and (ii) which are payable from the net <br />revenues of the City's waterworks. <br />(d) In this Section 14 the term "Bonds" means the 2005 Bonds issued <br />hereunder and all Parity Bonds. <br />(e) In this Ordinance the term "Reserve Requirement" means the lesser of (i) <br />the maximum annual debt service on the Bonds, (ii) 125% of the average annual debt service on <br />the Bonds, or (iii) ten percent (10%) of the proceeds of the Bonds. <br />(f) Subject to Section 14(g) and Section 14(h) below, the City shall maintain <br />in the Debt Service Reserve Account in an amount equal to the Reserve Requirement. <br />(g) To the extent that the amount in the Debt Service Reserve Account on the <br />date of the issuance of the 2005 Bonds is less than the Reserve Requirement, that portion of the <br />shortfall which exists as of the date of issuance of the 2005 Bonds shall, at the election of the <br />Executive and Fiscal Officer with the advice of the City's financial advisor, be deposited into the <br />-18- <br />
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