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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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Debt Service Reserve Account either (i) in a single payment, to be paid on the date of the <br />issuance of the 2005 Bonds, or (ii) in equal monthly installments, over a period not to exceed not <br />to exceed sixty (60) months after the date of issuance of the 2005 Bonds, with the first <br />installment due and payable on the date of the issuance of the 2005 Bonds, and the remaining <br />installments payable on the last day of each calendar month, commencing on the last day of the <br />month in which the 2005 Bonds are issued. <br />(h) To the extent that additional Parity Bonds are issued subsequent to the <br />issuance of the 2005 Bonds, the additional amounts, if any, which are required to be paid into the <br />Debt Service Reserve Account to satisfy the Reserve Requirement as a result of the issuance of <br />such additional Parity Bonds shall, at the election of the Executive and Fiscal Officer with the <br />advice of the City's financial advisor, be deposited into the Debt Service Reserve Account either <br />(i) in a single payment, to be paid on the date of the issuance of such additional Parity Bonds, or <br />(ii) in equal monthly installments, over a period not to exceed not to exceed sixty (60) months <br />after the date of issuance of such additional Parity Bonds, with the first installment due and <br />payable on the date of the issuance of such additional Parity Bonds, and the remaining <br />installments payable on the last day of each calendar month, commencing on the last day of the <br />month in which such additional Parity Bonds are issued. <br />(i) Subject to Section 14(g) and Section 14(h) above, any deficiency in the <br />balance maintained in the Debt Service Reserve Account shall be promptly made up from the <br />next available Net Revenues after credits into the Bond and Interest Account. Any moneys in <br />the Debt Service Reserve Account in excess of the Reserve Requirement may be used for the <br />prepayment of installments of principal, together with interest due thereon, on the then <br />outstanding Bonds which are then callable or prepayable, or for the purchase of outstanding <br />Bonds or installments of principal of and interest on the Bonds at a price not exceeding par and <br />accrued interest, or may be transferred to the Improvement Fund. <br />(j) As an alternative to holding the Reserve Requirement in the Debt Service <br />Reserve Account in cash funds, the City, with the advice of the Financial Advisor and Bond <br />Counsel, may satisfy all or any part of its obligation to maintain an amount in the Debt Service <br />Reserve Account equal to the Reserve Requirement by depositing a Credit Facility (as defined in <br />the next sentence) in the Debt Service Reserve Account, provided that such deposit does not <br />adversely affect any then existing rating on the Bonds. A "Credit Facility" is hereby defined as a <br />letter of credit, liquidity facility, insurance policy or comparable instrument furnished by a bank, <br />insurance company, financial institution or other entity pursuant to a reimbursement agreement <br />or similar instrument between such entity and the City, for the purpose of satisfying in whole or <br />in part the City's obligation to maintain the Reserve Requirement. To the extent that the Bonds <br />are insured, and the Credit Facility to be deposited into the Debt Service Reserve Account is not <br />being provided by the insurer of such Bonds, such insurance policy shall be subject to the <br />insurer's prior written consent. <br />(k) In the event a draw is made against the Credit Facility, the City shall repay <br />the amount of the draw and related expenses incurred by the issuer(s) of the Credit Facility (the <br />"Credit Facility Issuer") together with interest thereon at the rate specified in the Credit Facility <br />and/or the related Credit Facility Agreement (as defined below). The repayment of the draw <br />amount, related expenses and accrued interest (the "Credit Facility Costs") shall be paid from the <br />-19- <br />
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