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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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funds that would have been set aside above to replenish the Debt Service Reserve Account. <br />Repayment of the Credit Facility Costs shall commence in the first month following each draw, <br />in an amount equal to no less than one twelfth (1/12) of the aggregate Credit Facility Costs <br />related to such draw ("Monthly Installments"). Each Monthly Installment shall be deposited by <br />the City into the Debt Service Reserve Account, and then payments shall be made from the Debt <br />Service Reserve Account to pay Credit Facility Costs. <br />(1) If and to the extent cash has been deposited to the Debt Service Reserve <br />Account (other than Monthly Installments to pay Credit Facility Costs), all such cash (or <br />permitted investments) shall be used prior to any drawing under the Credit Facility, and <br />repayment of any Credit Facility Costs shall be made prior to replenishment of any such cash <br />amounts. <br />(m) If, in addition to the Credit Facility, any other reserve account substitute <br />instrument ("Additional Credit Facility") is provided, drawings under the Credit Facility and any <br />such Additional Credit Facility, and repayment of Credit Facility Costs and reimbursement of <br />amounts due under the Additional Credit Facility, shall be made on a pro-rata basis (calculated <br />by reference to the maximum amounts available thereunder) after applying all available cash in <br />the Debt Service Reserve Account and prior to replenishment of any such cash draws, <br />respectively." <br />(n) Inasmuch as the Reserve Requirement pertaining to the 1993 Bonds, the <br />1997 Bonds, the 2000 Bonds and the 2002 Bonds is currently being satisfied by the 2002 <br />Reserve Insurance Policy, the City with the advice of the Financial Advisor and Bond Counsel, <br />may satisfy the Reserve Requirement pertaining to the 2005 Bonds as follows: <br />(i.) by amending the terms of the 2002 Reserve Insurance Policy to expand the <br />scope of the 2002 Reserve Insurance Policy to include the 2005 Bonds, <br />and by adjusting the Policy Limit of the 2002 Reserve Insurance Policy <br />accordingly; or <br />(ii.) by obtaining a separate Additional Credit Facility covering the Reserve <br />Requirement attributable to the 2005 Bonds; or <br />(iii.) by funding the Reserve Requirement attributable to the 2005 Bonds in <br />cash funds deposited into the Debt Service Reserve Account either (i) in a <br />single payment, to be paid on the date of the issuance of the 2005 Bonds, <br />or (ii) in equal monthly installments, over a period not to exceed not to <br />exceed sixty (60) months after the date of issuance of the 2005 Bonds, <br />with the first installment due and payable on the date of the issuance of the <br />2005 Bonds, 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 />the 2005 Bonds are issued. <br />(o) The provisions of this Section 14 amend and supersede the corresponding <br />provisions of Section 15(c) of the 1993 Ordinance, Section 14(b) of the 1997 Ordinance, Section <br />14(b) of the 2000 Ordinance, Section 14(b) of the 2002 Ordinance and Sections 1, 2 and 3 of the <br />-20- <br />
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