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10189-12 Authorizing Issuance & sale of additional revenue bonds to provide funds 2012 Sewage Works Construction Fund
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10189-12 Authorizing Issuance & sale of additional revenue bonds to provide funds 2012 Sewage Works Construction Fund
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10/12/2012 12:30:38 PM
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10/12/2012 12:30:34 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/8/2012
Ord-Res Number
10189-12
Bill Number
52-12
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(b) Bond and Interest Account. There shall be transferred, on or before the <br /> last day of each calendar month, from the Revenue Fund and credited to the Bond and <br /> Interest Account, an amount equal to the sum of one-sixth (1/6) of the interest on all then <br /> outstanding bonds of the Sewage Works payable on the then next succeeding Interest <br /> Payment Date, and one-twelfth (1/12) of the amount of principal payable on all then <br /> outstanding bonds of the Sewage Works payable on the then next succeeding principal <br /> payment date, until the amount of interest and principal payable on the next succeeding <br /> respective interest and principal payment dates shall have been so credited; provided that <br /> such fractional amounts shall be appropriately increased, if necessary, to provide for the <br /> first interest and first principal payments on the 2012 Bonds. There shall similarly be <br /> credited to the Bond and Interest Account any amount necessary to pay the bank fiscal <br /> agency charges, if any, for paying the principal of and interest on outstanding bonds of <br /> the Sewage Works as the same become payable. The City shall, from the sums deposited <br /> in the Sinking Fund and credited to the Bond and Interest Account, remit promptly to the <br /> registered owners of the outstanding bonds of the Sewage Works or to the bank fiscal <br /> agency sufficient moneys to pay the principal and interest on the due dates thereof <br /> together with the amount of any bank fiscal agency charges. <br /> (c) Reserve Account. On the date of delivery of the 2012 Bonds or any other <br /> bonds payable from the Reserve Account, funds on hand of the Sewage Works, proceeds <br /> of the 2012 Bonds or such other bonds or a combination thereof may be deposited into <br /> the Reserve Account. Except as otherwise required by the Prior Ordinances, the balance <br /> to be maintained in the Reserve Account shall equal but not exceed an amount (the <br /> "Reserve Requirement") equal to the least of(i) the maximum annual debt service on the <br /> 2012 Bonds and any other bonds payable from the Reserve Account, (ii) one hundred <br /> twenty-five percent (125%) of average annual debt service on the 2012 Bonds and any <br /> other bonds payable from the Reserve Account, or (iii) ten percent (10%) of the proceeds <br /> of the 2012 Bonds and any other bonds payable from the Reserve Account, plus if and to <br /> the extent the amount set forth above is less than maximum annual debt service on the <br /> 2012 Bonds and any other bonds payable from the Reserve Account, a minor portion of <br /> the proceeds thereof under Section 148(e) of the Internal Revenue Code of 1986, as <br /> amended (the "Code"). Notwithstanding such Reserve Requirement, certain of the Prior <br /> Ordinances require a Reserve Requirement in an amount equal to the maximum annual <br /> debt service on the sewage works revenue bonds payable from the Reserve Account <br /> (including the 2012 Bonds and the Prior Bonds) so long as the Prior Bonds with such a <br /> Reserve Requirement are outstanding. If the initial deposit into the Reserve Account <br /> does not equal the Reserve Requirement, or if no deposit is made, the City shall deposit a <br /> sum of Net Revenues into the Reserve Account on the last day of each calendar month <br /> until the balance equals the Reserve Requirement. The monthly deposits shall be equal in <br /> amount and sufficient to accumulate the Reserve Requirement within five (5)years of the <br /> date of delivery of the 2012 Bonds. The Reserve Account shall constitute the margin for <br /> safety and protection against default in the payment of principal of and interest on the <br /> 2012 Bonds and any other bonds payable from the Reserve Account, and the moneys in <br /> the Reserve Account shall be used to pay current principal and interest on the 2012 <br /> Bonds and any other bonds payable from the Reserve Account to the extent that moneys <br /> in the Bond and Interest Account are insufficient for that purpose. Any deficiency in the <br /> balance maintained in the Reserve Account shall be made up from the next available Net <br /> - 13 - <br />
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