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10190-12 Refinance Waterworks revenue of 2002
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10190-12 Refinance Waterworks revenue of 2002
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Last modified
10/12/2012 12:35:11 PM
Creation date
10/12/2012 12:35:02 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/8/2012
Ord-Res Number
10190-12
Bill Number
53-12
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(g) In this Ordinance, the term "Reserve Requirement" for the Bonds <br /> (excluding any Bonds for which a Subaccount was established) means the least of: (i) the <br /> maximum annual debt service on the Bonds (excluding any Bonds for which a Subaccount was <br /> established), (ii) 125% of the average annual debt service on the Bonds (excluding any Bonds for <br /> which a Subaccount was established), or (iii) 10% of the proceeds of the Bonds (excluding any <br /> Bonds for which a Subaccount was established). In this Ordinance, the term "Reserve <br /> Requirement" for the 2012B Bonds of each Series for which a 2012 Subaccount was established <br /> means the least of: (i) the maximum annual debt service on the 2012B Bonds of such series, (ii) <br /> 125% of the average annual debt service on the 2012B Bonds of such Series, or (iii) 10% of the <br /> proceeds of the 2012B Bonds of such Series. <br /> (h) Subject to Section 14(i) and Section 14(j) below, the City shall maintain in <br /> the Debt Service Reserve Account (excluding any Subaccounts) an amount equal to the Reserve <br /> Requirement for the Bonds (excluding any Bonds for which a Subaccount was established). <br /> Subject to Section 14(i) and Section 14(j) below, the City shall maintain in the wol 1 Subaccount <br /> of the Debt Service Reserve Account for the 2012B Bonds of each Series for which a 2012 <br /> Subaccount was established an amount equal to the Reserve Requirement for the 2012B Bonds <br /> of such Series. <br /> (i) To the extent that the amount in the Debt Service Reserve Account <br /> (excluding any Subaccounts) on the date of the issuance of the 2012B Bonds of any Series is less <br /> than the Reserve Requirement for the Bonds (excluding any Bonds for which a Subaccount was <br /> established), that portion of the shortfall which exists as of the date of issuance of the 2012B <br /> Bonds of such Series shall, at the election of the Executive and Fiscal Officer with the advice of <br /> the City's financial advisor, be deposited into the Debt Service Reserve Account (excluding any <br /> Subaccounts) either (i) in a single payment, to be paid on the date of the issuance of the 2012B <br /> Bonds of such Series, or (ii) in equal monthly installments, over a period not to exceed sixty (60) <br /> months after the date of issuance of the 2012B Bonds of such Series, with the first installment <br /> due and payable on the date of the issuance of the 2012B Bonds of such Series, and the <br /> remaining installments payable on the last day of each calendar month, commencing on the last <br /> day of the month in which the 2012B Bonds of such Series are issued. To the extent that the <br /> amount in the 2012 Subaccount of the Debt Service Reserve Account for the 2012B Bonds of <br /> any Series on the date of the issuance of the 2012B Bonds of such Series is less than the Reserve <br /> Requirement for the 2012B Bonds of such Series, that portion of the shortfall which exists as of <br /> the date of issuance of the 2012B Bonds of such Series shall, at the election of the Executive and <br /> Fiscal Officer with the advice of the City's financial advisor, be deposited into such 2012 <br /> Subaccount either (i) in a single payment, to be paid on the date of the issuance of the 2012B <br /> Bonds of such Series, or (ii) in equal monthly installments, over a period not to exceed sixty (60) <br /> months after the date of issuance of the 2012B Bonds of such Series, with the first installment <br /> due and payable on the date of the issuance of the 2012B Bonds of such Series, and the <br /> remaining installments payable on the last day of each calendar month, commencing on the last <br /> day of the month in which the 2012B Bonds of such Series are issued. <br /> (j) To the extent that additional Parity Bonds are issued subsequent to the <br /> issuance of the 2012B Bonds of any Series, the additional amounts, if any, which are required to <br /> be paid into the Debt Service Reserve Account to satisfy the Reserve Requirement as a result of <br /> the issuance of such additional Parity Bonds shall, at the election of the Executive and Fiscal <br /> - 19 - <br />
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