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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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Officer with the advice of the City's financial advisor, be deposited into the Debt Service <br /> Reserve Account either (i) in a single payment, to be paid on the date of the issuance of such <br /> additional Parity Bonds, or (ii) in equal monthly installments, over a period not to exceed sixty <br /> (60) months after the date of issuance of such additional Parity Bonds, with the first installment <br /> due and 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 /> (k) Subject to Section 14(i) and Section 14(j) above, any deficiency in the <br /> balance maintained in the Debt Service Reserve Account (excluding any Subaccounts) or any <br /> Subaccounts shall be promptly made up from the next available Net Revenues after credits into <br /> the Bond and Interest Account, on a pro rata basis, calculated by reference to the amount of the <br /> deficiency in the Debt Service Revenue Account (excluding any Subaccounts) and each <br /> Subaccount. Any moneys in the Debt Service Reserve Account (excluding any Subaccount) in <br /> excess of the Reserve Requirement for the Bonds (excluding any Bonds for which a Subaccount <br /> was established), and any moneys in the 2012 Subaccount for the 2012B Bonds of any Series for <br /> which a 2012 Subaccount was established in excess of the Reserve Requirement for the 2012B <br /> Bonds of such Series, may be used for the prepayment of installments of principal, together with <br /> interest due thereon, on the then outstanding Bonds which are then callable or prepayable, or for <br /> the purchase of outstanding Bonds or installments of principal of and interest on the Bonds at a <br /> price not exceeding par and accrued interest, or may be transferred to the Improvement Fund. <br /> (1) As an alternative to holding cash funds in the Debt Service Reserve <br /> Account or any Subaccount, the City, with the advice of the City's financial advisor and <br /> nationally recognized bond counsel, may satisfy all or any part of its obligation to maintain any <br /> amount in the Debt Service Reserve Account or such Subaccount by depositing a Credit Facility <br /> (as defined in the next sentence)therein (which, for any 2009 Bonds for which a Subaccount was <br /> established and which were sold to the Indiana Finance Authority through the SRF Program (as <br /> hereafter defined), will require the written consent of the Indiana Finance Authority to the <br /> deposit of any such Credit Facility), provided that such deposit does not adversely affect any <br /> then existing rating on the Bonds. A "Credit Facility" is hereby defined as a letter of credit, <br /> liquidity facility, insurance policy or comparable instrument furnished by a bank, insurance <br /> company, financial institution or other entity pursuant to a reimbursement agreement or similar <br /> instrument between such entity and the City. To the extent that any Bonds are insured, and the <br /> Credit Facility is not being provided by the insurer of such Bonds, such insurance policy shall be <br /> subject to the insurer's prior written consent. <br /> (m) In the event a draw is made against the Credit Facility in the Debt Service <br /> Reserve Account or any Subaccount, the City shall repay the amount of the draw and related <br /> expenses incurred by the issuer(s) of the Credit Facility (the "Credit Facility Issuer") together <br /> with interest thereon at the rate specified in the Credit Facility and/or the related Credit Facility <br /> Agreement (as defined below). The repayment of the draw amount, related expenses and accrued <br /> interest (the "Credit Facility Costs") shall be paid from the funds that would have been set aside <br /> above to replenish the Debt Service Reserve Account or such Subaccount, respectively. <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 /> - 20 - <br />
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