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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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the City into the Debt Service Reserve Account or such Subaccount, respectively, and then <br /> payments shall be made from the Debt Service Reserve Account or such Subaccount, <br /> respectively, to pay Credit Facility Costs. <br /> (n) If and to the extent cash has been deposited to the Debt Service Reserve <br /> Account or any Subaccount (other than Monthly Installments to pay Credit Facility Costs), all <br /> such cash (or permitted investments) shall be used prior to any drawing under the Credit Facility <br /> therein, and repayment of any Credit Facility Costs shall be made prior to replenishment of any <br /> such cash amounts. <br /> (o) If, in addition to the Credit Facility in the Debt Service Reserve Account <br /> or any Subaccount, any other reserve account substitute instrument("Additional Credit Facility") <br /> is provided, drawings under the Credit Facility and any such Additional Credit Facility, and <br /> repayment of Credit Facility Costs and reimbursement of amounts due under the Additional <br /> Credit Facility, shall be made on a pro-rata basis (calculated by reference to the maximum <br /> amounts available thereunder) after applying all available cash therein and prior to replenishment <br /> of any such cash draws, respectively. <br /> (p) Inasmuch as the Reserve Requirement pertaining to the 2000 Bonds, the <br /> 2002 Bonds and the 2006 Bonds is currently being satisfied by the 2002 Reserve Insurance <br /> Policy and 2006 Reserve Insurance Policy, the City with the advice of the City's financial <br /> advisor and nationally recognized bond counsel, may satisfy the.Reserve Requirement pertaining <br /> to the 2012B Bonds of any Series as follows: <br /> (i) by amending the terms of either the 2002 Reserve Insurance Policy or the <br /> 2006 Reserve Insurance Policy to expand the scope of either the 2002 <br /> Reserve Insurance Policy or the 2006 Reserve Insurance Policy to include <br /> the 2012B Bonds of such Series, and by adjusting the Policy Limit of the <br /> 2002 Reserve Insurance Policy or the 2006 Reserve Insurance Policy <br /> accordingly; or <br /> (ii) by obtaining a separate Additional Credit Facility covering the Reserve <br /> Requirement attributable to the 2012B Bonds of such Series; or <br /> (iii) by funding the Reserve Requirement attributable to the 2012B Bonds of <br /> such Series in cash funds, either (i) in a single payment, to be paid on the <br /> date of the issuance of the 2012B Bonds of such Series, or (ii) in equal <br /> monthly installments, over a period not to exceed sixty (60) months after <br /> the date of issuance of the 2012B Bonds of such Series, with the first <br /> installment due and payable on the date of the issuance of the 2012B <br /> Bonds of such Series, and the remaining installments payable on the last <br /> day of each calendar month, commencing on the last day of the month in <br /> which the 2012B Bonds of such Series are issued. <br /> (q) The City acknowledges that: (i) at the time that the 2009A Bonds were <br /> issued, the City, pursuant to the 2009 Ordinance, established within the Debt Service Reserve <br /> Account a subaccount for the 2009A Bonds (the "2009A Subaccount"); (ii) such 2009A <br /> - 21 - <br />
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