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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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1. <br /> charges for the use of and the services rendered by the works so that such rates and charges shall <br /> produce revenues at least sufficient in each year to (a) pay all the legal and other necessary <br /> expenses incident to the operation of the works, including maintenance costs, operating charges, <br /> upkeep, repairs, and interest charges on bonds or other obligations, including leases; (b) provide <br /> a sinking fund for the liquidation of bonds or other obligations, including leases; (c) provide a <br /> debt service reserve on bonds or other obligations, including leases, as required by the terms of <br /> such obligations; (d) prove adequate money for working capital; (e) provide adequate money for <br /> making extensions and replacements; and (f) provide money for the payment of any taxes that <br /> may be assessed against the works. So long as any of the 2012B Bonds are outstanding, none of <br /> the facilities and services afforded by the works shall be furnished without a reasonable and just <br /> charge being made therefor. <br /> SECTION 19. Defeasance. If, when the 2012B Bonds or a portion thereof shall have <br /> become due and payable in accordance with their terms or shall have been duly called for <br /> redemption or irrevocable instructions to call the 2012B Bonds or a portion thereof for <br /> redemption shall have been given, and the whole amount of the principal, premium, if any, and <br /> the interest so due and payable upon such 2012B Bonds or any portion thereof then outstanding <br /> shall be paid, or (i) cash, (ii) direct non-callable obligations of(including obligations issued or <br /> held in book-entry form on the books of) the U.S. Department of the Treasury, the principal of <br /> and the interest on which when due without reinvestment will provide sufficient money, or (iii) <br /> any combination of the foregoing, shall be held irrevocably in trust for such purpose, and <br /> provision shall also be made for paying all fees and expenses for the payment, then and in that <br /> case the 2012B Bonds or such designated portion thereof shall no longer be deemed outstanding <br /> or secured by this Ordinance or entitled to the pledge of the Net Revenues. <br /> SECTION 20. Additional Bonds. The City reserves the right to issue additional bonds <br /> payable out of the Net Revenues ranking on a parity with the 2012B Bonds for the purpose of <br /> financing the cost of future additions, extensions and improvements to the works, or to provide <br /> for a complete or partial refunding of obligations, subject to the following conditions precedent: <br /> (a) The interest on and principal of all bonds payable from the Net Revenues <br /> shall have been paid to date in accordance with the terms thereof, and all required payments into <br /> the Sinking Fund required by this Ordinance shall have been made. The Reserve Requirement <br /> shall be satisfied for the additional Parity Bonds either at the time of delivery of the additional <br /> Parity Bonds or over a five-year or shorter period, in a manner which is commensurate with the <br /> requirements established in Section 14 of this Ordinance. <br /> (b) The Net Revenues in the fiscal year immediately preceding the issuance of <br /> any such bonds ranking on a parity with the 2012B Bonds shall be not less than one hundred <br /> twenty-five percent (125%) of the maximum annual principal and interest requirements of the <br /> then outstanding bonds (including the 2012B Bonds and the Prior Bonds) and the additional <br /> Parity Bonds proposed to be issued; or, prior to the issuance of the additional Parity Bonds, the <br /> water rates and charges shall be increased sufficiently so that the increased rates and charges <br /> applied to the previous fiscal year's operations would have produced Net Revenues for the year <br /> equal to not less than one hundred twenty-five percent (125%) of the maximum annual principal <br /> and interest requirements of the then outstanding bonds and the additional Parity Bonds <br /> proposed to be issued. For purposes of this subsection, the records of the works shall be <br /> -23 - <br />
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