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Authorizing Issuance and Sale of Bonds to refund Outstanding Refunding Revenue Bonds of 1993
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Authorizing Issuance and Sale of Bonds to refund Outstanding Refunding Revenue Bonds of 1993
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Last modified
5/20/2009 2:24:27 PM
Creation date
8/28/2008 1:50:58 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/24/2001
Ord-Res Number
9270-01
Bill Number
92-01
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of the of the principal on all then outstanding bonds payable during the next succeeding twelve <br />calendar months; provided that such fractional amounts shall be appropriately increased, if necessary, <br />to provide for the first interest and principal payments. There shall be similarly credited to the account <br />the amount necessary to pay the bank fiscal agency charges, if any, for paying principal and interest <br />on the bonds as the same become payable. The City shall, from the sums deposited in the Sinking <br />Fund and credited to the Bond and Interest Account, remit promptly to the bank fiscal agency <br />sufficient moneys to pay the principal of and interest on the due dates thereof together with the <br />amount of any bank fiscal agency charges. <br />On the first day of each calendar month after making the credits to the Bond and Interest <br />Account, there shall be credited from available Net Revenues to the Debt Service Reserve Account <br />an amount not less than will produce, in equal monthly installments over atwenty-four (24) month <br />period, an amount (the "Reserve Requirement") equal to the least of (i) maximum annual debt service <br />on all bonds payable from the net revenues of the sewage works, (ii) 125% of the average annual <br />principal and interest payable on all bonds payable from the sewage works, or (iii) 10% of the <br />proceeds of all bonds payable from the sewage works, plus a minor portion thereof as defined in the <br />Internal Revenue Code of 1986, as amended (the Code"). The Reserve Requirement is hereby <br />determined to be reasonable. Said credits to the Debt Service Reserve Account shall continue until <br />the balance therein shall equal the Reserve Requirement. The Debt Service Reserve Account shall <br />constitute the margin for safety as a protection against default in the payment of principal of and <br />interest on the bonds, and moneys in the Debt Service Reserve Account shall be used to pay current <br />principal of and interest on the bonds to the extent that moneys in the Bond and Interest Account are <br />insufficient for that purpose, In the event moneys in the Debt Service Reserve Account are transferred <br />to the Bond and Interest Account to pay principal and interest on bonds, then such depletion of the <br />balance in the Debt Service Reserve Account shall be made up from the next available Net Revenues <br />after credits into the Bond and Interest Account hereinbefore provided for. Any moneys in the Debt <br />Service Reserve Account in excess of the Reserve Requirement shall be transferred to the Sewage <br />Works Improvement Fund referred to below. <br />Amounts held on the date of issuance of the 2001 Bonds in the reserve account for the 1993 <br />Bonds shall be credited to the Debt Service Reserve Account and applied toward the Reserve <br />Requirement, and the remaining amounts then in the reserve account for the 1993 Bonds shall be <br />credited to the Debt Service Reserve Account or deposited to the Escrow Account under the Escrow <br />Agreement, as directed by bond counsel. <br />As an alternative to holding the Reserve Requirement in the Debt Service Reserve Account <br />in cash funds, and if permitted by applicable law and under the terms of all obligations and <br />agreements to which the City is or may become subj ect (including, without limitation, the obligations <br />and agreements pertaining to the 1998 Bonds and any other Parity Bonds), the City may purchase one <br />or more Debt Service Reserve Account insurance policy(s) (the "Reserve Policv") provided by a <br />bank, insurance company, financial institution or other entity ("Reserve Polic, I~") with a long <br />term debt rating at least equal to the rating category on the 2001 Bonds by the rating agency or <br />agencies then rating the 2001 Bonds, to provide for payment of principal and interest on the 2001 <br />Bonds in the event that funds in the Bond and Interest Account are insufficient to pay the principal <br />and interest on the 2001 Bonds when due. The Mayor and the Controller are hereby authorized to <br />obtain such a Reserve Policy, and are authorized to enter into an agreement ("Reserve Policv <br />-8- <br />
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