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Refunding of Outstanding Sewage Works Revenue Bonds of 2006, 2007B in the Principal Amount not to Exceed $28,000,000
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Refunding of Outstanding Sewage Works Revenue Bonds of 2006, 2007B in the Principal Amount not to Exceed $28,000,000
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12/2/2015 12:24:16 PM
Creation date
12/2/2015 12:24:06 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/23/2015
Ord-Res Number
10406-15
Bill Number
71-15
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SECTION 14. Sewage Works Sinking Fund. <br /> (a) There shall be deposited from the Revenue Fund into the Sewage Works <br /> Sinking Fund (the "Sinking Fund") previously established and continued hereby for the payment <br /> of the interest on and principal of revenue bonds which by their terms are payable from the Net <br /> Revenues of the Sewage Works, and the payment of any fiscal agency charges in connection <br /> with the payment of such bonds and interest thereon, a sufficient amount of the Net Revenues of <br /> said Sewage Works to meet the requirements of the Bond and Interest Account (the "Bond and <br /> Interest Account") and the Reserve Account (the "Reserve Account") previously established and <br /> continued hereby in said Sinking Fund. Such payments shall continue until the balance in the <br /> Bond and Interest Account, plus the balance in the Reserve Account, equals the principal of and <br /> interest on all of the then outstanding bonds of the Sewage Works to the final maturity thereof. <br /> (b) Bond and Interest Account. There shall be transferred, on or before the <br /> last day of each calendar month, from the Revenue Fund and credited to the Bond and Interest <br /> Account, an amount equal to the sum of one-sixth (1/6) of the interest on all then outstanding <br /> bonds of the Sewage Works payable on the then next succeeding Interest Payment Date, and <br /> one-twelfth (1/12) of the amount of principal payable on all then outstanding bonds of the <br /> Sewage Works payable on the then next succeeding principal payment date, until the amount of <br /> interest and principal payable on the next succeeding respective interest and principal payment <br /> dates shall have been so credited; provided that such fractional amounts shall be appropriately <br /> increased, if necessary, to provide for the first interest and first principal payments on the 2015 <br /> Bonds. There shall similarly be credited to the Bond and Interest Account any amount necessary <br /> to pay the bank fiscal agency charges, if any, for paying the principal of and interest on <br /> outstanding bonds of the Sewage Works as the same become payable. The City shall, from the <br /> sums deposited in the Sinking Fund and credited to the Bond and Interest Account, remit <br /> promptly to the registered owners of the outstanding bonds of the Sewage Works or to the bank <br /> fiscal agency sufficient moneys to pay the principal and interest on the due dates thereof together <br /> with the amount of any bank fiscal agency charges. <br /> (c) Reserve Account. <br /> (i) For purposes of this Section 14(c), the term "Bonds" means the <br /> 2015 Bonds issued hereunder and any and all bonds ranking on a parity with the 2015 <br /> Bonds issued hereunder (including the Prior Bonds) which are (i) now outstanding or <br /> issued in the future by the City and (ii) which are payable from the Net Revenues of the <br /> Sewage Works. <br /> (ii) The Reserve Account (excluding any subaccounts established for <br /> any of the Bonds (each, a "Subaccount", and collectively, the "Subaccounts")) shall <br /> constitute the margin for safety and as protection against default in the payment of <br /> principal of and interest on the Bonds (excluding any Bonds for which a Subaccount was <br /> established), and the moneys in the Reserve Account (excluding any Subaccounts) shall <br /> be used to pay current principal and interest on the Bonds (excluding any Bonds for <br /> which a Subaccount was established) to the extent that moneys in the Bond and Interest <br /> Account are insufficient for that purpose. <br /> - 12 - <br />
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