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05-26-09 Common Council Meeting Agenda & Packet
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05-26-09 Common Council Meeting Agenda & Packet
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5/21/2009 4:06:32 PM
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City Council - City Clerk
City Council - Document Type
Agendas
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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 />maybe assessed against the works. So long as any of the 2009 Bonds are outstanding, none of <br />the facilities and services afforded by the works shall be furnished without a reasonable and <br />just charge being made therefor. <br />SECTION 19. Defeasance. If, when the 2009 Bonds or a portion thereof shall <br />have become due and payable in accordance with their terms or shall have been duly called for <br />redemption or irrevocable instructions to call the 2009 Bonds or a portion thereof for redemption <br />shall have been given, and the whole amount of the principal, premium, if any, and the interest <br />so due and payable upon such 2009 Bonds or any portion thereof then outstanding shall be paid, <br />or (i) cash, (ii) direct non-callable obligations of (including obligations issued or held in book- <br />entry form on the books of) the U.S. Department of the Treasury, the principal of and the interest <br />on which when due without reinvestment will provide sufficient money, or (iii) any combination <br />of the foregoing, shall be held irrevocably in trust for such purpose, and provision shall also be <br />made for paying all fees and expenses for the payment, then and in that case the 2009 Bonds or <br />such designated portion thereof shall no longer be deemed outstanding or secured by this <br />Ordinance or entitled to the pledge of the Net Revenues. <br />SECTION 20. Additional Bonds. The City reserves the right to issue additional <br />bonds payable out of the Net Revenues ranking on a parity with the 2009 Bonds for the purpose <br />of financing the cost of future additions, extensions and improvements to the works, or to <br />provide for a complete or partial refunding of obligations, subject to the following conditions <br />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 afive-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 2009 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 2009 Bonds and the Prior Bonds) and the additional Parity <br />Bonds proposed to be issued; or, prior to the issuance of the additional Parity Bonds, the water <br />rates 'and charges shall be increased sufficiently so that the increased rates and charges applied to <br />the previous fiscal year's operations would have produced Net Revenues for the year equal to not <br />less than one hundred twenty-five percent (125%) of the maximum annual principal and interest <br />requirements of the then outstanding bonds and the additional Parity Bonds proposed to be <br />issued. For purposes of this subsection, the records of the works shall be analyzed and all <br />showings shall be prepared by an independent certified public accountant employed by the City <br />for that purpose. <br />-24- <br />
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