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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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6/25/2009 8:45:24 AM
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6/25/2009 8:45:23 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/22/1998
Ord-Res Number
8919-98
Bill Number
51-98
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(b) Debt Service Reserve Account. On the first day of each calendar <br />month, after making the credits to the Bond and Interest Account, there shall be credited <br />from available net revenues to the Debt Service Reserve Account an amount not less than <br />an amount which will produce, in equal monthly installments over atwenty-four (24) month <br />period, an amount equal to the least of (i) maximum annual debt service on all bonds payable <br />from the net revenues of the Sewage Works, (ii) 125% of the average annual principal and <br />interest payable on all bonds payable from the net revenues of the Sewage Works, or (iii) ten <br />percent (10%) of the proceeds of all bonds payable from the net revenues of the Sewage <br />Works, plus a minor portion thereof as defined in the Internal Revenue Code of 1986, as <br />amended (the "Code") (the "Debt Service Reserve Requirement"). Said credits to the Debt <br />Service Reserve Account shall continue until the balance therein shall equal the Debt Service <br />Reserve Requirement. The Debt Service Reserve Account shall constitute the margin for <br />safety as a protection against default in the payment of principal of and interest on the bonds, <br />and the moneys in the Debt Service Reserve Account shall be used to pay current principal <br />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 <br />transferred to the Bond and Interest Account to pay principal and interest on bonds, then such <br />depletion of the balance in the Debt Service Reserve Account shall be made up from the next <br />available net revenues after the credits into the Bond and Interest Account hereinbefore <br />provided for. Any moneys in the Debt Service Reserve Account in excess of the Debt <br />Service Reserve Requirement shall be transferred to the Sewage Works Improvement Fund, <br />and in no event shall such excess moneys be held in the Debt Service Reserve Account. <br />Section 12. Sewage Works Improvement Fund. On the first day of each calendar <br />month after the 1998 Bonds are issued, after meeting the requirements for operation, repair, and <br />maintenance, and the Sewage Works Sinking Fund, all available net revenues shall be credited to <br />the fund created under the 1993 Bond Ordinance and continued hereby, and designated as the <br />"Sewage Works Improvement Fund". Said fund shall be used for improvements, replacements, <br />additions and extensions of the Sewage Works. Moneys in the Sewage Works Improvement Fund <br />shall be transferred to the Sewage Works Sinking Fund if necessary to prevent a default in the <br />payment of principal and interest on the then outstanding bonds or if necessary to eliminate any <br />-19- <br />::ODMA\PCDOCS\SBDOCS ri 14947\3 <br />
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