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07-27-09 Common Council Meeting Agenda & Packet
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07-27-09 Common Council Meeting Agenda & Packet
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9/10/2009 2:52:27 PM
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7/23/2009 1:06:53 PM
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City Council - City Clerk
City Council - Document Type
Agendas
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equal but not exceed an amount (the "Reserve Requirement") equal to the least of <br />(i) maximum annual debt service on the Bonds and any other bonds payable from the <br />Reserve Account, (ii) one hundred twenty-five percent (125%) of average annual debt <br />service on the Bonds and any other bonds payable from the Reserve Account, or (iii) ten <br />percent (10%) of the proceeds of the Bonds and any other bonds payable from the <br />Reserve Account, plus if and to the extent the amount set forth above is less than <br />maximum annual debt service on the Bonds and any other bonds payable from the <br />Reserve Account, a minor portion of the proceeds thereof under Section 148(e) of the <br />Code. If the initial deposit into the Reserve Account does not equal the Reserve <br />Requirement, or if no deposit is made, the City shall deposit a sum of Net Revenues into <br />the Reserve Account on the last day of each calendar month until the balance equals the <br />Reserve Requirement. The monthly deposits shall be equal in amount and sufficient to <br />accumulate the Reserve Requirement within five (5) years of the date of delivery of the <br />Bonds. The Reserve Account shall constitute the margin for safety and protection against <br />default in the payment of principal of and interest on the Bonds and any other bonds <br />payable from the Reserve Account, and the moneys in the Reserve Account shall be used <br />to pay current principal and interest on the Bonds and any other bonds payable from the <br />Reserve Account to the extent that moneys in the Bond and Interest Account are <br />insufficient for that purpose. Any deficiency in the balance maintained in the Reserve <br />Account shall be made up from the next available Net Revenues remaining after credits <br />into the Bond and Interest Account. Any moneys in the Reserve Account in excess of the <br />Reserve Requirement shall either be transferred to the Sewage Works Improvement Fund <br />or be used for the purchase of outstanding bonds or installments of principal of fully <br />-32- <br />BDDBOI 5738468v1 <br />
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