My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
sbend
>
Public
>
Common Council
>
Legislation
>
Ordinances
>
2009
>
9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
12/3/2009 11:51:05 AM
Creation date
8/20/2009 12:22:25 PM
Metadata
Fields
Template:
City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/10/2009
Ord-Res Number
9951-09
Bill Number
56-09
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
95
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
payment of principal of and interest on the Bonds do not secure such proposed parity <br />bonds. <br />The City may at any time and from time to time fund all or any part of the <br />Reserve Account by depositing in the Reserve Account one or more debt service reserve <br />surety bonds or insurance policies (each, a "Reserve Account Credit Instrument"), each of <br />which is issued by an insurance company rated at the time of deposit in the highest rating <br />category by Standard & Poor's Corporation and Moody's Investors Service. As long as <br />any Reserve Account Credit Instrument is in full force and effect, any valuation of the <br />Reserve Account shall treat the maximum amount available under such Reserve Account <br />Credit Instrument as its value. If the Reserve Account Credit Instrument is provided <br />subsequent to the initial cash contribution to the Reserve Fund, and the Bonds are <br />purchased by the Authority, notice of the purchase of the Reserve Account Credit <br />Instrument shall be given to the Authority. <br />Prior to applying any funds held in .any debt service reserve accounts <br />securing any obligations payable out of the revenues of the sewage works of the City to <br />the payment of such obligation, the City shall cause all funds held in the Sewage Works <br />Sinking Fund (or any like fund or account from which debt service has been structured to <br />be paid) to be applied in full before any such reserve accounts are so applied. <br />(d) Depository Agreements. The Sinking Fund, containing the Bond <br />and Interest Account and the Reserve Account, and/or the Construction Account may be <br />held by a financial institution acceptable to the Authority, pursuant to terms acceptable to <br />the Authority. If the Sinking Fund and the accounts therein are held in trust, the City <br />shall transfer the monthly required amounts of Net Revenues to the Bond and Interest <br />-34- <br />BDDBOI 5738468v1 <br />
The URL can be used to link to this page
Your browser does not support the video tag.