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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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Last modified
12/3/2009 11:51:05 AM
Creation date
8/20/2009 12:22:25 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/10/2009
Ord-Res Number
9951-09
Bill Number
56-09
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in Section VI of this Ordinance, at least equal to 1.1 times the greater of the average annual debt <br />service on the Prior Bonds, the Bonds and all bonds on a parity therewith or the debt service <br />payable during the next succeeding twelve calendar months on the Prior Bonds, the Bonds and <br />all bonds on a parity therewith. For these purposes, the interest rate on variable rate debt shall be <br />assumed to be the average interest rate thereon in the preceding calendar year. <br />Such rates or charges shall, if necessary, be changed and readjusted from time to <br />time so that the revenues therefrom shall always be sufficient to meet the expenses of Operation <br />and Maintenance of the Sewage Works and the requirements of the Sewage Works Sinking <br />Fund. The rates or charges so established shall apply to any and all use of such Sewage Works <br />by and service rendered to the City and all departments thereof and shall be paid no less <br />frequently than semi-annually by the City or the various departments thereof as the charges <br />accrue. <br />Section XVII. Defeasance. If, when the Bonds issued hereunder (or portions <br />thereof) shall have become due and payable in accordance with their terms or shall have been <br />duly called for redemption or irrevocable instructions to call the Bonds (or portions thereof) for <br />redemption shall have been given, and the whole amount of the principal and the interest and the <br />premium, if any, so due and payable upon all of the Bonds (or portions thereof) then outstanding <br />shall be paid; or (i) sufficient moneys, or (ii) direct obligations of, or obligations the principal of <br />and interest on which are unconditionally guaranteed by, the United States of America, the <br />principal of and the interest on which when due will provide sufficient moneys, or (iii) time <br />certificates of deposit fully secured as to both principal and interest by obligations of the kind <br />described in (ii) above of a bank or banks the principal of and interest on which when due will <br />provide sufficient moneys, shall be held in trust for such purpose, and provision shall also be <br />-38- <br />BDDBOI 5738468v1 <br />
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