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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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authorized by this Ordinance shall be not less than one hundred twenty-five percent <br />(125%) of the maximum annual interest and principal requirements of the then <br />outstanding Bonds, any then outstanding parity bonds and the additional parity bonds <br />proposed to be issued; or, prior to the issuance of said parity bonds, the sewage rates and <br />charges shall be increased sufficiently so that said increased rates and charges applied to <br />the previous fiscal. year's operations would have produced net revenues for said year <br />equal to not less than one hundred twenty-five percent (125%) of the maximum annual <br />interest and principal requirements of the then outstanding Bonds, any then outstanding <br />parity bonds and the additional parity bonds proposed to be issued. For purposes of this <br />subsection, the records of the Sewage Works shall be analyzed and all showings shall be <br />prepared by a certified public accountant or nationally recognized firm of professionals <br />experienced in analyzing financial records of municipal utilities retained by the City for <br />that purpose. For purposes of this Subsection 18 (b), Federal Cash Payments shall be <br />calculated and applied (i) in an amount not to exceed the amount thereof projected to be <br />received in the same bond year ending coterminous with the bond year ending with such <br />maximum annual interest and principal requirements of the then outstanding bonds and <br />the additional bonds proposed to be issued and (ii) solely for the term in which the <br />Federal Cash Payment applies. <br />(d) The principal of said additional parity bonds shall be payable on <br />December 1 and the interest on said additional parity bonds shall be payable <br />semiannually on June 1 and December 1 during the periods in which such principal and <br />interest are payable. <br />-40- <br />BDDBO 1 5738468v1 <br />
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