Ord 1986-125 - Laserfiche WebLink

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under which Additional Bonds are issued sha11 provide and require that, in addition to the amounts required by the provisions of this Ordinance and the provisions of any other ordinance or ordinances authorizing Additional Bonds to be deposited to the credit of the Interest and Sinking Fund, the City shaH deposit to the credit of the Interest and Sinking Fund, at least such amounts as are required for the payment of a11 principal of and interest on said Additional Bonds then being issued, as the same come due; and that the aggregate amount to be accumulated and maintained in the Reserve Fund sha11 be increased (if and to the extent necessary) to an amount not less than the average annual principal and interest requirements of a11 Bonds and Additional Bonds which will be outstanding after the issuance and delivery of the then proposed Additional Bonds; and that the required additional amount sha11 be so accumulated by the deposit in the Reserve Fund of all or any part of said required additional amount in cash immediately after the delivery of the then proposed Additional Bonds, or, at the option of the City, by the deposit of said required additional amount (or any balance of said required additional amount not deposited in cash as permitted above) in monthly insta11ments, made on or before the 25th day of each month foHowing the delivery of the then proposed Additional Bonds, of not less than 1/60 of said required additional amount or 1/60 of the balance of said required additional amount or 1/60 of the balance of said required additional amount not deposited in cash as permitted above. (c) AH calculations of average annual principal and interest requirements (including Amortization Installments) made pursuant to this Section shaH be made as of and from the date of the Additional Bonds then proposed to be issued. (d) The principal of a11 Additional Bonds must be scheduled to be paid or mature on November 1 of the years in which such principal is scheduled to be paid or mature; and aH interest thereon must be payable on May 1 and November 1. Section 24. FURTHER REQUIREMENTS FOR ADDITIONAL BONDS. Additional Bonds shall be issued only in accordance with this Ordinance, but notwithstanding any provisions of this Ordinance to the contrary, no instaHment, series or issue of Additional Bonds shaH be issued or delivered unless: (a) The Mayor and the City Secretary of the City sign a written certificate to the effect that the City is not in default as to any covenant, condition or obligation in connection with aH then outstanding Bonds and Additional Bonds, and the ordinances authorizing same, and that the Interest and Sinking Fund and the Reserve Fund each contains the amount then required to be therein. (b) An independent certified public accountant, or independent firm of certified public accountants, signs a written certificate or report to the effect that, during either the next preceding year, or any twelve consecutive calendar month period ending not more than ninety days prior to the date of the then proposed Additional Bonds, the Net Revenues were, in his or its opinion, at least equal to 1.25 times the average annual principal and interest requirements (computed on a fiscal year basis) of all then outstanding Bonds and Additional Bonds to be outstanding after the issuance of the then proposed Additional Bonds. 1037f -22-