Ord 1997-031 - Laserfiche WebLink

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I I - (c) Each of the Funds created for the payment, secunty and benefit of the Panty Revenue OblIgatlOns contams the amount of money then reqUIred to be on deposIt therem. (d) The CIty has secured from a Certlfied Pubhc Accountant a certlficate or report reflectmg that for the fiscal year next precedmg the date of the proposed Addltional Parity ObhgatlOns or a consecutive twelve (12) month penod out of the fifteen (IS) month penod next precedmg the month m whlch the ordmance authonzmg the proposed AddItlOnal Panty ObhgatlOns IS adopted, the "net revenues" of the System were equal to at least 1.20 times the combmed average annual prmcIpal and mterest reqUIrements on all Panty Revenue ObhgatlOns to be outstandmg after the lssuance of the proposed Addlhonal Panty OblIgatlOns In makmg a determmatlon of such net revenues, the Certlfied PublIc Accountant may take into conslderatlOn a change m the rates and charges for servlces and facIlltles afforded by the System that became effechve at least SlXty (60) days pnor to the last day of the pcnod for whIch such net revenues are determmed and, for purposes of sahsfYmg such net revenues test, make a pro forma determmation of such net revenues for the penod of hme covered by the certlficate or report based upon such change m rates and charges as bemg m effect for the entire penod covered by the certlficate or report. The term "net revenues" as used m thiS Sechon 9 02 shall mean the gross revenues of the System after deductlOn of mamtenance and operating expenses, but not deducting deprecIatlOn or expendltures whlch, under standard accountmg prachces, are classed as capltal expendltures (e) The Addlhonal Parlty ObhgatlOns are made to mature on February IS or August IS, eIther or both, of each year m whIch they are scheduled to mature. (f) The ordmance authonzlllg the AddItlOnal Parlty ObhgatlOns proVIdes (1) that the Interest and Smkmg Fund be augmented by amounts adequate to accumulate the sum reqUIred to pay the pnncIpal and mterest on such oblIgatlOns as the same shall become due, and (li) the amount to be accumulated and mallltamed m the Reserve Fund, or such amount together WIth the amount or amounts any Surety Pohcy or Pohcles, shall be mcreased to an amount not less than the average annual princlpal and mterest reqUIrements of all Panty Revenue ObhgatlOllS to be outstandmg after glVlng effect to the lssuance of the proposed addlhonal oblIgatIOns, and any adilltlOnal amount required to be maintamed m the Reserve Fund shall be accumulated Wlthrn slxty-one months from the date of dehvery of such AddIhonal ParIty Obhgations (g) Parlty Revenue OblIgatlOns may be refunded (pursuant to any law then available) upon such terms and condItlOns as the govemmg body of the Clty may deem to the best mterest of the Clty and ItS mhabItants, and liless than all such outstandmg Parlty Revenue OblIgatIons are refunded, the proposed refundmg obhgatlOllS shall be consldered as "AddltlOnal Panty OblIgahons" under the provlslons of thlS SectIOn, and the report or certIficate reqUIred by paragraph (d) shall glve effect to the Issuance of the proposed refundmg obligatlOns and shall not gIve effect to the obhgatlOns bemg refunded. ARTICLE X P ARTICULAR REPRESENT A TIONS AND COVENANTS SectlOn 10 0 I, Rates and Charges The Clty covenants and agrees Wlth the Owners of the Bonds that so long as any Parlty Revenue ObhgatlOns, or any mterest thereon, remalll outstandmg and unpaid, lt w111 charge and collect for servIces rendered by the System amounts sufficlent at all tlmes to' R:~A.."""MAR.\W'VIS.S.Sl7\DOCS\ORDNCE 25