Ord 2008-006 - Laserfiche WebLink

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policy or other Credit Agreement, to the extent then authorized by State law, to be held for the benefit of such a reserve account or subaccount. (f) Other Accounts. The City reserves the right to establish, in connection with the issuance of Parity Debt or for other purposes, one or more additional accounts or subaccounts for such other purposes as the City may determine from time to time. The City may, at its option, declare in the action establishing the account or subaccount that the amounts in such additional account or subaccount will be either included within or excluded from the Security. Section 4. FLOW OF FUNDS. All Pledged Revenues shall be deposited in the Program Account immediately upon receipt by the City. Except as provided in subsection (b) below, all Pledged Revenues are hereby and shall be appropriated, deposited, and transferred from the Program Account to the other accounts and subaccounts to the extent required for the following uses and in the order of priority shown: FIRST: pro rata, to the payment of amounts required to be deposited and credited to the Interest and Sinking Account to meet all financial obligations of the City relating to the Financing Program, including payments due on or with respect to the payment of Parity Debt as the same mature or come due; SECOND: pro rata, on the basis that the Outstanding Principal Amount of each particular issue or series of Parity Debt secured by a reserve account bears to the aggregate Outstanding Principal Amount of all such issues or series of such Parity Debt secured by any reserve account, to the payment of the amounts required to be deposited and credited to each reserve account created and established to maintain a reserve in accordance with the provisions of any Supplement relating to the issuance of any Parity Debt; THIRD: any amounts to be deposited into any other fund, account or subaccount to the extent required pursuant to the provisions of any Supplement relating to the issuance of Parity Debt; FOURTH: to the extent required by any resolution, order or other instrument adopted or approved by the City pursuant to which Subordinated Debt is issued, the amount necessary to meet all financial obligations on such Subordinated Debt and to accumulate or restore any required reserves to ensure that payment of principal, premium, and interest, and any other costs of Subordinated Debt shall be paid or deposited to any account or subaccount created for such purpose; and FIFTH: all remaining Pledged Revenues shall be retained in the Program Account and may be used for any lawful purpose authorized pursuant to the Enabling Act and other State law. Section 5. TAX PLEDGE IN SUPPLEMENT. To pay the interest on any series of Parity Debt issued pursuant to this Master Ordinance and a supplement hereto, and to create a sinking fund SAN MARCOS\PassThruToll2008:Master Ordinance