Ord 2002-054 - Laserfiche WebLink

Home Browse Search

Certified Public Accountant may take into consideration a change in the rates and charges for services and facilities afforded by the System that became effective at least sixty (60) days prior to the last day of the period for which such net revenues are determined and, for purposes of satisfying such net revenues test, make a pro forma determ ination of such net revenues for the period of time covered by the certificate or report based upon such change in rates and charges as being in effect for the entire period covered by the certificate or report. The term "net revenues" as used in this Section 9.02 shall mean the gross revenues of the System after deduction of maintenance and operating expenses, but not deducting depreciation or expenditures which, under standard accounting practices, are classed as capital expenditures. (e) The Additional Parity Obligations are made to mature on May 1 or November 1, either or both, of each year in which they are scheduled to mature. (f) The ordinance authorizing the Additional Parity Obligations provides (i) that the Interest and Sinking Fund be augmented by amounts adequate to accumulate the sum required to pay the principal and interest on such obligations as the same shall become due, and (ii) the amount to be accumulated and maintained in the Reserve Fund, or such amount together with the amount or amounts of any Surety Policy or Policies, shall be increased to an amount not less than the average annual principal and interest requirements of all Parity Revenue Obligations to be outstanding after giving effect to the issuance of the proposed additional obligations, and any additional amount required to be maintained in the Reserve Fund shall be accumulated within sixty-one months from the date of delivery of such Additional Parity Obligations. (g) Parity Revenue Obligations may be refunded (pursuantto any law then available) upon such terms and conditions as the governing body of the City may deem to the best interest of the City and its inhabitants; and if less than all such outstanding Parity Revenue Obligations are refunded and the proposed refunding bonds are to be secured by a lien on and pledge of the Pledged Revenues on a parity with the Parity Revenue Obligations, the proposed refunding obligations shall be considered as "Additional Parity Obligations" under the provisions of this Section, and the report or certificate required by paragraph (d) shall give effect to the issuance of the proposed refunding obligations and shall not give effect to the obligations being refunded. ARTICLE X PURCHASE OF SECURITIES; APPROVAL OF ESCROW AGREEMENT Section 10.01. Purchase of Securities. The City Manager and Director of Finance, either or both of such officials, in cooperation with the Escrow Agent, are authorized to make necessary arrangements for the purchase of the Escrowed Securities referenced in the Escrow Agreement, as may be necessary for the Escrow Fund. R:\San Marcos\EUS Rfdg.02\DocsIOrdinance\Final.wpd 28