Res 1995-121 - Laserfiche WebLink

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(O2A¡tI\ S<Jurces and Application of Funds The proceeds from the sale of the Bonds \Vill be applied approximately as follows: Sources: Principal Amount of the Bonds .$ Accrued Interest Contribution trom the City Total Sources of Funds .$ Uses: Deposit to Escrow Fund .$ Deposit to Construction Fund Deposit to Interest and Sinking Fund Underwriters' Discount Original Issue Discount Insurance, Surety and Other Costs of Issuance Total Uses of Funds .$ BOND INFORi'\fATION General Interest \¥ill accrue on the Bonds and the principal of and interest on the Bonds .....ill initially be payable as provided on the cover page of this Official Statement. In the event that the Bonds are no longer subject to the Book-Entry Only System described herein, the principal of the Bonds will be payable to the principal office of the Paying AgentJRegistrar and interest on the Bonds .....ill be payable to the registered owners shown on the records of the Paying AgentJRegistrar on the fifteenth day of the month next preceding each interest payment date by check mailed on or before the interest payment date or by such other method as described in the Ordinance. The Bonds are issued as fully registered bonds in the denoITÚnation of $5,000 or any integral multiple thereof \Vi thin a maturity. . Security for Bonds The Bonds are special obligations of the City payable, both as to principal and interest, solely from and secured by a first lien on and pledge of the Net Revenues of the System. Net Revenues means the gross revenues of the System after deducting the maintenance and operating expenses. Maintenance and operating expenses include contractual payments which under Texas laws and their provisions are established as operating e.xpenses. The Bonds are not a charge upon any other income or revenues of the City and shall never constitute an indebtedness or pledge of the general credit or taxing powers of the City. The Ordinance does not create a lien or mortgage on the System and any judgment against the City may not be enforced by levy and execution against any property owned by the City, except Net Revenues. As additional security, there has been established a Reserve Fund which shall be fimded in an amount equal to the average annual debt service requirements of the Bonds and any Additional Bonds. The required Reserve \Vill be established at the time of closing in accordance \Vith the provisions of the Ordinance (see "DEBT INFOR..'vfATION - Selected Provisions of the Bond Ordinance"). Pledged Revenues All of the Net Revenues of the System \Vith the exception of those in excess of the amounts required to establish and maintain the Revenue, Reserve and Interest and Sinking Funds are ÍITevocably pledged for the payment of the Bonds and interest thereon. The payment of the Bonds and the interest thereon shall constitute a first lien upon the Net Revenues of the System. Application or System Revenues All System revenues are deposited in the Revenue Fund and applied first to the payment of all necessary and reasonable expenses of operation and maintenance of the System, and thereafter transfers are made as required to the Interest and Sinking Fund in that order, established by the Ordinance authorizing the issuance of the Bonds. Surplus moneys not required for the above purposes may be used for any lawful purpose. Redemption of Bonds The City reserves the right, at its option, to redeem Bonds having stated maturities on and after February 15,2005, in whole or in part in principal amounts of $5,000 or any integral multiple thereof, on February 15, 2004, or any date thereafter, at the par value thereof plus accrued interest to the date fixed for redemption. If less than all of the Bonds are to be redeemed the Bonds