Ord 1993-038 - Laserfiche WebLink

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I'JDSL ~u'C~~ and Ä.pplication of Funds The following table sets forth the estimated sources and applications of funds associated with the proceeds from the sale of the Bonds: Sources of Funds: Principal Amount of the Bonds $15,955,000.00 Accrued Interest 102.776.97 Total Available Funds $16.057.776.97 Application of Funds: -- Deposit to Escrow Fund $ 15,404,890.73 Insurance Premium 110,000.00 Deposit to Debt Service Fund 102,865.29 Original Issue Discount 194,189.95 Underwriters' Discount 130,831.00 Costs of Issuance 115.000.00 Total Application of Funds $ 16,057.776.97 BOND INFORMATION Authority for Issuance The Bonds are being issued pursuant to the general laws of the State, particularly Article 717k, V A TCS, as amended, and the Ordinance approved by the City Council. Description of Bonds The Bonds will be issued in book-èntry fonn, and Beneficial Owners (as defined below) of the Bonds will not receive physical delivery of the security certificates. The Bonds will be issuable in fully registered fonn (without coupons) and purchases of Bonds are required to be in the denomination of $5,000 or any integral multiple thereof. The Bonds will bear interest at the respective rates shown on the cover page of this Official Statement, calculated on the basis of a 360-day year composed of 12 months of 30 days each. The Bonds will mature in the respective principal amounts and on the respective dates shown on the cover page of this Official Statement. The Bonds will be dated and will bear interest from May I, 1993. Interest on the Bonds will be payable semi-annually on each November 1 and May I, commencing November I, 1993. 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 Pledged Revenues of the System. Pledged Revenues means (1) the Net Revenues of the System, plus (2) any additional revenues, income, receipts, or other resources, including, without limitation, any grants, donations, or income received or to be received from the United States Government, or any other public or private source, whether pursuant to an agreement or otherwise, which hereafter may be pledged to the P'iyment of the Bonds or Additional Bonds. 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 Pledged Revenues. As additional security, there has been established a Reserve Fund which shall be funded in an amount at least equal to the average annual debt service requirements of the Bonds and any bonds issued on a parity with the Bonds. The Reserve Fund deposit on the Bonds will be funded upon the delivery of the Bonds from amounts cum::ntly on deposit in the Reserve Fund for the Refunded Bonds. Any additional amount required to maintain the Reserve Fund, as a result of the issuance of the Bonds or any Additional Bonds, will be funded over a sixty month period in accordance with the provisions of the Ordinance (see Appendix B - "Selected Provisions of the Bond Ordinance"). Pledged Revenues All of the Pledged Revenues of the System with the exception of those in excess of the amounts required to establish and maintain the Revenue Fund, the Reserve Fund and the Interest and Sinking Fund are irrevocably 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 Pledged Revenues of the System. 8