Ord 1992-032 - Laserfiche WebLink

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Obligations to be outstanding after the issuance of the proposed Additional Parity Obligations. In making a determination of such net revenues, the 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 determination 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 January 1 or July 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 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. Parity Revenue Obligations may be refunded (pursuant to any 1 aw then available) upon such terms and conditions as the governing body of the Ci ty may deem to the best interest of the Ci ty and its inhabitants; and if less than all such outstanding Parity Revenue Obligations are refunded, 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 PARTICULAR REPRESENTATIONS AND COVENANTS Section 10. 01. Rates and Charqes. The City covenants and agrees with the Owners of the Bonds that so long as any Priority Obligations or Parity Revenue 4322f -31-