Ordinance 3380 - Laserfiche WebLink

• (1) That at the time of the issuance of such additional revenue bonds or warrants there is no deficiency in Bond Redemption Fund No. 7 and the Reserve Account therein created herein or in any bond redemption fund and reserve account which may have been created for the payment of the principal and interest of any parity revenue bonds or warrants issued subsequent to the issuance of the bonds authorized herein and prior to the issuance of such additional revenue bonds or warrants. (2) That at the time of the issuance of such additional revenue bonds or warrants the city shall have on file a certificate from an inde- pendent licensed professional engineer or engineering firm showing that in his or its opinion he or it is reasonably certain that the income of the water system as added to , improved, extended or combined with the sanitary sewage disposal system, available for debt service after ex- penses of maintenance and operation of said system and after charges which may be necessary to pay the installments of principal and interest due on the outstanding water revenue bonds of the city issued under date of December I, 1945 , will equal at least 1.5 times the greatest amount required to be paid in any calendar year thereafter (exclusive of any balloon maturity year) for interest and principal due and payable on the bonds authorized herein, on any revenue bonds or warrants which may later be issued on a parity therewith, and upon such additional revenue bonds or warrants. "Balloon maturity year" is hereby defined as "any last maturity year in which the outstanding amount of bonds of any one issue or series are scheduled to mature (regardless of any reservation of prior redemption rights) is more than 1.25 times the average annual principal maturities of the outstanding bonds of said issue or series for the three years immediately preceding such balloon maturity year. " (d-1) Nothing herein contained shall prevent the city from issuing revenue bonds or warrants which are a charge upon the Water System Fund junior or inferior to the payments required to be made into Bond Redemption Fund No . 7 and the Reserve Account therein 12.