2023/04/05 Council Agenda Packet

Net Proceeds, when used with reference to the Bonds, means the principal amount of the Bonds, plus accrued interest and original issue premium, if any, and less original issue discount and proceeds, if any, deposited in the Reserve Account. Net Revenue means Revenue of the System less Costs of Maintenance and Operation. Notice of Sale means the notice of bond sale authorized to be given in Section 15 of this ordinance Original Issue Discount Bonds means Parity Bonds which are sold at an initial public offering price of less than 95% of their face value and which are specifically designated as Original Issue Discount Bonds in the ordinance authorizing their issuance. Outstanding Parity Bonds means the 2013 Bonds, the 2015 Bonds and the 2016 Bonds. Parity Bonds means the Outstanding Parity Bonds, the Bonds and any Future Parity Bonds. Parity Requirement means Net Revenues equal to or greater than 125% of average Annual Debt Service for all Parity Bonds computed by deducting from Annual Debt Service the Annual Debt Service for each series or issue of Parity Bonds that is covered by ULID Assessments. In determining the amount of Annual Debt Service "covered by ULID Assessments", Annual Debt Service for each future year is reduced by the dollar amount of ULID Assessments projected to be received during such future year, and the remaining outstanding ULID Assessments are assumed to be paid in the remaining number of annual installments with no prepayments. For purposes of determining whether the Parity Requirement has been met, transfers from the Coverage Stabilization Account shall not be taken into account. -11- 506242089.1