Ordinance 3946-23 - Laserfiche WebLink

506242089.1 -20- Section 2. Compliance with Parity Conditions The Council hereby finds and determines, as required by Section 9 of Ordinance No. 3313-13, Section 10 of Ordinance No. 3450-15 and Section 9 of Ordinance No. 3518-16, as follows: (1) That the Improvement Bonds are being issued for the purpose of providing funds to acquire, construct, reconstruct, install, or replace equipment, facilities, additions, betterments or other capital improvements to the System for which it is authorized by law to issue revenue bonds and the Refunding Bonds are being issued for the purpose of refunding Outstanding Parity Bonds payable out of the Revenue of the System; (2) The City has not been in default of its Rate Covenant for the immediately preceding fiscal year, without regard to transfers from the Coverage Stabilization Account; (3) This ordinance, in Section 8(b), contains a covenant that the City will at all times establish, maintain and collect rates and charges in the operation of all of its business sufficient to meet the Rate Covenant. (4) Prior to the delivery of the Bonds, the City shall have on file in the office of the Clerk of the City a certificate demonstrating fulfillment of the Parity Requirement. The applicable parity conditions set forth in Ordinance Nos. 3313-13, 3450-15 and 3518-16 having been complied with, the Bonds shall be issued on a parity of lien with the Outstanding Parity Bonds. Section 3. Authorization of Projects, Authorization of Bonds and Bond Details. (a) Projects. The Improvement Bonds are being issued to provide funds to reimburse the City for previously incurred capital expenditures (designated for reimbursement) and to pay the costs of acquiring, constructing and installing certain additions and betterments to and extensions of the City’s water and sewer system (the “Projects”).