Ordinance 2298-98 - Laserfiche WebLink

Agreement, as it now exists and as it may later be added to, extended and improved, for as long as the Bonds remain outstanding. "Term Bonds" mean any Parity Bonds identified as such in the ordinance or resolution authorizing the issuance thereof, the payment of which is provided for by a requirement for mandatory deposits of money into a Sinking Fund Account in the Revenue Bond Fund. "Treasurer" means the duly qualified and acting Treasurer of the City or the successor to the duties of such office. Section 2. Compliance with Parity Conditions The Council hereby finds and determines, as required by Section 16 of Ordinance No. 1433-88, Section 16 of Ordinance No. 1891-92, Section 14 of Ordinance No. 1963-93, and Section 13 of Ordinance No. 2208-97, and in accordance with Section VII.B, as amended, of the SRF Loan Agreement, as follows: That the Bond is being issued for the purpose of refunding at or prior to their maturity outstanding revenue bonds payable out of the Revenue of the System; That at the time of issuance of the Bond, the City shall have on file (i) a certificate of the Treasurer showing that there is no deficiency in the Revenue Bond Fund or any accounts therein and (ii) a certificate of the Finance Director showing that issuance of the Bond results in a debt service savings and does not require an increase of more than $5,000 in any year for principal and interest on the Bond; That the Bond shall be payable out of the Revenue Bond Fund, and that the Reserve Account requirements in Ordinance Nos. 1433-88, 1891-92, 1963-93 and 2208-97 are waived by the Bank; and That the requirements of Section 16.A(3) of Ordinance No. 1433-88, Section 16.A(3) of Ordinance No. 1891-92, Section 14.A(3) of Ordinance No. 1963-93, and 13.A(3) of Ordinance No. 2208-97 with respect to any assessments securing the Refunded Bonds are met by the terms and conditions of this ordinance. -11- DOTOQ5 DOC 98/04/28