Laserfiche WebLink
mandatory redemption dates with respect to Term Bonds, and to pay all reimbursements due to the <br />issuer of a Credit Facility if the Credit Facility secures the payment of principal of Parity Bonds and <br />the ordinance authorizing such Parity Bonds provides for approval of Bond Sale Terms authorizing <br />such reimbursement; <br />(4) To make all payments required to be made into any sinking fund account <br />hereafter created (exclusive of payments made into the Bond Redemption Subaccount in respect of <br />mandatory redemption payments then due) to provide for the payment of the principal of Term <br />Bonds or Balloon Maturity Bonds; <br />(5) To make all payments required to be made into the Common Reserve <br />Subaccount for Covered Bonds (and to any reserve subaccount that may be created in the future to <br />secure payment of debt service on Parity Bonds that are not Covered Bonds), including <br />reimbursements to the issuer of a Qualified Reserve Security utilized to satisfy the Reserve <br />Requirement for the Covered Bonds (or for a series of Parity Bonds secured by a separate reserve <br />subaccount) and the ordinance authorizing such Parity Bonds provides for approval of Bond Sale <br />Terms authorizing such reimbursement; <br />(6) To make all payments required to be made into any revenue debt redemption <br />fund, debt service account, Reserve Account, or sinking fund account created to pay and secure the <br />payment of the principal of and interest on Subordinate Debt, including Government Loans and any <br />revenue bonds, revenue warrants, or other revenue obligations of the City having a lien upon the Net <br />Revenue junior and inferior to the lien thereon for the payment of the principal of and interest on the <br />Parity Bonds <br />(7) For any of the following purposes without priority: (i) to retire by redemption <br />or to purchase in the open market any outstanding obligations of the Water & Sewer System; (ii) to <br />make necessary betterments and replacements of or repairs, additions or extensions to the Water & <br />Sewer System; (iii) to make deposits into the Coverage Stabilization Account; or (iv) for any other <br />lawful City purpose. <br />Section 15. Coverage Stabilization Account. The Finance Director is hereby authorized to <br />create a Coverage Stabilization Account within the Revenue Fund at the option of the Finance <br />Director. The City hereby determines that the maintenance of a Coverage Stabilization Account will <br />moderate fluctuations in Net Revenue and help to alleviate the need for short-term rate adjustments. <br />Money in the Coverage Stabilization Account may be transferred as determined from time to time by <br />the Finance Director. The City may make deposits into the Coverage Stabilization Account from the <br />Water & Sewer System Revenue Fund at any time in accordance with the flow of funds set forth in <br />subsection (a) of this section. Money in the Coverage Stabilization Account may be withdrawn at any <br />time and used for the purposes for which the Gross Revenue may be used. For purposes of measuring <br />compliance with the Rate Covenant, amounts withdrawn from the Coverage Stabilization Account <br />shall increase Gross Revenue for the period in which they are withdrawn, and amounts deposited in <br />the Coverage Stabilization Account shall reduce Gross Revenue for the period during which they are <br />deposited. Transfers to or from the Coverage Stabilization Account that occur within 90 days after <br />the end of a fiscal year may be treated as occurring within such fiscal year. Earnings on the Coverage <br />Stabilization Account shall be credited to the Water & Sewer System Revenue Fund. <br />Section 16. Bond Covenants. For so long as any of the Bonds are outstanding, the City <br />covenants and agrees as follows: <br />19 <br />