Ordinance 2607-02 - Laserfiche WebLink

(5) Policy Costs due and owing shall be included in Annual Debt Service requirements for purposes of calculation of the requirements in Section 9(b) and Section 11(a) of this ordinance. Section 20. Undertaking to Provide Ongoing Disclosure. (a) Contract/Undertaking. This section constitutes the City's written undertaking for the benefit of the owners of the Bonds as required by Section(b)(5) of the Rule. (b) Financial Statements/Operating Data. The City agrees to provide or cause to be provided to each NRMSIR and to the SID, if any, in each case as designated by the Commission in accordance with the Rule, the following annual financial information and operating data for the prior fiscal year (commencing in 2003 for the fiscal year ended December 31, 2002): (i) annual financial statements showing ending fund balances for the System prepared in accordance with generally accepted accounting principles applicable to government entities (and modified as may be required by the Washington State Auditor pursuant to RCW 43.09.200 (or any successor statutes)) and generally of the type included in the official statement for the Bonds under the heading "City of Everett Water and Sewer Utilities, Historical Operating Results;" and (ii) The outstanding long-term indebtedness of the System, identifying separately Parity Bonds and all other debt of the System, and stating the debt coverage ratio. Such annual information and operating data described above shall be so provided on or before the expiration of seven months after the end of the City's fiscal year. The City may adjust such date if the City changes its fiscal year by providing written notice of the change of fiscal -49- P\CMW\CMW5BE 02/05/21