2016/10/19 Council Agenda Packet

(c) Words importing persons shall include firms, associations, partnerships (including limited partnerships),trusts, corporations and other legal entities,including public bodies, as well as natural persons; (d) Any headings preceding the text of the several articles and Sections of this ordinance, and any table of contents or marginal notes appended to copies hereof, shall be solely for convenience of reference and shall not constitute a part of this ordinance, nor shall they affect its meaning, construction or effect; and (e) All references herein to "articles," "sections" and other subdivisions or clauses are to the corresponding articles, sections, subdivisions or clauses hereof. Section 2. Compliance with Parity Conditions The Council hereby finds and determines, as required by Section 10 of Ordinance No. 3123-09, Section 10 of Ordinance No. 3211-11, Section 9 of Ordinance No. 3313-13 and Section 10 of Ordinance No. 3450-15, as follows: (1) That the 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) The Bonds being issued are for the purpose of refunding outstanding Parity Bonds. -214 P:120287 CM1/1/120287 BN9 10/11/16