Ordinance 3211-11 - Laserfiche WebLink

Covenant Date, Maximum Annual Debt Service means highest dollar amount of Annual Debt Service in any fiscal year or Base Period for all outstanding Parity Bonds and/or for all subordinate lien evidences of indebtedness secured by Revenue of the System, as the context requires. Moody's means Moody's Investors Service, its successors and their assigns, and, if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, Moody's shall be deemed to refer to any other nationally recognized securities rating agency(other than S&P and Fitch) designated by the Chief Financial Officer. MSRB means the Municipal Securities Rulemaking Board. Net Proceeds, when used with reference to the Bonds, means the principal amount of the Bonds, plus accrued interest and original issue premium, if any, and less original issue discount and proceeds, if any, deposited in the Reserve Account. Net Revenue means Revenue of the System less Costs of Maintenance and Operation. New Covenant Date means the earliest of(a) the date on which all Outstanding Parity Bonds issued prior to 2009 are no longer outstanding, (b) the date on which consent to the modifications identified in this ordinance as taking effect "from and after the New Covenant Date" is obtained from the requisite percentage of owners as provided in Section 19 of Ordinance Nos. 2607-02, 2690-03 and 2870-05 or(c) the date on which the outstanding principal balance of Parity Bonds issued after 2008 are more than sixty percent of the principal amount of all outstanding Parity Bonds. Notice of Sale means the notice of bond sale authorized to be given in Section 16 of this ordinance. -11- P:120287 CMW\20287 960 02/07/11