Ordinance 3211-11 - Laserfiche WebLink

compliance with the Rate Covenant. Credits to or from the Coverage Stabilization Account that occur within 90 days after the end of a fiscal year may be treated as occurring within such fiscal year. Earnings on the Coverage Stabilization Account shall be credited to the Revenue Fund. Section 8. Payments into Revenue Bond Fund. A special account of the City known as the"Fund 401 —Public Works-Utilities—Bond Redemption Subaccount" (the"Revenue Bond Fund") has been created in the office of the Chief Financial Officer for the sole purpose of paying and securing the payment of Parity Bonds. The City hereby irrevocably covenants and agrees to pay the Assessments into the Revenue Bond Fund. (a) Payments into Revenue Bond Fund. As long as the Bonds remain outstanding, the City hereby irrevocably obligates and binds itself to set aside and pay from the Revenue Fund into the Revenue Bond Fund on or before the date due those amounts necessary, together with Assessment Income deposited and such other money as is on hand and available therefor in the Revenue Bond Fund, to pay the interest or principal and interest next coming due on the Bonds. Notwithstanding anything in Section 8(d) hereof to the contrary, money in the Revenue Bond Fund may be used to pay any arbitrage rebate, if any, to the extent the rebate is attributable to earnings on money in the Revenue Bond Fund. (b) Payments into Reserve Account. The City hereby agrees that a special account to be known as the "Fund 401 — Public Works Utilities — restricted subaccount for bond reserves" (the "Reserve Account") shall be maintained for the purpose of securing the payment of the principal of and interest on all Covered Bonds. The Bonds shall be Covered Bonds, secured by the Reserve Account. The City hereby covenants that the Reserve Requirement for the Bonds will be fully funded as of the date of issuance of the Bonds. -34- P:\2o287 cMw\2o287 sso 02/07/11