Ordinance 3211-11 - Laserfiche WebLink

(A) At the time of the issuance of any Future Parity Bonds there is no deficiency in the Revenue Bond Fund or any accounts therein. (B) If there are assessments levied in any utility local improvement district to pay for additions and improvements to and extensions of the System which will be constructed from the proceeds of such Future Parity Bonds, the ordinance authorizing such future Parity Bonds shall require that such assessments be paid into the Revenue Bond Fund. (C) If there are assessments pledged to be paid into a warrant or bond redemption fund for revenue bonds, warrants or other revenue obligations being refunded by Future Parity Bonds, the ordinance authorizing the future Parity Bonds shall require such assessments to be paid into the Revenue Bond Fund. (D) The principal of and interest on the Future Parity Bonds shall be payable out of the Revenue Bond Fund, and provision for the funding of the Reserve Requirement in Section 8(b) applicable to the issuance of Future Parity Bonds shall be met. (E) Prior to the delivery of any Future Parity Bonds the City shall have on file in the office of the Clerk of the City a certificate of an independent professional engineer or certified public accountant dated not earlier than ninety (90) days prior to the date of delivery of such Future Parity Bonds and showing that the Net Revenue, determined and adjusted as hereinafter provided for each calendar year after the issuance of such Parity Bonds (the "Adjusted Net Revenue"), together with Assessment Income, will at least equal the Coverage Requirement, calculated as of December 31 of the preceding calendar year. For purposes of calculating the Coverage Requirement, the Parity Bonds proposed to be issued shall be deemed to be outstanding Parity Bonds. -46- P:'20287 CMW\2o287 96O 02/07/11