Laserfiche WebLink
lien evidences of indebtedness secured by Revenue of the System, as the context <br /> requires. <br /> Moody's means Moody's Investors Service, its successors and their <br /> assigns, and, if such corporation shall be dissolved or liquidated or shall no longer <br /> perform the functions of a securities rating agency, Moody's shall be deemed to <br /> refer to any other nationally recognized securities rating agency (other than S&P <br /> and Fitch) designated by the Chief Financial Officer. <br /> New Covenant Date means the earliest of (a) the date on which all <br /> Outstanding Parity Bonds issued prior to 2009 are no longer outstanding, (b) the <br /> date on which consent to the modifications identified in this ordinance as taking <br /> effect "from and after the New Covenant Date" is obtained from the requisite <br /> percentage of owners as provided in Section 19 of Ordinance Nos. 2607-02, <br /> 2690-03 and 2870-05 or (c) the date on which the outstanding principal balance <br /> of Parity Bonds issued after 2008 are more than sixty percent of the principal <br /> amount of all outstanding Parity Bonds. <br /> Original Issue Discount Bonds means Parity Bonds which are sold at an <br /> initial public offering price of less than 95% of their face value and which are <br /> specifically designated as Original Issue Discount Bonds in the ordinance <br /> authorizing their issuance. <br /> Parity Requirement, from and after the New Covenant Date, means Net <br /> Revenues equal to or greater than 125% of average Annual Debt Service for all <br /> Parity Bonds computed by deducting from Annual Debt Service the Annual Debt <br /> Service for each series or issue of Parity Bonds that is covered by ULID <br /> Assessments. <br /> In determining the amount of Annual Debt Service "covered by ULID <br /> Assessments", Annual Debt Service for each future year is reduced by the dollar <br /> amount of ULID Assessments projected to be received during such future year, <br /> and the remaining outstanding ULID Assessments are assumed to be paid in the <br /> remaining number of annual installments with no prepayments. For purposes of <br /> determining whether the Parity Requirement has been met, transfers from the <br /> Coverage Stabilization Account shall not be taken into account. <br /> PWTF Loans mean the loans from the State of Washington Department of <br /> Community Development acting for the Public Works Trust Fund identified in the <br /> following chart. <br /> -67- P20287 CM.M20287 960 02/07/11 <br />