Ordinance 3211-11 - Laserfiche WebLink

following: Revenue and Costs of Maintenance and Operation may be adjusted, regardless of then applicable generally accepted accounting principles, for certain items (e.g., to omit unrealized gains or losses in investments) to more fairly reflect the System's annual operating performance. Scheduled debt service shall exclude the payments required to be made with respect to revenue bond anticipation notes to the extent that the ordinance authorizing their issuance provides that the bond anticipation notes will be funded with the proceeds of Future Parity Bonds. Rating Agency means Moody's, S&P or Fitch. Rating Category means the generic rating categories of the Rating Agency, without regard to any refinement or gradation of such rating category by a numerical modifier or otherwise. Reserve Requirement, prior to the New Covenant Date, means the least of (a) Maximum Annual Debt Service on all outstanding Parity Bonds, (b) 1.25 times Average Annual Debt Service on all outstanding Parity Bonds, or (c) 10% of the net proceeds of all outstanding Parity Bonds. From and after the New Covenant Date, the Reserve Requirement is the dollar amount to be calculated with respect to all Covered Bonds and separately with respect to other Parity Bonds. (a) With respect to Covered Bonds, the Reserve Requirement shall be equal to the least of: (1) Maximum Annual Debt Service for Covered Bonds, (2) 10% of the initial principal amount of Covered Bonds of each series, and (3) 125% of average annual debt service for Covered Bonds; provided, however, that the dollar amount required to be contributed, if any, as a result of the issuance of a series of Future Parity Bonds shall not be greater than the Tax Maximum. If the dollar amount required to be contributed at the time of issuance of a series exceeds the Tax Maximum, then the amount required to be contributed shall be equal to the Tax Maximum. (b) With respect to other series of Parity Bonds, the Reserve Requirement shall be equal to the amount specified in the ordinance authorizing the issuance of that series of Parity Bonds. The Reserve Requirement shall be adjusted accordingly and remain in effect until the earlier of(i) at the City's option, a payment of principal of Parity Bonds or(ii) the issuance of a subsequent series of Future Parity Bonds (when the Reserve Requirement shall be re-calculated). Revenue of the System, prior to the New Covenant Date, means all earnings, revenue and money received by the City from or on account of the operation of the System, except Assessment Income, and including the income from investments of money in the Revenue Fund and the Revenue Bond Fund or from -69- P:\20287 CMW\20287 960 02/07/11