Ordinance 3211-11 - Laserfiche WebLink

additions, betterments, improvements and repairs to or extensions and replacements of the System, or for any other lawful City purposes. The City may transfer any money from any funds or accounts of the System legally available therefor, except bond redemption funds, refunding escrow funds or defeasance funds, to meet the required payments to be made into the Revenue Bond Fund. Money in the Revenue Fund may be invested by the City in any investment that is a legal investment for the City. (c) Coverage Stabilization Account. The Chief Financial Officer is hereby authorized to create a Coverage Stabilization Account within the Revenue Fund at the option of the Chief Financial Officer. The City hereby determines that the maintenance of a Coverage Stabilization Account will moderate fluctuations in Net Revenues and help to alleviate the need for short-term rate adjustments. Money in the Coverage Stabilization Account will be transferred as determined from time to time by the City. The City may make payments into the Coverage Stabilization Account from the Revenue Fund at any time. Money in the Coverage Stabilization Account may be withdrawn at any time and used for the purpose for which the Revenue of the System may be used. From and after the New Covenant Date, amounts withdrawn from the Coverage Stabilization Account shall increase Revenue of the System for the period in which they are withdrawn, and amounts deposited in the Coverage Stabilization Account shall reduce Revenue of the System for the period during which they are deposited for purposes of measuring 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. (c) Section 8 of Ordinance Nos. 2690-03 and 2870-05 is hereby revised in their entirety to read as follows: 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. -72- P:\20287 CMW\20287 960 02/07/11