2009/04/15 Council Agenda Packet

9 Consultant means at any time an independent municipal financial consultant appointed by the City to perform the duties of the Consultant as required by this ordinance. For the purposes of delivering any certificate required by Section 10 hereof and making the calculation required by Section 10 hereof, the term Consultant shall also include any independent public accounting firm or engineer appointed by the City to make such calculation or to provide such certificate. Continuing Disclosure Agreement means the agreement entered into by the Chief Financial Officer pursuant to Section 19 of this ordinance in order to permit the successful bidder for the Bonds to comply with the Rule. Costs of Maintenance and Operation means all necessary operating expenses, current maintenance expenses, expenses of reasonable upkeep and repairs, and insurance and administrative expense with respect to the System, but excludes depreciation, payments for debt service or into reserve accounts, costs of capital additions to or replacements of the System, municipal taxes, or payments to the City in lieu of taxes. Council means the general legislative body of the City as the same shall be duly and regularly constituted from time to time. Coverage Requirement means (a) for any period during which Assessments may be paid without becoming delinquent, the sum of(1) the product of Maximum Annual Debt Service on all Parity Bonds then outstanding times a fraction, the numerator of which is the aggregate principal amount of nondelinquent Assessments which remain to be paid into the Revenue Bond Fund plus the principal amount of Assessments previously paid into and then on hand in the Revenue Bond Fund, and the denominator of which is the aggregate principal amount of Parity Bonds then outstanding, plus (2) 1.25 times the product of Maximum Annual Debt Service on all 4 -7- P.\20287 CMNA20287 880 03/25/09