Ordinance 2870-05 - Laserfiche WebLink

Bonds, except interest to be paid from the proceeds of such Parity Bonds. In the event such Parity Bonds include Term Bonds, the words "principal of and interest on the Parity Bonds" shall be deemed to exclude from "principal' an amount of Term Bonds equal to the mandatory deposits of money into any Sinking Fund Account to provide for payment of the principal of such Term Bonds, and from "interest" the interest on such Term Bonds subsequent to the date of the respective deposits, and to include in lieu thereof all mandatory sinking fund deposits as of the date required and interest on the Term Bonds provided for by such deposits only to the dates of the respective deposits. Assessments means any assessments levied in any utility local improvement district of the City created for the acquisition or construction of additions and improvements to and extensions of the System, if such assessments are pledged to be paid into the Revenue Bond Fund. The term Assessments shall also include any installments of assessments and any interest or penalties that may be due thereon. Assessment Income means the principal of and interest on assessments levied in any utility local improvement district and pledged to be paid into the Revenue Bond Fund. In the case of assessments payable in installments, Assessment Income shall be allocated to the years in which it would be received if the unpaid principal balance of each assessment roll were paid in equal principal amounts over the remaining number of installments with interest on the declining balance at the times and at the rate provided in the ordinance confirming the assessment roll. Average Annual Debt Service means, with respect to any issue of Parity Bonds, the average amount of Annual Debt Service that will become due on such Parity Bonds for the period from the date of such calculation until the final maturity date of such Parity Bonds then outstanding. -3- P:\CMW\CMW6WH 09/06/05