Ordinance 1891-92 - Laserfiche WebLink

The words "Computation Period" mean the period from the date of issue of the Bonds through the date as of which the Arbitrage Earnings Amount is determined pursuant to Section 12 of this ordinance . The words "Construction Fund" mean the "1992 Water and Sewer Construction Fund" created by Section 13 of this ordinance. The words "Costs of Maintenance and Operation" mean 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 . The word "Council" means the general legislative body of the City as the same shall be duly and regularly constituted from time to time . The words "Coverage Requirement" mean (a) for any period during which Assessments may be paid without becoming delinquent, the sum of (i) 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 (ii) 1 . 25 times the product of Maximum Annual 7 FWW003.DOC 92/09121