2013/01/23 Council Agenda Packet

Revenue of the System shall not include ULID Assessments. From and after the New Date, unless declined by a written election by a Designated Representative, the term Revenue of the System shall not include any federal subsidy legally available to pay the principal of or interest on Parity Bonds. For purposes of determining compliance with the Rate Covenant, amounts withdrawn from the Coverage Stabilization Account shall increase Revenue for the period in which they are withdrawn, and amounts deposited in the Coverage Stabilization Account shall reduce Revenue for the period during which they are deposited. 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. Rule means the Securities and Exchange Commission's Rule 15c2-12 under the Securities Exchange Act of 1934. Savings Target means a dollar amount equal to at least six percent (6.0%) of the outstanding principal of the Refunded Bonds. S&P means Standard & Poor's, a Division of The McGraw Hill Companies, its successors and their assigns, and, if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, S&P shall be deemed to refer to any other nationally recognized securities rating agency (other than Moody's and Fitch) designated by the Chief Financial Officer. SRF Loans mean the State Revolving Fund loans identified in the following chart. Principal Balance Date of Original (December 31, Issue Amount Bond Holder/Program Lender 2012) 03/03/2006 $4,040,000 SRF/DOH Clearwell No.2 $ 2,893,459 12/21/2007 4,040,000 SRF/DOH Clearwell No.2 2,976,842 03/03/2008 3,030,000 SRF/DOH Clearwell No.2 2,392,105 08/22/2008 4,040,000 SRF/DOH Clearwell No.2 3,413,113 08/05/2009 1,376,473 SRF/DOH Recovered Water Outfall 1,231,648 10/13/2010 861,373 SRF/DOE Bond Street CSO 818,304 -17-- P:120287_CMW1202879RC 01/02/13 24