Ordinance 3450-15 - Laserfiche WebLink

extent that the ordinance authorizing their issuance provides that the bond anticipation notes will be funded with the proceeds of Future Parity Bonds. Rating Agency means Moody's, S&P or Fitch. Rating Category means the generic rating categories of the Rating Agency, without regard to any refinement or gradation of such rating category by a numerical modifier or otherwise. Registered Owner means the person in whose name the Bond is registered on the Bond Register. For so long as the Bonds are held in book -entry only form, DTC shall be deemed to be the sole Registered Owner. Registrar means the fiscal agency of the State of Washington for the purposes of registering and authenticating the Bonds, maintaining the Bond Register, effecting transfer of ownership of the Bonds, and paying the principal of, premium, if any, and interest on the Bonds. Reserve Account means common Reserve Account maintained pursuant to Section 8(b) of this ordinance. Reserve Requirement means the dollar amount to be calculated with respect to all Covered Bonds and separately with respect to other Parity Bonds. (a) With respect to Covered Bonds, the Reserve Requirement shall be equal to the least of: (1) Maximum Annual Debt Service for Covered Bonds, (2) 10% of the initial principal amount of Covered Bonds of each series, and (3) 125% of average annual debt service for Covered Bonds; provided, however, that the dollar amount required to be contributed, if any, as a result of the issuance of a series of Future Parity Bonds shall not be greater than the Tax Maximum. If the dollar amount -14- P:\20287 CMVM20287 B32 09/09/15