Ordinance 3450-15 - Laserfiche WebLink

(2) The City has not been in default of its Rate Covenant for the immediately preceding fiscal year, without regard to transfers from the Coverage Stabilization Account; (3) This ordinance, in Section 9(b), contains a covenant that the City will at all times establish, maintain and collect rates and charges in the operation of all of its business sufficient to meet the Rate Covenant. (4) That the City or the Consultant will deliver a certificate no later than the date of issuance of the Bonds to the effect that the Parity Requirement has been met. The applicable parity conditions set forth in Ordinance Nos. 3123-09, 3211-11 and 3313- 13 having been complied with, the Bonds shall be issued on a parity of lien with the Outstanding Parity Bonds. The City hereby further covenants and agrees that the Bonds will not be issued and delivered to the purchasers thereof as bonds on a parity with the Outstanding Parity Bonds until the certificate required herein, in form and contents satisfactory to the City and its counsel, has been filed with the City. Section 3. Authorization of Projects. The Bonds are being issued to provide funds to reimburse the City for previously incurred capital expenditures (designated for reimbursement) and to pay the costs of acquiring, constructing and installing certain additions and betterments to and improvements of the City's sewer and storm water systems, all within the 2014 Sewer Comprehensive (the "Projects"). These improvements are identified in the 2014 Sewer Comprehensive plan. Scheduled improvements for 2015, 2016 and 2017 include the following: -20- P \20287 CMV\A20287 632 09/09/15