Ordinance 3450-15 - Laserfiche WebLink

Service on all Parity Bonds then outstanding times a fraction, the numerator of which is the aggregate principal amount of nondelinquent ULID Assessments which remain to be paid into the Revenue Bond Fund plus the principal amount of ULID 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 (2) 1.25 times the product of Maximum Annual Debt Service on all Parity Bonds then outstanding times the difference of 1 minus the fraction calculated pursuant to (1) above; or (b) for any other period, the product of 1.25 times Maximum Annual Debt Service on all Parity Bonds then outstanding. Coverage Stabilization Account means the account of that name maintained pursuant to Section 7(c) of this ordinance. Covered Bonds means the Outstanding Parity Bonds, the Bonds and those Future Parity Bonds designated in the ordinance authorizing their issuance as Covered Bonds secured by the Reserve Account. Credit Facility means a policy of municipal bond insurance, a letter of credit, surety bond, line of credit, guarantee or other financial instrument or any combination of the foregoing, which obligates a third party to make payment or provide funds for the payment of financial obligations of the City. There may be one or more Credit Facilities outstanding at any time. Debt Service means, for any period of time, (a) with respect to any outstanding Original Issue Discount Bonds or Capital Appreciation Bonds which are not designated as Balloon Maturity Bonds in the ordinance authorizing their issuance, the principal amount thereof shall be equal to the Accreted Value thereof maturing or scheduled for redemption in such period, and the interest payable during such period; -6- P.\20287 CMVN20287 832 09/09/15