Laserfiche WebLink
j. Rate Smoothing. As further described in Exhibit F, "rate smoothing" will <br /> be applied in the first budget year in which the Assessment formula defined in Exhibit C <br /> is applied. <br /> SECTION 13. ISSUANCE OF DEBT. <br /> Except as otherwise provided in Section 5, Snohomish County 911 shall not have the <br /> power to issue obligations or to incur debt. However, it is anticipated that Snohomish <br /> County 911 may require capital funding from time to time to support facilities, <br /> technology and equipment needs. Bonds, notes or other evidences of indebtedness may <br /> be issued from time to time by one or more Participating Agencies or by another issuer <br /> pursuant to a separate agreement between one or more Participating Agencies and <br /> Snohomish County 911 in order to provide capital financing for Snohomish County 911 <br /> on terms as agreed upon by the parties thereto. The security and sources of payment for <br /> any such debt will be determined at the time of issuance, which may include User Fees <br /> and/or capital contributions from the Principals. Any User Fees and/or capital <br /> contributions for such purposes shall be approved by Supermajority Vote of the <br /> Governing Board. Further, in the event that any Principal is obligated to make a capital <br /> contribution, such obligation shall be subject to approval by its legislative authority. To <br /> the extent that any bonds or other debt is issued on a tax-exempt basis under Section 103 <br /> of the Internal Revenue Code of 1986, as amended (the "Code"), the Participating <br /> Agencies agree to not (1) make any use of the proceeds from the sale of such bonds or <br /> other debt that will cause the bonds or other debt to be "arbitrage bonds" within the <br /> meaning of the Code, or (2) act or fail to act in a manner that will cause the bonds or <br /> other debt to be considered obligations not described in Section 103(a)of the Code. <br /> SECTION 14. CONVERSION OF STATUS OF PARTICIPATING AGENCIES; <br /> ADDITION OF NEW PRINCIPALS OR SUBSCRIBERS; PROVISION OF <br /> ADDITIONAL SERVICE TO PRINCIPALS. <br /> a. As described in Sections 12.c and 12.f hereof, a Principal may be <br /> converted to Subscriber status for failure to approve its share of the budget or for <br /> nonpayment or delinquency in payment of User Fees. On the date of such conversion, <br /> said former Principal shall: <br /> i. lose its right to participate in a caucus for selecting a voting <br /> Governing Board member; <br /> ii. lose its right to receive a share of Snohomish County 911 assets <br /> upon dissolution of Snohomish County 911; <br /> 26 <br /> 40 <br />