Ordinance 1433-88 - Laserfiche WebLink

The words "Construction Fund" mean the "1988 Water and Sewer Construction Fund" created by Section 13 of this ordinance. The words "Costs of Maintenance and Operation" mean all necessary operating expenses, current maintenance expenses, expenses of reasonable upkeep and repairs, and insurance and administrative expense with respect to the System, but excludes depreciation, payments for debt service or into reserve accounts, costs of capital additions to or replacements of the System, municipal taxes, or payments to the City in lieu of taxes. The word "Council" means the general legislative body of the City as the same shall be duly and regularly constituted from time to time. The words "Coverage Requirement" mean ( a) for any period during which Assessments may be paid without becoming delinquent, the sum of ( i ) the product of Maximum Annual Debt Service on all Parity Bonds then outstanding times a fraction, the numerator of which is the aggregate principal amount of nondelinquent Assess- ments which remain to be paid into the Revenue Bond Fund plus the principal amount of 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 ( ii ) 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 (i ) above; or (b) for any other period, the product of 1 .25 times Maximum Annual Debt Service on all Parity Bonds then outstanding. The words "Debt Service Account" mean the account of that name created in the Revenue Bond Fund by Section 7 of Ordinance No. 1139-85 . The words "Escrow Agreement" mean that agreement between the City and the Refunding Trustee authorized to be executed pursuant -6- KR180 88/01/11