Ordinance 1358-87 - Laserfiche WebLink

Section 2 . Definitions . The following capitalized words when used in this ordinance shall have the following meanings : (a) "Arbitrage Rebate Requirements" means the arbitrage rebate requirements imposed by Section 148 of the 1986 Code . (b) "Bona Fide Debt Service Fund" means any fund or account or portion thereof used primarily to achieve a proper matching of revenues of the City and Debt Service on the Bonds within each Bond Year and which is depleted at least once a year except for a reasonable carryover amount not exceeding the greater of one year ' s earnings on the fund or one-twelfth of annual Debt Service on the Bonds . (c) "Bond Year" means each one-year period beginning on the day after the expiration of the preceding Bond Year , with the first Bond Year beginning on the Date of Issue of the Bonds and ending one year later . A Bond Year accordingly is based on the closing or first delivery date for the issuance of the Bonds , not the "dated date" of the Bonds . (d) "Bond Yield" or "Yield on the Bonds" means that yield which when used in computing the present worth of all payments of principal of and interest to be paid on the Bonds produces an amount equal to the Issue Price of the Bonds , with bond insur- ance premiums or letter of credit fees , if any, paid to insure or enhance the credit of the Bonds treated as interest paid on the Bonds if the present value of such premiums or fees is less than the present value of interest saved as a result of the provision of such insurance or letter of credit . - 2 -