Ordinance 1139-85 - Laserfiche WebLink

Term Bonds equal to the mandatory deposits of money into any Sinking Fund Account to provide for payment of the principal of such Term Bonds, and from "interest" the interest on such Term Bonds subsequent to the date of the respective deposits, and to include in lieu thereof all mandatory sinking fund deposits as of the date required and interest on the Term Bonds provided for by such deposits only to the dates of the respective deposits. The word "Assessments" means any assessments levied in any utility local improvement district of the City created for the acquisition or construction of additions and improvements to and extensions of the System, if such assessments are pledged to be paid into the Revenue Bond Fund. The word "Assessments" shall also include any installments of assessments and any interest or penalties which may be due thereon. The words "Assessment Income" mean the principal of and interest on assessments levied in any utility local improvement district and pledged to be paid into the Revenue Bond Fund. In the case of assessments payable in installments, Assessment Income shall be allocated to the years in which it would be received if the unpaid principal balance of each assessment roll were paid in equal principal amounts over the remaining number of installments with interest on the declining balance at the times and at the rate provided in the ordinance confirming the assessment roll . The words "Average Annual Debt Service" mean, with respect to any issue of Parity Bonds, the average amount of Annual Debt Service which will become due on such Parity Bonds for the period from the date of such calculation until the final maturity date of such Parity Bonds then outstanding. The words "Bond Insurer" means Financial Guaranty Insurance Company, a New York stock insurance company, or its successor in -4- WMD202 85/06/10