Ordinance 97-70 - Laserfiche WebLink

• The term "average annual debt service" as of any date shall mean, for each series of bonds , the aggregate of all future principal and interest to become due on the bonds of such series in all years in which principal is to mature in accordance with the then scheduled maturities thereof , divided by the number of such years . The term "combined average annual debt service" shall mean the aggregate of the average annual debt service for each separate series . Future net revenue estimates shall be furnished by a recognized independent consulting engineer and approved by the Mayor and City Council . The City hereby covenants and agrees that in the event additional series of parity bonds are issued, it shall: 1 . Adjust the semiannual deposits into the Bond and Interest Sinking Fund Account on the same basis as that prescribed in Section 16 to provide for a maximum amount equal to at least sixty-two and one-half hundredths ( . 625) times the combined average annual debt service on the parking system revenue bonds then outstanding and such additional bonds ; 2 . Adjust the amount of the debt service reserve required by Section 16 to a sum equal to not less than two times the combined average annual debt service on the parking system revenue bonds then outstanding and such additional bonds , the additional debt service reserve to be accumulated in the manner hereinbefore provided; 3 . Increase the amount to be deposited annually into the Repair and Replacement Reserve Account by an amount equal to one-half of one percent (1/2%) of the estimated cost of the facilities to be added to the Parking System, and increase the balance to be accumulated and maintained in said account by an amount equal to four percent (4%) of the estimated cost of the facilities to be added to the Parking System; 4 . Make such additional bonds payable as to principal on January 1 of each year in which principal falls due and payable as to interest on January 1 and July 1 of each year. -23-