98-039 ORD AUTHORIZE TEXAS WATERWORKS AND SEWER SYSTEM REVENUE REFUNDING BONDS, SERIES 1998

Home Browse Search

Revenue Bonds, or other obligations. Such Revenue Bonds, if and when authorized, issued, and delivered in accordance with this Ordinance, may be payable from and secured by an irrevocable first lien on and pledge of the Net Revenues, all as hereinafter provided. (b) That Revenue Bonds, if and when authorized, issued, and delivered in accordance with this Ordinance, shall be payable from a Interest and Sinking Fund to be created hereafter by the ordinance authorizing the issuance thereof which shall be funded in equal monthly installments, and shall be payable from and secured by an irrevocable lien on and pledge of the Net Revenues, equally and ratably on a parity with all other outstanding Revenue Bonds, if any. (c) That the principal of and interest on all Revenue Bonds must be scheduled to be paid or mature on June 15 and/or December 15 of the years in which such principal and interest are scheduled to be paid or mature. Section 25. FURTHER REQUIREMENTS FOR REVENUE BONDS. That the Revenue Bonds shall be issued only in accordance with this Ordinance, and no installment, series, or issue of Revenue Bonds shall be issued or delivered unless: (a) The Mayor of the Issuer and the City Clerk sign a written certificate to the effect that the Issuer is not in default as to any covenant, condition, or obligation in connection with all the Bonds, the Outstanding Bonds, and any Revenue Bonds, and the ordinances authorizing same, and that the Interest and Sinking Fund and Reserve Fund for both the Bonds, the Outstanding Bonds, and any Revenue Bonds, each contains the amount then required to be therein. (b) An independent certified public accountant, or independent firm of certified public accountants, acting by and through a certified public accountant, signs a written certificate to the effect that, in his or its opinion, during either the next preceding fiscal year, or any twelve consecutive calendar month period ending not more than ninety days prior to the passage of the ordinance authorizing the issuance of the then proposed Revenue Bonds, the Net Revenues were, if the then proposed Bonds are to be Revenue Bonds, at least equal to the aggregate of 1.10 times an amount equal to the average annual principal and interest requirements of all then outstanding bonds of any nature or lien which are payable from Net Revenues and which are scheduled to be outstanding after the delivery of the then proposed Revenue Bonds. It is specifically provided, however, that in calculating the amount of Net Revenues for the purposes of this subsection (b), if there has been any increase in the rates or charges for services of the System which is then in effect, but which was not in effect during all or any part of the entire period for which the Net Revenues are being calculated (hereinafter referred to as the "entire period") then the certified public accountant shall determine and certify the amount of Net Revenues as being the total of (i) the actual Net Revenues for the entire period, plus (ii) a sum equal to the aggregate amount by which the actual billings to customers of the System during the entire period would have been increased if such increased rates ar charges had been in effect during the entire period. 27