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55A - RESO - GAS TAX BONDS
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55A - RESO - GAS TAX BONDS
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Last modified
10/30/2019 12:55:49 PM
Creation date
10/30/2019 11:40:51 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
11/5/2019
Destruction Year
2024
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It1UI h t:\ <br />[Reserved] <br />SECURITY FOR THE BONDS <br />Pledge of Gas Tax Revenues <br />First and Exclusive Lien on Gas Tax Revenues. The Bonds and Additional Obligations shall be secured <br />by a first pledge of all Gas Tax Revenues. Under the Indenture, the City transfers, places a charge upon, assigns <br />and sets over to the Trustee, for the benefit of the Owners, that portion of the Gas Tax Revenues which is necessary <br />to pay the principal of and interest on the Bonds in any Fiscal Year, together with all moneys on deposit in the <br />Debt Service Fund, including the Interest Account, the Principal Account, the Sinking Account and the Reserve <br />Account and such portion of the Gas Tax Revenues is irrevocably pledged to the punctual payment of the principal <br />or Redemption Price of and interest on the Bonds. The Bonds and any Additional Obligations will be equally <br />secured by a pledge charge and lien upon the Gas Tax Revenues, without priority for number or date. The Gas <br />Tax Revenues may not be used for any other purpose while any of the Bonds or Additional Obligations remain <br />Outstanding, except that out of Gas Tax Revenues there may be apportioned and paid such sums for such purposes, <br />as are expressly permitted by the Indenture. See "SECURITY FOR THE BONDS — Additional Obligations." <br />This pledge constitutes a first, direct and exclusive charge and lien on the Gas Tax Revenues for the payment of <br />the principal of and interest on the Bonds in accordance with the terms thereof. <br />Gas Tax Revenues. The Indenture defines Gas Tax revenues as all amounts received by the City from <br />the State in accordance with Streets and Highways Code Section 2105, 2106 and 2107, as such provisions may be <br />amended, and all other revenues (except revenues received by the City in accordance with Streets and Highways <br />Code Section 2107.5), if any, received by the City from taxes imposed on the purchase of motor vehicle fuels and <br />any payments, subventions or reimbursements received by the City from the State in lieu of such revenues. <br />Gas Tax Fund <br />In order to carry out and effectuate the pledge and lien of Gas Tax Revenues to payment of debt service <br />on the Bonds, the City will covenant and agree in the Indenture that all Gas Tax Revenues, when and as received, <br />will be held by the City in trust and will be deposited by the City in its Gas Tax Fund and will be accounted for <br />through and held in trust in the Gas Tax Fund, and the City will only have such beneficial right or interest in any <br />of such money as provided in the Indenture. All Gas Tax Revenues will be accounted for separately and apart <br />from all other money, funds, accounts or other resources of the City. <br />All Gas Tax Revenues will be transferred, disbursed, allocated and applied solely to the uses and purposes <br />set forth below: <br />(1) Administrative Costs. The City will first pay from the moneys in the Gas Tax Fund the <br />budgeted Administrative Costs as such costs become due and payable. <br />(2) Debt Service Fund. At least five Business Days prior to each Interest Payment Date, the <br />City shall transfer Gas Tax Revenues to the Trustee for the purpose of paying the Bonds. Not later than <br />the first Business Day preceding each date on which principal of or interest on the Bonds becomes due <br />and payable, the Trustee will transfer from the Debt Service Fund and deposit into the following respective <br />accounts (each of which the Trustee will establish and maintain within the Debt Service Fund), the <br />following amounts in the following order of priority, the requirements of each such account at the time of <br />deposit to be satisfied before any transfer is made to any account subsequent in priority: <br />A 55-93 <br />
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