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55A - RESO - GAS TAX BONDS
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11/05/2019
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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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(i) Interest Account. The Trustee will deposit in the Interest Account an amount <br />required to cause the aggregate amount on deposit in the Interest Account to be at least equal to <br />the amount of interest becoming due and payable on such Interest Payment Date on all Bonds <br />then Outstanding. <br />(ii) Principal Account. The Trustee will deposit in the Principal Account an amount <br />required to cause the aggregate amount on deposit in the Principal Account to equal the principal <br />amount of the Bonds coming due and payable on such Interest Payment Date. <br />(iii) Sinking Account. The Trustee will deposit in the Sinking Account an amount <br />equal to the aggregate principal amount of the Term Bonds required to be redeemed on such date, <br />if any, pursuant to Indenture. <br />(iv) Reserve Account. In the event that the amount on deposit in the Reserve Account <br />at any time becomes less than the Reserve Requirement, the Trustee will promptly notify the City <br />of such fact. Promptly upon receipt of any such notice, the City will transfer to the Trustee an <br />amount sufficient to maintain the Reserve Requirement of the Reserve Account. If there will then <br />not be sufficient Gas Tax Revenues on deposit in the Gas Tax Fund to transfer an amount <br />sufficient to maintain the Reserve Requirement of the Reserve Account, the City will be obligated <br />to continue making transfers as Gas Tax Revenues become available in the Gas Tax Fund until <br />there is an amount sufficient to maintain the Reserve Requirement of the Reserve Account. No <br />such transfer and deposit need be made to the Reserve Account so long as there will be on deposit <br />therein a sum at least equal to the Reserve Requirement. All money in the Reserve Account will <br />be used and withdrawn by the Trustee solely for the purpose of making transfers to the Interest <br />Account, the Principal Account and Sinking Account in such order of priority, in the event of any <br />deficiency at any time in any of such accounts or for the retirement of Bonds then Outstanding, <br />except that so long as the City is not in default hereunder, any amount in the Reserve Account in <br />excess of the Reserve Requirement will be withdrawn from the Reserve Account semiannually <br />on or before four (4) Business Days preceding each January 1 and July 1 by the Trustee and <br />deposited in the Interest Account. All amounts in the Reserve Account on the Business Day <br />preceding the final Interest Payment Date will be withdrawn from the Reserve Account and will <br />be transferred either (i) to the Interest Account, the Principal Account and Sinking Account, in <br />such order, to the extent required to make the deposits then required to be made pursuant to the <br />Indenture or, (ii) if the City will have caused to be transferred to the Trustee an amount sufficient <br />to make the deposits required by the Indenture, then, at the Request of the City, such amount will <br />be transferred as directed by the City. <br />The Reserve Requirement with respect to the Bonds will be satisfied by the delivery of <br />the Reserve Policy to the Trustee. The Trustee will credit the Reserve Policy to the Reserve <br />Account. Under the terms and conditions of the Reserve Policy, the Trustee will deliver to the <br />Insurer a demand for payment under the Reserve Policy in the required form at least five Business <br />Days before the date on which funds are required for the purposes set forth in the Indenture. The <br />Trustee will comply with all of the terms and provisions of the Reserve Policy for the purpose of <br />assuring that funds are available thereunder when required for the purposes of the Reserve <br />Account, within the limits of the coverage amount provided by the Reserve Policy. All amounts <br />drawn by the Trustee under the Reserve Policy will be deposited into the Reserve Account and <br />applied for the purposes thereof. The City will reimburse the Insurer for all draws under Reserve <br />Policy in accordance with the terms of the Reserve Policy and the Indenture. <br />(v) Equal Rights. It is the intention of the City that the Bonds and Additional <br />Obligations will be secured by and payable from all moneys deposited in the Gas Tax Fund on an <br />equal basis. To the extent that moneys deposited in the Gas Tax Fund are insufficient to pay debt <br />service on the Bonds and Additional Obligations as it becomes due, the Bonds and Additional <br />55A-94 <br />
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