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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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Obligations will be payable on a pro-rata basis from all available moneys deposited in the Gas <br />Tax Fund. Additionally, any moneys which remain in the Debt Service Fund after payment of <br />principal of and interest on the Bonds and Additional Obligations will be used to pay the Insurer <br />for any other unpaid advances under the Reserve Policy. <br />(3) Surplus. As long as all of the foregoing payments, allocations and transfers are made at <br />the times and in the manner described above in subsections (1) and (2), any moneys remaining in the Gas <br />Tax Fund may at any time be treated as surplus and applied for any lawful purpose. <br />Reserve Account <br />A Reserve Account will be established under the Indenture for the Bonds in an amount equal to the <br />Reserve Requirement. The "Reserve Requirement" is defined as an amount equal to, at any date of determination, <br />the least of (i) ten percent (10%) of the original par amount of the Bonds, (ii) Maximum Annual Debt Service with <br />respect to the Bonds, or (iii) 125% of average annual debt service on the Bonds; provided, however, that the <br />Reserve Requirement shall not exceed the Reserve Requirement calculated on the Closing Date; provided, <br />however, that the Reserve Requirement shall not exceed the Reserve Requirement calculated on the Closing Date; <br />provided, further that the City may meet all or a portion of the Reserve Requirement by depositing a Qualified <br />Reserve Account Credit Instrument meeting the requirements of the Indenture. <br />The City will satisfy the Reserve Requirement with respect to the Bonds by depositing the Reserve Policy <br />(as defined herein) in the Reserve Account in accordance with the Indenture. <br />The City is not obligated to replace the Reserve Policy or to fund the Reserve Account with cash if, at any <br />time that the Bonds are Outstanding, amounts are not available under the Reserve Policy other than in connection <br />with a draw on the Reserve Policy. <br />Maintenance of Gas Tax Revenues <br />The City will use its best efforts to comply with all provisions of law and any regulations issued thereunder <br />relating to the Gas Tax Revenues, including, but not limited to, Sections 2119 and 2151 through 2155 of the <br />California Streets and Highways Code and Sections 65089.3 and 65089.4 of the California Government Code <br />relating to conformance with the congestion management program relating to the City and will take any and all <br />reasonable actions required in order to maintain the City's ability to receive the Gas Tax Revenues and apply the <br />same as provided herein; provided, that nothing herein shall require the City to take any action or expend any City <br />funds to comply with any such requirements deemed unreasonable in the sole discretion of the City, so long as <br />failure to take such action or expend such funds will not cause the amount of estimated Gas Tax Revenues to be <br />received by the City in the next Fiscal Year to be less than one hundred fifty percent (150%) of the Maximum <br />Annual Debt Service as of the date of calculation. <br />Additional Obligations <br />In addition to the Bonds, the City may, by Additional Obligations Instrument (as defined in the Indenture), <br />issue or incur other loans, advances or indebtedness payable from Gas Tax Revenues on a parity with the Bonds <br />to provide for the full or partial refunding of the Bonds, provided that there is a savings in debt service as a result <br />of the issuance of such refunding bonds. <br />GAS TAX REVENUES <br />General <br />Pursuant to the Indenture, the City has pledged its Gas Tax Revenues for the payment of the Bonds. Gas <br />Tax Revenues are comprised of all amounts received by the City from the State in accordance with Streets and <br />Highways Code Sections 2105, 2106, and 2107, as such provisions may be amended, and all other revenues <br />55A-95 <br />
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