Agmt15 City of RWC Public Financing Authority Water Revenue Refunding Bonds

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"City Representative" means the Mayor, Vice-Mayor, City Manager, Assistant Ciry Manager, Director of Finance, Treasurer or other duly authorized ofFcer of the City. "Closing Date" means May 19, 2015. "Code" means the Internal Revenue Code of 1986 as in effect on the date of issuance of the Bonds or (except as otherwise referenced herein) as it may be amended to apply to obligations issued on the date of issuance of the Bonds, together with applicable temporary and final regulations promulgated, and applicable official public guidance published, under the Code. "Continuing Disclosure Certificate" shall mean the certificate by that name, dated as of the Closing Date, from the City on behalf of itself and the Authority. "Debt Service" means, during any period of computation, the amount obtained for such period by totaling the following amount-- (a) The principal amount of all Outstanding serial Bonds and Parity Obligations coming due and payable by their terms in such period (except to the extent that such principal has been fully capitalized and is invested in Federal Securities which mature at 6mes and in such amounts as.are necessary to pay the principal to which such amounts are pledged); (b) The minimum principal amount of all Outstanding term Bonds and Parity Obligations scheduled to be redeemed by operation of mandatory sinking fund deposits in such period, together with any premium thereon (except to the extent that such principal has been fully capitalized and is invested in Federal Securities which mature at times and in such amounts as are necessary to pay the principal to which such amounts are pledged); and (c) The interest which would be due during such period on the aggregate principal amount of Bonds and Parity Obligations which would be Outstanding in such period if the Bonds or Parity Obligations are retired as scheduled (except to the extent that such interest has been fully capitalized and is invested in Federal Securities which mature at times and in such amounts as are necessary to pay the interest to which such amounts are pledged), but deducting and excluding from such aggregate amount the amount of Bonds and Parity Obligations no longer Outstanding; provided that, whenever interest as described herein accrues at other than a fixed rate, such interest shatl be assumed to be a rate equal to the greater of(i)the actual rate on the date of calculation, or if the Parity Obligation is not yet outstanding, the initial rate (if established and binding), (ii) if the Parity Obligation has been outstanding for at least twelve months, the average rate over the twelve months immediately preceding the date of calculation, and (iii) (x) if interest on the Parity Obligation is excludable from gross income under the applicable provisions of the Internal Revenue Code, the most recently published The Bond Buyer Bond Revenue Index (or comparable index if no longer published) plus fifty (50) basis points, or (y) if interest is not so excludable, the interest rate on direct U.S. Treasury Obligations with comparable maturities, plus fifty (50) basis points. "Delivery Costs" means all items of expense directly or indirectly payable by or reimbursable to the Authority or the City relating to the issuance of the Bonds, including but not limited to filing costs, settlement costs, printing costs,,reproduction and binding costs, initial fees and charges of the Trustee and its counsel, financing discounts, insurance premiums and 3