AgdaPkt 2006-01-23 - Laserfiche WebLink

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~ð9 Installment Purchase Contract) issued or incurred payable from Net Revenues coming due and payable during such Fiscal Year. The City may make adjustments, from time to time, in its rates, fees and charges as it deems necessary, but shall not reduce its rates, fees and charges below those in effect unless the Net Revenues resulting from such reduced rates, fees and charges shall at all times be sufficient to meet the requirements described in this paragraph. If the City violates the rate covenant described in the preceding paragraph, such violation shall not, in and of itself, be a default under the Installment Purchase Contract and shall not give rise to a declaration of an Event of Default if the coverage calculated in accordance with the Installment Purchase Contract does not decrease below 1.00 times annual Debt Service on the Bonds and Parity Obligations, amounts sufficient to maintain the Reserve Fund at the Reserve Requirement, and Maintenance and Operation Costs of the Enterprise and, within 120 days after the date such violation is discovered, the City hires an Independent Financial Consultant to review the revenues and expenses of the Enterprise and abides by such consultant's recommendations to revise the schedule of rates, fees and charges and to revise any Maintenance and Operation Costs of the Enterprise insofar as practicable and to take such other actions as are necessary so as to produce Net Revenues to cure such violation for future compliance; provided, however, that if the City does not cure such violation within twelve (12) months succeeding the date such violation is discovered, an Event of Default shall be deemed to have occurred under the Installment Purchase Contract. Additional Debt No Senior Obligations Payable from Net Revenues. So long as any Bonds are Outstanding, the City may not issue or incur any obligations payable from Net Revenues or the Revenue Fund senior or superior to the Installment Payments and interest thereon. Additional Bonds. In addition to the Bonds, the Authority may, by Supplemental Indenture, issue one or more series of Additional Bonds secured by Revenues on a parity with the Bonds, and may issue and deliver such Additional Bonds in such principal amount as shall be determined by the Authority, but only upon compliance by the Authority with the following specific conditions, among others: (a) Supplemental Indenture. The Authority and the Trustee shall have executed a Supplemental Indenture which (i) sets forth the terms and provisions of such Additional Bonds, including the establishment of such funds and accounts, which may be separate and apart from the funds and accounts established hereunder for the Bonds, as shall be necessary or appropriate, and (ii) requires that prior to the delivery of such Additional Bonds the Reserve Requirement with respect to such Additional Bonds shall be on deposit in the Reserve Fund established under the Indenture or in a reserve fund established under such Supplemental Indenture. (b) Payment Dates. The scheduled principal and interest payable with respect to such Additional Bonds shall be payable only on Interest Payment Dates applicable to the Bonds. (c) Amendment of Instal/ment Purchase Contract. The Installment Purchase Contract shall have been amended, if necessary, to (i) increase or adjust the Installment Payments due and payable on each Installment Payment Date to an amount sufficient to pay the principal, premium (if any) and interest payable with respect to all Outstanding Bonds, including all Additional Bonds as and when, if any, the same mature or become due and payable (except to the extent such principal, premium and interest may be payable out of moneys then in the Reserve Fund or otherwise on deposit with the Trustee in accordance with this Indenture), (ii) if appropriate, amend the definition of the Project to include as part of the 14