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15 <br />fees and charges as it deems necessary, but shall not reduce its rates, fees and charges below <br />those in effect unless the Net Revenues resulting from such reduced rates, fees and charges shall <br />at all times be sufficient to meet the requirements described in this paragraph. <br />If the City violates the rate covenant described in the two preceding paragraphs, such <br />violation shall not, in and of itself, be a default under the 2024 Installment Purchase Contract and <br />shall not give rise to a declaration of an Event of Default if the coverage calculated in accordance <br />with the 2024 Installment Purchase Contract does not decrease below 1.00 times annual Debt <br />Service on the Bonds, annual payments with respect to Parity Obligations, and Maintenance and <br />Operation Costs of the Enterprise and, within 120 days after the date such violation is discovered, <br />the City hires an Independent Municipal Finance Consultant to review the revenues and expenses <br />of the Enterprise and abides by such consultant’s recommendations to revise the schedule of <br />rates, fees and charges and to revise any Maintenance and Operation Costs of the Enterprise <br />insofar as practicable and to take such other actions as are necessary so as to produce Net <br />Revenues to cure such violation for future compliance; provided, however, that if the City does <br />not cure such violation within twelve (12) months succeeding the date such violation is discovered, <br />an Event of Default shall be deemed to have occurred under the 2024 Installment Purchase <br />Contract. <br />For definitions of additional terms used in the 2024 Installment Purchase Contract and the <br />Indenture, see “APPENDIX D – SUMMARY OF PRINCIPAL LEGAL DOCUMENTS”. <br />Additional Debt <br />Additional Bonds. In addition to the Bonds, the Authority may, by Supplemental <br />Indenture, issue one or more series of Additional Bonds secured by Revenues on a parity with <br />the Bonds, and may issue and deliver such Additional Bonds in such principal amount as shall be <br />determined by the Authority, but only upon compliance by the Authority with the following specific <br />conditions, among others: <br />(a) Supplemental Indenture. The Authority and the Trustee shall have <br />executed a Supplemental Indenture which sets forth the terms and provisions of such <br />Additional Bonds, including the establishment of such funds and accounts, which may be <br />separate and apart from the funds and accounts established under the Indenture for the <br />Bonds, as shall be necessary or appropriate. <br />(b) Payment Dates. The scheduled principal and interest payable with respect <br />to such Additional Bonds shall be payable only on Interest Payment Dates applicable to <br />the Bonds. <br />(c) Amendment of 2024 Installment Purchase Contract. The 2024 Installment <br />Purchase Contract shall have been amended, if necessary, to (i) increase or adjust the <br />2024 Installment Payments due and payable on each Installment Payment Date to an <br />amount sufficient to pay the principal, premium (if any) and interest payable with respect <br />to all Outstanding Bonds, including all Additional Bonds as and when, if any, the same <br />mature or become due and payable, and (ii) make such other revisions to the 2024 <br />Installment Purchase Contract as are necessitated by the issuance of such Additional <br />Bonds (provided, however, that such other revisions shall not prejudice the rights of the <br />Owners of Outstanding Bonds as granted them under the terms of the Indenture). <br />8.A. - Page 29 of 255 <br />657