AgdaPkt 2012-01-09 - Laserfiche WebLink

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8.A. - Page 26 District, and U.S. Bank National Association, as fiscal agent (the "Fiscal Agent"). For more detailed information about the formation of the District and the authority for issuance of the Bonds, see "THE DISTIZICT—Authority for Issulnce." The Bonds General. The Bonds will be issued only as fully registered bonds, in denominations of $5,000 or any integral multiple thereof, and will bear interest at the rates per annum and will mature on the dates and in the pri�lcipal amounts set fortll on the inside cover page of this Official Statement. The Bonds will be dated the date of their issuance and interest on the Bonds will be plyable on March 1 and September 1 of elch year (individually an "Interest Payment Date"), commencing September 1, 2012. See "THE BONDS." The Bonds will be issued in book-entry form only and, when delivered, will be registered in the name of Cede & Co., as nominee of the Depository Trust Company, New York, New York ("DTC'), which will 1ct as securities depository for the Bonds. See "THE BONDS—General Provisions." Redemption Prior to Maturity. Tl1e Bonds are not subject to optional redemption prior to maturity; however, the Bonds are subject to mandatory redemption prior to maturity from Special Tax prepayments and related transfers of funds from the Reserve Fund. See "THE BONDS—Redemption." Security for the Bonds Pledge Under the Fiscal Agent Agreement. Pursuant to the Fiscal Agent Agreement, the Bonds are secured by a pledge of all of the Special Tax Revenues (except for the Annual Administrative Expense Deposit) and all moneys deposited in the Bond Fund, the Reserve Fund and, until disbursed in accordlnce with the Fiscal Agent Agreement, the Special Tax Fund. "Special Tax Revenues," as defined in the Fiscal Agent Agreement, means the proceeds of the Special Taxes received by the City, includi�lg any scheduled payments and any prepayments thereof, ulterest and penalties thereon and proceeds of the redemption or sale of property sold as a result of foreclosure of the lien of the Special Taxes. "Annual Administrative Expense Deposit," as defined in the Fiscal Agent Agreement, means, in each Fiscal Year, an amount of Special Taxes initially equal to $25,000; increasing, commenci�zg in Fiscal Year 2012/13 and in each Fiscal Year thereafter, by an amount equal to two percent (2%) of the Annual Administrative Expense Deposit for the previous Fisc11 Year. The Special Tax Revenues (except for the Annual Administrative Expense Deposit) and all moneys deposited into the Bond Fund, the Reserve Fund and the Special Tax Fund (except as otherwise provided in the Fiscal Agent Agreement) are dedicated to the payment of the principal of, and interest and any premium on, the Bonds in accordance with the Fiscal Agent Agreement until all of the Bonds have been paid or defeased. See "SECURITY FOR THE BONDS—Special Taxes" and Appendix B—"Rate and Method." The Annual Administrative Expense Deposit and amounts in the Administrative Expense Fund, the Surplus Fund and the Series 2012 Costs of Issuance Fund (referred to herein as the "Costs of Issuance Fund"), each of which is established under the Fiscal Agent Agreement, are not pledged to the repayment of the Bonds. Proceeds of the Bonds and other lmounts deposited to the Escrow Fund established under the Escrow Instructions (which will be used to pay the redemption price of the Prior Bonds) are not pledged to, and are not available for, the repayment of the Bonds. See "PLAN OF REFUNDING—Redemption of Prior Bonds." Special Taxes; Rate and Method. The Special Taxes to be used to pay debt service on the Bonds will be levied in accordance with the Rate and Metllod (as described under the heading "THE BONDS—Authority for Issuance"). "Special Taxes" are those taxes levied on -2-