AgdaPkt 2012-01-09 - Laserfiche WebLink

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8.A. - Page 33 available one or more separate Bonds evidencing the Bonds to any Depository System Participant having Bonds credited to its account with the Depository, or (ii) to arrange for lnother qualified securities depository to maintain custody of a single Bond evidencing such Bonds, all at the City's expense. Scheduled Debt Service The following is t11e debt service schedule for the Bonds, assuming no redemption of Bonds with proceeds of Special Tax Prepayments: Period Ending Septeinber 1 Principal Interest Total Debt Service 2012 2013 2014 2015 2016 Totals SECURITY FOR THE BONDS General Pursuant to the Fiscal Agent Agreement, the Bonds are secured by a pledge of, and first lien on, 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 accordance with the Fiscal Agent Agreement, the Special Tax Fund. The Special Tax Revenues (except for the Annual Administrative Expense Deposit) and all moneys deposited into said funds (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. "Special Tax Revenues," as defined in the Fiscal Agent Agreement, melns the proceeds of the Special Taxes received by the City, including any scheduled payments and any prepayments thereof, interest and penalties tllereon 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 Fisc11 Year, an amount of Special Taxes initially equal to $25,000; increasiilg, commencing in Fiscal Year 2012/13 and in each Fiscal Year thereafter, by an amount equal to two percent (2%) of the Annual Admiiustrative Expense Deposit for the previous Fiscal Year. Limited Obligation The Bonds are limited obligations of the City on behalf of the District and are payable solely from and secured solely by the Special T1x Revenues (except for the Annu11 Administrative Expense Deposit) and the amounts in the Bond Fund, the Reserve Fund and the Special Tax Fund created pursuant to the Fiscal Agent Agreement. The Annual Administrative Expense Deposit and amounts in the Administrative Expense Fund, the Surplus Fund and the Costs of Issuance Fund are not pledged to the repayment of the Bonds. Tl1e Improvements are not pledged to pay the Debt Service on the Bonds. The proceeds of condemnation or destruction of any of the Improvements are not pledged to pay the Debt Service on the Bonds. -9-