Laserfiche WebLink
7.A. - Page 29 Attachment 6 <br /> The 2005 Bonds were issued on March 1, 2005,to finance a portion of the costs of a water <br /> recycling project for the Enterprise (the "Recycling Project") in the principal amount of <br /> $35,790,000, of which $29,305,000 is presently outstanding. A portion of the net proceeds of the <br /> Bonds will be used to refund, on an advance basis, the 2005 Bonds. At closing, such net <br /> proceeds will be deposited with The Bank of New York Mellon Trust Company,N.A., as escrow <br /> bank (the "Escrow Bank") in an escrow fund (the "2005 Escrow Fund"). On the Closing Date, <br /> the Escrow Bank will invest a portion of the amount on deposit in the 2005 Escrow Fund in <br /> federal securities, and will apply the maturing securities, the interest thereon and the <br /> uninvested cash to pay principal of and interest on the 2005 Bonds to and including February 1, <br /> 2014, and on such date will redeem the then outstanding 2005 Bonds in full at a redemption <br /> price equal to 100% of the principal amount thereof. <br /> The sufficiency of the deposits in the 2005 Escrow Fund for such purposes will be <br /> verified by Causey Demgen & Morre P.C., certified public accountants (the "Verification <br /> Agent"). See "ESCROW VERIFICATION." <br /> The amounts held by the Escrow Bank in the 2005 Escrow Fund are pledged solely to the <br /> payment of the 2005 Bonds. The funds deposited in the 2005 Escrow Fund will not be available <br /> for the payment of debt service on the Bonds. <br /> ESTIMATED SOURCES AND USES OF PROCEEDS <br /> SOURCES <br /> Par Amount of Bonds <br /> Less:Underwriter's Discount <br /> Plus:Net Original Issue Premium <br /> Plus:City Equity Contribution <br /> Plus:Released 2005 Reserve Fund <br /> Total Sources <br /> USES <br /> Deposit to 2005 Escrow Fund�l� <br /> Deposit to Reserve Fund�2� <br /> Deposit to Costs of Issuance Fund �3� <br /> Total Uses <br /> �l� Represents the amount required to defease the 2005 Bonds.See"FINANCING PLAN." <br /> �Z� Represents the Reserve Fund Requirement being maximum annual debt service on the Bonds. See "SECUIZITY <br /> FOR THE BONDS—Reserve Fund" below, including a description of certain circumstances under which the <br /> Reserve Fund for the Bonds may be terminated. <br /> �3� Includes legal and financing costs, printing costs, rating agency fees, initial fees of the Trustee and other costs <br /> related to the issuance of the Bonds. <br /> -6- <br />