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F, <br />SEP 211983 <br />BCt!( 4 : PAG. t ?8 <br />bond service had to be put in there by the 15th of each <br />month). This now has been reduced to 100. The renewal and <br />replacement fund used to require a monthly payment of 1/12 <br />of 10% of the gross revenues of the system, including impact <br />fees, and this has been reduced to 5% of gross revenues <br />excluding impact fees. As far as the rates and charges <br />provision is concerned, this is a covenant by the County <br />that they will always charge rates sufficient to meet the <br />requirements of the bond resolution. This used to read 100% <br />and 200 of current bond service requirements and it has now <br />been changed down to 100% of current bond service <br />requirements. The next change is in regard to the <br />additional bonds test- that is the test the County has to <br />comply with to issue any other additional bonds for capital <br />improvements to the system. That used to require 125% of <br />your average bond service requirement be raised by your <br />rates and charges. That has been reduced to 1.2 times that <br />amount. The estimated average annual net reserve of the <br />facility also has been reduced to 1.2 times the average bond <br />r <br />service requirements for all outstanding bonds instead of <br />/ 1.25. <br />The Attorney recommended that the Board accept these <br />changes as the U. S. Government already has. He noted that <br />originally these issues were structured very strictly so <br />that we would be in a better position for getting bond <br />ratings on an open market issue for the sub -aqueous <br />crossing, but it is now felt those requirements should be <br />loosened up so that we can offer customers better rates. <br />P.M. <br />Commissioner Wodtke returned to the meeting at 4:35 <br />ON MOTION by Commissioner Lyons, SECONDED <br />by Commissioner Wodtke, Chairman Bird being <br />temporarily absent, the Board by a 4 to 0 <br />120 <br />