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1996-042
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1996-042
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Last modified
10/19/2015 3:53:36 PM
Creation date
10/15/2015 2:28:16 PM
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Resolutions
Resolution Number
1996-042
Approved Date
03/19/1996
Resolution Type
Sale of water and sewer revenue bonds
Subject
Bonb Purchase Contract
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(6) Sixth, the County may deposit into the "Sewer and Water Renewal and Replacement Fund", <br />created under the Master Bond Resolution, an amount to be determined by the County to be used only <br />for the purpose of paying the coats of extraordinary repairs, renewals, replacements, improvements, <br />extensions and additions with respect to the System. <br />(7) Seventh, the balance of any moneys remaining may be used by the County for any lawful <br />purpose; provided, however, during any period in which the Reserve Policy is in effect, the County has <br />covenanted to withdraw such balance only as of the end of any fiscal year. <br />No further deposits to the Sinking Fund, the Bond Amortization Account or the Reserve Account shall <br />be required whey the aggregate sums deposited therein are and remain at least equal to the sum of all of the <br />principal and interest then due and thereafter and becoming due in all ensuing years for the Bonds then <br />outstanding. <br />Additional Parity Bonds <br />Additional Parity Bonds, payable on a parity with the Bonds from the Pledged Funds ("Additional Parity <br />Bonds"), may be issued from time to time to finance any portion of the costs of the construction and/or <br />acquisition of additions, extensions and improvements to the System, or of any physically separate water or sewer <br />system declared by resolution of the Board of County Commissioners to be part of the System, or for refunding <br />p <br />Before issuing any Additional Parity Bonds, there shall have been obtained and filed with the County <br />a certificate of an independent firm of certified public accountants of suitable experience and responsibility.- <br />(i) <br />esponsibility: <br />(i) stating that the books and records of the County relating to the collection and receipt of <br />the Revenues, the Uniform Charges and the Operating Expenses have been audited by them for the <br />Fiscal Year immediately preceding the date of sale of the proposed obligations or for any twelve (12) <br />consecutive month period out of the eighteen (18) consecutive months immediately preceding the date <br />of sale of the proposed obligations; <br />(u) setting forth the Revenues, the Uniform Charges, the Operating Expenses and the Net <br />Revenues for the audited period referred to in (i) above, with respect to which such certificate is made; <br />and <br />(iii) stating that: (a) during such audited period, the County was in compliance with the rate <br />covenant previously discussed; and (b) the Net Revenues, as adjusted as hereinafter provided, were equal <br />to at least 1.20 times the largest amount of principal and interest which will mature and become due <br />in any Fiscal Year thereafter on all Bonds then outstanding, including the proposed Additional Parity <br />Bonds; amd when the Revenues include receipts and revenues in addition to Uniform Charges, the <br />Unifomn Charges less Operating Expenses, adjusted as hereinafter provided, were equal to at least 1.00 <br />times the largest amount of principal and interest that will mature and become due in any Fiscal Year <br />thereafter on all Bonds outstanding, including the proposed Additional Parity Bonds. <br />For purposes of (iii) above: (A) Revenues, Uniform Charges and Operating Expenses may be adjusted <br />so as to fairly represent the operation of the System, provided that the amount and a detailed reason for each <br />such adjustment is set forth in such certificate; (B) Net Revenues also may be adjusted for (i) the pro forma <br />effect of rates implemented prior to issuance of the Additional Parity Bonds, (ii) new customers added to the <br />System during the test period, (iii) already existing occupied residences or operating business establishments <br />which will be connected to the System upon completion of projects under construction or to be funded with bond <br />proceeds, and (iv) Net Revenues attributable to customers for whom Impact Fees have been paid, and which <br />will be connected to the System upon completion of projects under construction or to be funded with bond <br />11 <br />
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