Resolution No. 4624 - Laserfiche WebLink

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lawful charges against the Net Revenues, and to make all transfers required by this Master Resolution to the Airport Debt Service Fund and the Bond Reserve Account. 4.2 Coverage Covenant. The City covenants for the benefit of the Owners of all Bonds that it shall charge rates and fees in connection with the operation of the Airport which, when combined with other Gross Revenues, are adequate to generate Net Revenues in each Fiscal Year at least equal to one hundred and twenty-five percent (125.00%) of Annual Debt Service due in that Fiscal Year. 4.3 Report. Not later than one-hundred eighty (180) days after the end of each fiscal year, a City Official shall file a report in the City Manager's office, signed by an City Official, which demonstrates whether the City has complied with Section 4 during that fiscal year. If the report demonstrates that the City has not complied with Section 4 during that fiscal year, it shall not constitute an Event of Default if: (A) within thirty days after the report is filed, the City engages the services of a Qualified Consultant; and, (B) within sixty days after the report is filed, the Qualified Consultant recommends a schedule of rates and charges or other actions which the Qualified Consultant reasonably projects will permit the City to comply with Section 4 for the then current fiscal year; and, (C) Within ninety days after the report is filed the City implements the recommendations of the Qualified Consultant. Section 5. Parity Obligations 5.1 General Requirements. The City may issue Parity Obligations to provide funds for any purpose relating to the Airport, but only if: (A) No Event of Default under this Master Resolution or any Supplemental Resolution has occurred and is continuing. (B) At the time of the issuance of the proposed Parity Obligations, the balance in the Bond Reserve Account is at least equal to the Reserve Requirement, calculated as if the proposed Parity Obligations are Outstanding. (C) The Supplemental Resolution authorizing the issuance of the proposed Parity Obligations contains a covenant requiring the City to charge rates and fees in connection with the operation of the Airport which comply with Sections 4.1 and 4.2. (D) There shall have been filed with the City either: (1) a certificate of the City Official stating that Net Revenues (adjusted as provided in Section 5.2) for the Base Period were not less than one hundred twenty-five percent (125.00%) of the of the Maximum Annual Debt Service on all Bonds Page 10 - Resolution March 23, 2000