Resolution No. 4624 - Laserfiche WebLink

Home Browse Search

(C) to reflect any Airlines, flights or operations which began at the Airport after the beginning of the Base Period and prior to the date of the Qualified Consultant's certificate. (D) if extensions of or additions to the Airport are in the process of construction on the date of the Qualified Consultant's certificate, or if the proceeds of the proposed Parity Obligations being issued are to be used to acquire or construct extensions of or additions to the Airport, to reflect any additional Net Revenues not included in the preceding paragraphs that the Qualified Consultant projects will be derived from such additions and extensions (after deducting the estimated increase in operating and maintenance expenses resulting from such additions and extensions). 5.4 Refunding Exception. The City may issue Parity Obligations to refund Outstanding Bonds without complying with Section 5.1 if the refunded Bonds are defeased on the date of delivery of the refunding Parity Obligations and if the Annual Debt Service on the refunding Parity Obligations does not exceed the Annual Debt Service on the refunded Bonds in any Fiscal Year by more than $5,000. In addition, Parity Obligations may be issued to refund Interim Obligations without complying with Section 5.1 if the refunded Interim Obligations are defeased on the date of delivery of the refunding Parity Obligations and the refunding Parity Obligations bear interest at fixed rates, have approximately level annual debt service, and mature serially over thirty years. 5.5 Lien of Parity Obligations on Net Revenues. All Parity Obligations issued in accordance with this Section shall have a lien on the Net Revenues which is equal to the lien of all other Outstanding Bonds. Section 6. Subordinate Obligations The City may issue Subordinate Obligations only if: 6.1 Limitation on Payment. The Subordinate Obligations are payable solely from amounts permitted to be deposited in the Subordinate Obligations Account pursuant to Section 2.1 (E). 6.2 No Acceleration. The Subordinate Obligations are not subject to acceleration on default or contingent mandatory redemption. 6.3 Statement of Lien Status. The Subordinate Obligations state clearly that they are secured by a lien on or pledge of the Net Revenues which is subordinate to the lien on, and pledge of, the Net Revenues for the Bonds. Section 7. Separate Facilities 7.1 Ground Leases. (A) The City may enter into ground leases for property which is part of the Airport. Except as provided below in Section 7.1 (B), the City must determine, prior to execution of the ground lease, that: Page 12 - Resolution March 23, 2000