Resolution No. 4624 - Laserfiche WebLink

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"Reserve Requirement" means the lesser of Maximum Annual Debt Service on all Outstanding Bonds or the amount described in the next sentence. If, at the time of issuance of a Series of Bonds, the amounts required to be added to the Bond Reserve Account to make the balance in the Bond Reserve Account equal to the Maximum Annual Debt Service exceeds the Tax Maximum calculated with respect to that Series, then the Reserve Requirement means the Reserve Requirement which is in effect immediately preceding the date of issuance of the Series of Bonds (calculated as if the Series of Bonds were not Outstanding), plus the Tax Maximum for the Series of Bonds. "Security" means the Net Revenues, all amounts deposited in the Airport Debt Service Fund and the Bond Reserve Account, and any amounts available to be drawn under a Reserve Credit Facility. "Separate Facility Bonds" means bonds which are issued in compliance with Section 7.2 and are payable solely from Separate Facility Payments. "Separate Facility Payments" means payments made to the City to pay Separate Facility Bonds and the related costs, fees and expenses of the City. Separate Facility Payments must be in addition to, and separate from, the ground lease rentals described in Section 7.1. "Series 1988 Bonds" means the City's Airport Revenue Bonds, Series 1988. "Series 2000 Bonds" means the City's Airport Revenue Bonds, Series 2000 which are authorized by Section 13. "Series" refers to all Bonds or Parity Obligations authorized by a single resolution and delivered in exchange for payment on the same date, regardless of variations in maturity, interest rate or other provisions, unless the resolution authorizing the Parity Obligations specifies otherwise. "State" means the State of Oregon. "Subordinate Obligations Account" means the Subordinate Obligations Account ofthe Municipal Airport Fund which is described in Section 3.4. "Subordinate Obligations" means obligations having a lien on the Net Revenues which is subordinate to the lien of the Bonds. Restrictions on Subordinate Obligations are described in Section 6. "Supplemental Resolution" means any resolution which supplements or amends this Master Resolution, entered into by the City in compliance with Section 10. "Tax Maximum" means, for any Series of Bonds, the lesser of: the greatest amount of principal, interest and premium, if any, required to be paid in any Fiscal Year on such Series; 125% of average amount of principal, interest and premium, if any, required to be paid on such Series during all Fiscal Years in which such Series will be Outstanding, calculated as of the date of issuance of such Series; or, ten percent of the proceeds of such Series, as "proceeds" is defined for purposes of Section 148( d) of the Code. Page 5 - Resolution March 23, 2000