Ordinance No. 19551 - Laserfiche WebLink

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1.2.15.2.2. Short Term/Demand Obligations and any series of Bonds which bear interest at a variable or adjustable rate shall be assumed to bear interest as follows: ~a~} for any series of Bonds then Qutstanding, at the greater of ~i} the average interest rate derived from the variable or adjustable interest rate formula or computation applicable tv, or average interest rate borne by, such series of Bonds during a 12~-month period ending within 34 days prior to the date of computation; or ~ii~ the actual interest rate derived from such variable or adjustable interest rate formula or computation, or the actual interest rate payable on such series of Bonds, an the date of such calculation; and fib} fvr any series of Bonds then proposed to be issued, at an interest rate estimated by the City's financial advisor by reference to the Bond Buyer Index or any other nationally recognized index. 1.2,15.2.3. Debt Service Requirements shall be calculated on the assumption that nv Bonds Outstanding at the date of calculation will cease to be Outstanding except by reason of the payment of scheduled principal maturities or scheduled mandatory redemptions of such Bonds, except as provided above for Short-Term/Demand Obligations, 1,2.16, "Debt Service Account" means the account of that name in the Bond Fund, which is described in Section 4.3.2.1, hereof. 1.2.17. "Debt Service Reserve Account" means the account of that name in the Bond Fund, which is described in Section 4.3.2.2 hereof. 1,2.1$. "Fiscal Year" means the fiscal year for the City as established from time to time by the City, bein on the g date of effectiveness of this Ordinance the period from July 1 in any year and including the following June 3~, 1.2,19. "Governmental obligations" means direct general obligations of, or obligations the timely payment of the principal and interest of which are unconditionally guaranteed by, the United States of America which are non-callable and which at the time are legal investments for the moneys proposed to be invested therein, Page 5 -- Ordinance