Ordinance No. 19551 - Laserfiche WebLink

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fib} estimating the total cost of completing each project; and ~c} certifying that the foregoing cost estimates are reasonable and that sufficient proceeds from that series of Bonds, and other available money are expected to be available to pay all costs of completing such projects. 1:2.33. "Reserve Equivalent" means an insurance policy, surety bond or letter of credit issued by a municipal bond insurance company or a commercial bank having a credit rating when the policy, bond, or letter of credit is issued} of at least Aa or AA as determined by Moody's Investors Service and Standard & Poor's Corporation, or their successors, in which the insurance company or commercial bank agrees unconditionally to provide the City with funds for the payment of debt service on Bonds. So long as the Series 1988 Reserve Equivalent is in effect, any other Reserve Equivalent must be approved by BIG in advance and in writing. 1.2.34. "Reserve Requirement" means an amount equal to the lesser of: the maximum Debt Service Requirement in any future fiscal year on all Outstanding Bonds; one hundred twenty~- five percent of average annual Debt Service Requirement on all outstanding Bonds for all future fiscal years in which Bands are Outstanding; or the sum of ten percent of the proceeds of each issue of Outstanding Bonds has the term "proceeds" is used in Section 148~d} of the Code}. 1.2.35. "Revenues" means all revenues accrued under generally accepted accounting principles by the City from or in connection with the ownership and operation of the Airport. Without limiting the generality of the foregoing, Revenues shall include: ~a} all income, receipts and moneys derived from the rates, rentals, fees and charges fixed; imposed and collected by the City for the use and services of the Airport, or otherwise derived from or arising through the ownership operation and management of the Airport by the City,. or derived from the rental by the City of all or part of the Airport except as provided in Section 5.2.11.5 hereof} or from the sale or rental by the City of any commodities or goods in connection with the Airport; fib} earnings on and the income from the investment of moneys held under this Ordinance, to the extent such earnings or income are deposited in the Airport Fund or the Bond Fund, but not including any such earnings or income credited to the Airport Construction Fund; ~c} ground rentals described in Section 10.1.1; and Page 12 - Ordinance