Ordinance No. 19551 - Laserfiche WebLink

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and interest and premium, if any, on the Bonds. The .City shall maintain a balance in the Debt Service Reserve Account at least equal to the Reserve Requirement, as provided in this Section. So long as the Series 1988 Bonds are outstanding, if amounts on deposit in the Debt Service Reserve Account shall, at any time, be less than the Reserve Requirement, BIG shall be notified immediately of such deficiency, and such deficiency shall be made up: ~a} from first available Net Revenues after required deposits to the Debt Service Account in the event such deficiency results from a draw under the Series 1988 Credit Agreement or other Reserve Equivalent; fib} over a period of not more than four ~4} months, in four ~4} substantially equal payments, in the event such deficiency results from a decrease in the market value of the Permitted Investments on deposit in the Debt Service Reserve Account; and ~c} over a period of not more than twelve X12} months, in twelve X12} substantially equal payments, in the event such deficiency results from a withdrawal from such Account. The money on credit to the Debt Service Reserve Account shall be used solely to pay the principal of, and interest and premium, if any, on the Bonds when due, whenever there are insufficient moneys in the Debt Service Account. The amount on credit to the Debt Service Reserve Account shall be deemed to include., in addition to cash deposits and investments, the amount available to be paid under any Reserve Equivalents, Payments due from the City under the Series 1988 Credit Agreements the Series 1988 Note or any other Reserve Equivalent because of draws or advances shall be considered deficiencies in the Debt Service Reserve Account. If the amount on credit to the Debt Service Reserve Account at any time exceeds the Reserve Requirement, the Trustee shall, upon direction by the City, credit the excess to the Debt Service Account. 4.3.2.2.1. So long as the Series 1988 Bonds are outstanding, if there is a deficiency in the Debt Service Account, the Trustee shall draw on the Series 1988 Reserve Equivalent to pay the principal of and interest on the Bonds. The drawing on the Series 1988 Reserve Equivalent will occur only after moneys, if any, in the Debt Service Reserve Account and any other legally available Net Revenues are used first. 4.3.2.2.2. Sv long as the Series 1988 Bonds are outstanding, the City shall be required to either fund the Debt Service Reserve Account or substitute the Series 1988 Reserve Equivalent in the event the Series 1988 Reserve Equivalent is terminated. Upon any termination, the City shall fund one-fifth of the Reserve Requirement in each year or substitute a Reserve Equivalent provider acceptable to BIG, commencing 38 days subsequent to the termination date. 4.3.2.3. Investments, Money in the Debt Service Reserve Account which is not allocable to the Series 1988 Bonds may be invested in Investment Securities. other money in all Page 29 - ordinance