Ordinance No. 19551 - Laserfiche WebLink

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SECTION 6, ADDITIONAL BONDS 6.1. Additional Bonds Authorized. The City may issue one ar more series of Additional Bonds to pay for Airport Costs, but only as provided in this Section. 6.2. Basic Re uirements. No Additional Bonds may be issued unless all of the following conditions are satisfied as of the date of issuance of the Additional Bonds: 6.2.1. the Trustee certifies that no default exists in the payment of principal of, or interest and premium on any Outstanding Bonds provided that this certification shall not be required to refund the Series 1988 Bonds if BIG consents in writing to the refunding}; 6.2.2. the Trustee certifies that, on the date of issuance of the Additional Bonds, all accounts in the Bond Fund contain the amounts required to be on deposit therein; 6.2.3. the ordinance authorizing a series of Additional Bonds to be issued requires the balance in the Debt Service Reserve Account to be made equal to the Reserve Requirement. 6.2.4, if interest is to be capitalized, the City provides a Capitalized Interest Certificate; and, 6.2,5. the City provides a Project Certificate far each project which will be completed with the proceeds of the Additional Bonds, 6.3. Bonds for Air ort Costs. If the Additional Bonds are being issued to pay Airport Costs and the provisions of paragraphs 6.4 or 6.5 of this Section do not apply, a City Official must certify that, for any consecutive 12 out of the most recent 24 months, Net Revenues were equal to at least 125 percent of the Debt Service Requirement on all then Outstanding Bonds for that period; and, either 6.3.1, an Airport Consultant provides a written report setting forth projections which indicate: ~a} the estimated Net Revenues for each of three consecutive Fiscal Years beginning in the earlier of: tip the first Fiscal Year fallowing the estimated date of completion and initial use of all facilities to be financed with such series of Additional Bands, based upon a certified written estimated completion date by the consulting engineer for such facility or facilities, or Page 42 - Ordinance