Ordinance No. 19551 - Laserfiche WebLink

Home Browse Search

~b~ that the City Official has calculated that sufficient moneys will be in the Airport Construction Fund to permit such transfers to be made to the Band Fund, and to finance the projects to be financed with the proceeds of the series of Bonds. 1.2,14. "City" means the City of Eugene, Oregon, 1.2,15, "Debt Service Requirement." 1,2.15,1. "Debt Service Requirement" means, as of any date of calculation, an amount equal to the sum of the following far any period and with respect to all or any portion of the Bonds: 1,2.15,1,1, interest scheduled to accrue during such period on Bands, except to the extent that payment of interest is to be made Pram Bond proceeds or earnings thereon according to the schedule contained in a Capitalized Interest Certificate for a series of Bonds, plus 1,2,15,1.2, that portion of the principal amount of such Bonds scheduled to be payable during such period neither at maturity or by reason of scheduled mandatory redemptions, but after taking into account all prior optional and mandatory Bond redemptions; plus 1.2,15.1.3. any amounts due under the Series 1988 Credit Agreement and Series 1988 Note or other Reserve Equivalent; less 1.2,15,1.4, earnings on the Bond Fund for that period, which are creditable to the Debt Service Account. 1,2.15.2. The following rules shall apply to the computation of the Debt Service Requirement for Short Term/Demand Obligations and for Bonds which bear interest at a floating or variable rate: 1.2.15.2.1, For any series of Short Term/Demand Obligations; future Debt Service Requirements shall be computed on the assumption that the principal amount of such series of Short Term/Demand Obligations shall be refinanced in the first Fiscal Year for which interest on such Short Term/Demand Obligations has not been capitalized or otherwise funded or provided far, with a series of Bands which shall be assumed to be amortized over a period not to exceed 38 years from the date of issue in such manner that the maximum Debt Service Requirement in any 12-month period shall not exceed 130 percent of the minimum Debt Service Requirement for any other 12--month period, and shall be assumed to bear interest at a fixed interest rate calculated as described in Section 1,2,13,2.2 hereof, Page 4 - Ordinance