PROJ01860 - Laserfiche WebLink

Home Browse Search

RGO NRT. RES. SECTION Fax:3038663558 S~ BY:CQlO WATER & FWR. AuiH; 7- 3-a7 ; 9:47AM Jul 3 '97 11 :35 P.02 CO WTR & PWR AIJTH.... 303 866 3558;#16 any sinkirig funds, or 3imilar funds, and any reasonable; required reserves for contingent use in paying sccu.rilies). As usec1 in tltis paragraph. combined maximum p.rincipal and interest requiremenrs includes any. required deposits from Gross Income and General Taxes into a sinking or siaUlar fund to be a.ccl.umilated on a long-rerm basis used to pay the prindpal of or interest on the Bonds and any Series 1987 A Boru:l or Pa.rity' Bonds outstanding or proposed to be issued. but excludes principal or interest [0 be paid from such sinking or such similar fund (bur only to the ex.tent such principal or interest is scheduled to be paid from such a fund) if deposits into such sinking or such similar fund are taken into account in computing maximum annUal principal and interest requirements. and also excludes any required payments into a reasonably required reserve for contingent use in paying securities (for instance, the Series 1993 Bonds Reserve Fund). (Hi) In determining whether or nOl Parity Bonds may be issued under the formulas in paragraph (ii), there may be added to the amount detennined to be such Net Revenues the amount estimated (0 equal the uiffereoce between the actual Net Revenues received during the Fiscal Year of the earoings test and the Net Rev~m.tes which the Dislrict would have received during said Fiscal Year if there had been available or in operation during said Fiscal Year the facilities to be acquired with the proceeds of such proposed Parity Bonds. Such estimate shall be made by a. qU;ilified registered or licensed professional engineer or firql of enginee~ e;i;perienced in e\'3luating wacer storage and distribution facilities and in making projc:,tions as to their f~ibility, and shall be conclusively presumed to be accurate for such purpose. There also may be added to the amount determined to be the Gener.u Tax proceeds collected rhe amount of any anticipated increase in General Ta^ proceeds collected during the Fiscal Year succeeding the Fiscal Year in which the proposoo ParilY Bonds are to be issued; provid.ed however, that lhe tOtal amount of Ge~ral Tax proceeds taken into considerarion, as so adjusted, shall nor e"ceed the amount generateu by applying [he maximum mill levy permitted by law at the time of such adjustment to the then most recent assessed valuation of the taxable propeny in the District. A certificate b:i . the Board shall be conclusively presumed to be accura[f' in making the adjustment provided in the previous sentence. (iv) A written certifICation by an independ~nI accountant (as defiueQ in the Series 1993 Bond Resolution) that the Net Revenues and proceeds from General Taxes collected, with. adjusunenrs. if any. pursuant to paragraph (ii) hereof, are sufficient to pay said amountc;, shall be conclusively presumed to be accurate in determining me righ[ of the District to authorize. issut:, sdl and deliver me Parit)' Bonds. The independent accountant may state in the cenification. in effect, thac he is not responsible for any such adjustmalt figu["f:s iIldudc::d cherc=in. (v) The Bonds. tbe Series 1987A Bond and any Parity Bonds hereafter authorizc:d and from time to time outstanding shall not be entitled to any priorit)' one over the other in the application of the Net Revenues regardless of the time or times of their issuance, it being [hf: intention of the Board that there shall be no priority among the Bonds. the 20 .