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<br /> <br />. <br /> <br />. "l <br /> <br />. <br /> <br /> <br />other competing claims for said revenues, except tor the liens of existing <br />loans as listed in Section 5 (Schedule of Existing Debt)~ of the Project <br />Summary, which sets forth the position of the lien created by this contract <br />in relation to any pre-existing lien(s). <br /> <br />c. Rate Covenant. Pursuant to its statutory ~uthority and as <br />. permitted by law~ the Board ofTrustEleS shall take all necessary actions <br />consistent therewith during the term of this contract to establish. levy and <br />cOl1~ rates, charges and fees as described in Appendix 3 of the Loa.n <br />Contract, in tnnounts sufficient to pay this loan as required by the terms of <br />this contract and the Promissory Note, to eoVf:'l all expenditures for <br />operation and maintenance and etnergency repair !:lervices, and to maintain <br />adequate debt service reserves, including obtaining voter approval, if <br />necessary, of increases in the rate schedule or tAxes. if applicable. <br /> <br />d. Debt Service Reserve Account. To establish and maintain <br />the debt service reserv~ account, the Board of Trostees shall deposit an <br />amount equal to one-tenth of an. annual payment into its debt service <br />reserve fund on the due date of its first annual loan payment and annually <br />thereafter for the first ten years of repayment of this loan. In the event that <br />the Board of Trustees applies funds from this accOunt to repayment of the <br />loan~ the BOm'd ofTrostees shall replenish the accoUnt within ninety (90) <br />days of withdrawal of the funds. <br /> <br />e. Additional Debts or Bonds. The Board of Trustees shall not issue <br />. any indebtedness payable from th~ :pledged revenues and having a lien <br />thereon which is superior to the lien of this loan. The Board ofTrostees <br />may issue parity debt only with the prior written approval of the CWCB. <br />provided that: <br />i. The Board of Trustees is currently and ~t the time of the <br />issuance of the parity debt in substantial compliance with <br />all of the obligations ofthis oontra.ct~ including, but not <br />limited to, being current on the annual payUl~ts due under <br />this contract and in the accumulatiort of all amounts then <br />required to be accumulated in the debt service reserve fund; <br /> <br />ii. The Board of Trustees provides to the CWCB a Parity <br />Certifioate from an independent certified publiC accountant <br />certifying that, based on an anal}1lis of the T OWfi' S <br />revenues~ for 12 consecutive months out of the 18 months <br />immediate1y preceding the date of issuance of such parity <br />debt. the Town' g revenues are sufficient to pay its annual <br />operating and maintenance expenses, annual debt seMce <br />on all outstanding indebtedness having a lien on the <br />pledged revenues, including thig loan, the annual debt <br />service on the proposed indebtedness to be issued, and all <br /> <br />Resolution No. 8 - Series 2003 <br />