Laserfiche WebLink
<br /> <br /> <br />-J <br /> <br />''';''. <br /> <br /> <br />.... - - -<~;':''':..~i.~~::-~~;~: <br /> <br />other competing claims for said revenues. exoept for the liens of existing <br />loans as listed in Section S (Schedule of Existing Debt)~ of the Project <br />Summary, which sets tbrth 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 authority and as <br />.pennitted by law~ the Board ofTrusteeB shall take all necessary actions <br />consistent therewith dming the term of this contract to establish. levy and <br />collect rates, charges and fees as described in Appendix 3 of the Loan. <br />Contract. in t.unounts sufficient to pay this loan as required by the terms of <br />this contract and the Promissory Note, to cover all expenditures for <br />operation and maintenance and emergency repair ~ervices, 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 reserve account, the Board ofTrostees shall deposit an. <br />amount equal to one-tenth of an annual paymen.t into its debt service <br />reserve:fund on the dued.a.te 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 Soard ofTmstees applies funds from this aCCOunt to repayment of the <br />loan, the Board of Trustees shall replenish the accoUnt within ninety (90) <br />dllYS of withdrawal of the fimds. <br /> <br />e. Additional Debts or Bonds. The Board of Trustees shall not iS$ue <br />. any indebtedness payable from the pledged revenues and having a lien <br />thereon which is superior to the lien of this loan. The Board of Trustees <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 lilt the time of the <br />issuance of the parity debt in substantial compliance with <br />all of the obligations of this contract, including, but not <br />limited to, being current on the annual pAyrtlents due under <br />this contract and in the accumulation of all amounts then <br />required to be accumulated in the debt service reserve fund; <br /> <br />ii. The Board ofTxustees provides to the CWCB aParity <br />Certificate from an independent certified public acco'LUlttmt <br />. certifying that, based on an analySis of the T OWfi. S <br />revenues, for 12 consecutive months out of the 18 months <br />immediately preceding the date of issuance of such parity <br />deb~ the Town's revenues are sufficient to pay its annual <br />operating and maintenance expenses, annual debt service <br />on all outstanding indebtedness having a lien on the <br />pledged revenues, including this loan, the annual debt <br />service on the proposed indebtedness to be issued, and all <br /> <br />Resolution NO.8 - Series 2003 <br />