Laserfiche WebLink
KUTAK ROCK LLP <br /> Jennifer Coates,Town Manager <br /> October 29, 2013 <br /> annual debt service due in any one year on (i) this Loan Agreement and (ii) all other <br /> outstanding obligations of the [Town] payable out of, or secured by a lien or charge on, <br /> the [Net Revenue] that is on a parity with the lien or charge of this Loan Agreement on <br /> the[Net Revenue], and(iii) such proposed obligations to be issued, and(b) the maximum <br /> annual debt service due in any one year on all obligations payable out of, or secured by a <br /> lien or charge on the [Net Revenue] that is subordinate to the lien or charge of this Loan <br /> Agreement on the [Net Revenue]. <br /> Test Calculation <br /> The maximum annual debt service due in any future year for the Parity Lien Obligations <br /> is $39,865.50 (such amount being the sum of $7,570.50, $9,795.00 and $22,500.00). The <br /> maximum annual debt service in any future year under the Loan Agreement is $30,917.67. <br /> 120% of the maximum annual debt service due in any one year for the sum of the Parity Lien <br /> Obligations and the Loan Agreement is$84,939.81 (such amount being$70,783.17 multiplied by <br /> 1.2). The Net Revenue for the twelve-month period ending April 30, 2013 of$118,619.88 was <br /> greater than the required threshold amount of$84,939.81. <br /> Let me know if you have any questions. <br /> }I--ectful y, <br /> Thomas M. Peltz <br /> Partner, Kutak Rock LLP <br /> 4811-9916-3670,1 <br />