CT2017-916 Contract - Laserfiche WebLink

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current operation; provided however, that there shall be excluded from Operation and Maintenance Expenses any allowance for depreciation, payments in lieu of taxes or franchise fees, expenses incurred in connection with Capital Improvements, payments due in connection with any bonds or other obligations, and expenses that are otherwise paid from ad valorem property taxes. "Pledged Revenues" for any period means the Gross Revenues during such period less Operation and Maintenance Expenses. "System" means all of the City's water facilities and properties, now owned or hereafter acquired,whether situated within or without the City's boundaries, including all present or future improvements, extensions, enlargements, betterments, replacements, or additions thereof or thereto, which facilities and properties are used exclusively for the City's water activity enterprise. Delegation and Parameters. Pursuant to Section 11-57-205 of the Supplemental Act, the Council hereby delegates to the President, the Financial Operations Director, or any member of the Council the authority to make the following determinations relating to and contained in the Financing Documents, subject to the restrictions contained in paragraph (b)of this Section 3: The interest rate on the Loan; The principal amount of the Loan; The amount of principal of the Loan maturing in any given year and the final maturity of the Loan; The conditions on which and the prices at which the Loan may be paid prior to maturity; The dates on which the principal of and interest on the Loan are paid; and The existence and amount of capitalized interest or reserve funds for the Loan, if any. The delegation in paragraph (a) of this Section 3 shall be subject to the following parameters and restrictions: (i) the interest rate on the Loan shall not exceed 3.00%; (ii) the principal amount of the Loan shall not exceed $1,010,000; and (iii) the final maturity of the Loan APPENDIX 4