C150243 PIF Documents

• Contract/PO #: C150243
• Contractor Name: Aurora, City of
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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moneys credited to the Income Account thereafter received and not required to be applied
otherwise by Sections 3.02 and 3.03 hereof.
Nothing in this Ordinance shall be construed as limiting the right of the City to substitute,
as to all or a portion of any Debt Service Reserve Account, for the cash deposit required to be
maintained in such Debt Service Reserve Account, an instrument such as a letter of credit, surety
bond, insurance policy, agreement guaranteeing payment, or other undertaking of a Credit
Facility Provider to ensure that cash in the amount otherwise required to be maintained
hereunder will be available to the City as needed, provided that any such substitution shall not
cause the then-current rating or ratings of the Outstanding Obligations to be adversely affected.
In connection with any such instrument, the City may enter into an Obligation with the Credit
Facility Provider to reimburse the Credit Facility Provider for any amounts drawn thereunder,
with interest. Nothing herein shall be construed as limiting the right of the City to substitute cash
for any such instrument.
Section 3.05. Termination of Deposits. No payment need be made into the Debt
Service Account or the Debt Service Reserve Account with respect to any Series of Obligations
if the amounts in the Debt Service Account and the amount in the Debt Service Reserve Account
with respect to such Series of Obligations total a sum at least equal to the entire amount of the
t.Outstanding Obligations of such Series, as to all Debt Service Requirements, to their respective
•maturities or to any Redemption Date or Redemption Dates as of which the City shall have
exercised or shall have obligated itself to exercise its option to redeem, prior to their respective
. . maturity dates, any Obligations of such Series then outstanding and thereafter maturing. Solely
for the purpose of this Section 3.05, there shall be deemed to be a credit to the Debt Service
Reserve Account of moneys, Federal Securities and bank deposits, or any combination thereof,
accounted for in any other fund or account of the City, or held in escrow or in trust as provided
';"in Article Seven hereof, and restricted solely for the purpose of paying the Debt Service
Requirements of such Series of Obligations. In any such case, moneys in the Debt Service
Account and the Debt Service Reserve Account established for such Series or in any other fund
or account pledged or restricted to payment of such Series in an amount, except for any known
interest or other gain to accrue from any investment or deposit of moneys pursuant to Section
4.02 hereof from the time of any such investment or deposit to the time or respective times the
proceeds of any such investment or deposit shall be needed for such payment, at least equal to
such Debt Service Requirements, shall be used together with any such gain from such
investments and deposits first to pay such Debt Service Requirements as the same become due.
Any moneys in excess thereof in the Debt Service Account and the Debt Service Reserve
Account or in any other fund or account pledged or restricted to payment of such Series and any
other moneys derived from the Income or otherwise pertaining to the System may be used in any
lawful manner determined by the City.
Section 3.06. Payment of Subordinate Revenue Obligations. After there thas been
deposited or provided for an amount sufficient to make the payments and accumulation's required
by Sections 3.03 and 3.04 hereof, any moneys remaining in the Income Account for such month
may be used by the City for the payment of Debt Service Requirements of Subordinate,Revenue
Obligations payable from the Net Pledged Revenues and authorized to be issued in accordance •
with this Ordinance, including reasonable requirements for payments to reserves for such
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