Ordinance 99-86 - Laserfiche WebLink

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(b) by depositing in the Debt Service Fund or such other accounts as the City may hereafter create and establish by ordinance moneys sufficient at the time of such deposit to pay the Bond or the Bond Anticipation Note, as the case may be, and all interest thereon as the same become due on said Bond or Bond Anticipation Note on or prior to the maturity date thereof; or (c) by depositing in the Debt Service Fund or such other accounts as the City may hereafter create and establish by ordinance(which Debt Service Fund or other account and all moneys and securities deposited therein shall be irrevocably pledged to the Bondholder or the Bank, as the case may be, for the payment of the Bond or the Bond Anticipation Note, as the case may be, and all interest thereon) moneys which, when invested in Defeasance Obligations, will provide moneys which shall be sufficient to pay the Bond or the Bond Anticipation Note, as the case may be, and, all interest thereon as the same shall become due on said Bond or Bond Anticipation Note, as the case may be, on or prior to the Bond Maturity Date or BAN Maturity Date, as the case may be. Upon such payment or deposit in the amount and manner provided in this Section 3.6, the Bond or the Bond Anticipation Note, as the case may be, shall no longer be deemed to be outstanding for the purposes of this Ordinance and all liability of the City with respect to the Bond or the Bond Anticipation Note, as the case may be, shall cease, terminate and be completely discharged and extinguished, and the Bondholders or the Bank, as the case may be shall be entitled for payment solely out of the moneys or securities so deposited. SECTION 3.8 ADDITIONAL OBLIGATIONS. The City shall not issue any obligation secured by a lien on the Pledged Revenues that is senior to the lien on the Pledged Revenues created by this Ordinance in favor of the Bond and the Bond Anticipation Note. The City may issue Parity Obligations, but only if there shall have been filed with the Bondholder and the Bank a certificate of an independent certified public accountant acceptable to the Bondholder and the Bank to the effect that either (i) the aggregate amount of Pledged Revenues received by the City in a consecutive twelve month period which ends later than thirteen months prior to the issuance of the Parity Obligations proposed to be issued, or (ii) the average annual amount of Pledged Revenues received by the City in the consecutive twenty-four month period which ends later than thirteen months prior to the issuance of the Parity Obligations proposed to be issued equal or exceed 125% of the maximum annual debt service computed on a basis that includes the annual debt service on the Bond Anticipation Note, the Bond, any Parity Obligations then outstanding and the Parity Obligations proposed to be issued. Such certificate shall further state that the City is current in all payments of debt service required to be made under this Ordinance. ARTICLE IV MISCELLANEOUS PROVISIONS SECTION 4.1 MODIFICATION OR AMENDMENT. No modification or amendment of this Ordinance or of any ordinance amendatory thereof or supplemental thereto, may be made without the consent in writing of the Bondholder and the Bank. Notwithstanding the foregoing, the Bank shall have not such right with respect to any such ordinance if such ordinance is to become effective upon or after the retirement of the Bond Anticipation Note. Upon the retirement of the Bond Anticipation Note, the Bank shall have no further rights under this 24