Ordinance 99-86 - Laserfiche WebLink

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City for the reset of the Interest Rate on the First Tranche. The subsequent proceedings of the city to reset the Interest Rate on the 1bird Tranche shall be approved by the City not earlier than fifteen days after the date of the subsequent proceedings of the City for the reset of the Interest Rate on the Second Tranche. Principal of and interest on this Bond shall be payable in equal installments on each quarterly Payment Date commencing on the January 1, April 1, July 1 or October 1 next succeeding its date of issuance, with such payments to be determined on the basis of a twenty year mortgage amortization schedule and an assumed interest rate of five percent (5%) per annum. All previously unpaid principal of the Bond and all previously accrued and unpaid interest on the Bond shall be payable on the Bond Maturity Date. The principal of and interest on this Bond shall be secured solely by and payable from the Pledged Revenues (as defmed below), subject only to the prior and senior pledge of the Electric Utilities Tax for the payment of the City's outstanding Revenue Bonds, Series 1998, Series 1999 and Series 1999B. As used in this Bond: "Pledged Revenues" shall mean all moneys on deposit in the Debt Service Fund (created and established under the Ordinance) derived from the proceeds of the Bond Security required to be deposited therein each month in accordance with the provisions of the Ordinance. "Bond Security" shall mean the Sales Tax, the Electric Utilities Tax, the Non- electric Utilities Tax and the Franchise Fees. "Electric Utilities Tax" shall mean the tax imposed by the City on each and every purchase in the City of electricity (as defined in the Utilities Tax Ordinance). Said term shall also apply to all taxes imposed by the City on the purchase of electricity (as defined in the Utilities Tax Ordinance), whether levied in the amounts prescribed by the Utilities Tax Ordinance or in any other amounts and whether imposed either by amendment to the Utilities Tax Ordinance or otherwise. "Franchise Fees" shall mean all revenues received by the City under the franchises granted by the City or received by the City under interlocal arrangements pursuant to the Franchise Ordinances for the right, privilege and franchise to maintain and operate an electric utility in the City, to provide telephone services in the City, to sell metered or bottled gas in the City, to provide cable television services in the City and to provide solid waste collection services in the City. Said term shall also apply to all other franchise fees imposed by the City for any and all of such services, whether imposed pursuant to the Franchise Ordinances, pursuant to amendments thereto or otherwise. "Franchise Ordinances" shall mean all proceedings of the City imposing the Franchise Fees, including Ordinance No. 99-66 of the City enacted on April 15, 1999 and effective ten days thereafter with respect to Franchise Fees for cable television providers, A-4