Laserfiche WebLink
(2) there is on hand in the Reserve Account <br /> an amount equal to the Reserve Requirement <br /> computed with respect to all Outstanding bonds <br /> payable from the Debt Service Account and the <br /> additional bonds then to be issued; and <br /> (3) the bonds mature on January 1 and are <br /> not made subject to redemption on a date prior to <br /> any Outstanding bonds payable from the Debt <br /> Service Account or, if the bonds are refunding <br /> bonds, on a date prior to the one which the <br /> refunded bonds were subject to redemption; <br /> (4) in the case of refunding bonds, if an <br /> escrow fund is to be established, the City obtains <br /> a report of an independent certified public <br /> accountant that the moneys and securities on hand <br /> in the escrow account are sufficient to pay the <br /> applicable debt service obligations of the <br /> refunded bonds on their stated maturity dates <br /> and/or any date on which such obligations have <br /> been or are to be called for prior redemption and <br /> prepayment; and the City obtains an opinion of <br /> nationally recognized bond counsel stating that <br /> the issuance of the additional bonds will not <br /> cause the interest on any bonds payable from the <br /> Debt Service Account to be includible in gross <br /> income for federal tax purposes; and <br /> (5) the City is not in default under this <br /> Resolution or any other resolution authorizing the <br /> issuance of any outstanding bonds payable from the <br /> Debt Service Account. <br /> 19. Subordinate Lien Bonds. Except as provided in <br /> paragraph 18, all additional bonds shall be payable from the <br /> Surplus Account and from Gross Revenues transferred thereto after <br /> the requirements of paragraphs 16(b) through (e) are met, and <br /> such additional bonds described in this paragraph shall be <br /> subordinate to the pledge andappropriationof such Gross <br /> RPvpnues for the purposes of paragraphs 16 through 18. <br /> 20. Bondholder's Ricthts. No registered owner of any <br /> bond issued and secured under the provisions hereof will have the <br /> right to institute any proceeding, judicial or otherwise, for the <br /> enforcement of the covenants herein contained, without the <br /> written concurrence of the registered owners of not less than 25 <br /> percent in aggregate principal amount of the bonds which are at <br /> such time Outstanding and payable from the Debt Service Account, <br /> 244882 <br /> 26 <br />