Ordinance 2003-1426 - Laserfiche WebLink

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Bonds. Refunded Bonds: the 1993 Bonds maturing on and after December 1, 2003. Refunding Project means the refunding, paying and discharging of the Refunded Reserve Account: the account of the Capital Improvement Fund established by the Refunded Bond Ordinance and continued herein for the purpose of further securing the payment of the principal of and interest on the Bonds. Reserve Account Credit Facility: the surety bond issued by the Bond Insurer guaranteeing certain payments into the Reserve Account with respect to the Bonds as provided therein and subject to the limitations set forth therein. Reserve Account Guaranty Agreement: the guaranty agreement between the City and the Bond Insurer pursuant to which the Reserve Account Credit Facility is issued. Reserve Account Requirement: an amount equal to the least of (a) 10% of the original proceeds (as determined pursuant to the Tax Code) of the Outstanding Bonds and any Parity Lien Bonds, (b) 125% of the average annual principal of and interest on the Bonds and any Parity Lien Bonds, or (c) the maximum amount of all required payments of principal and interest on the Bonds and any Parity Lien Bonds which will become due in any fiscal year. Rule: Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (17 CFR Part 240, § 140.15c2-12). Sale Certificate: the certificate executed by the Mayor or the Finance Director of the City dated on or before the date of delivery of the Bonds, setting forth: (i) the identity of the Purchaser; (ii) the purchase price of the Bonds; (iii) the rate(s) of interest on the Bonds; (iv) the price at which the Bonds will be sold; (v) the total principal amount and denominations of the Bonds; (vi) the amount of principal maturing on each date; and (vii) the dates on which the principal and interest will be paid and the first interest payment date all subject to the parameters and restrictions contained in Section 5 of this Ordinance. Sales Tax: the City's three percent (3%) sales tax on the sale of tangible personal property at retail and the furnishing of services imposed by the Sales Tax Ordinance. Sales Tax Ordinance: Ordinance No. 1375, Series 2002, effective July 1, 2002, which repealed and reenacted the provisions of Ordinance No. 981 of the City, passed and adopted on February 7, 1989, and approved at a special election held in the City on March 21, 1989.