Ordinance 1994-1170 - Laserfiche WebLink

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Policy shall be an issuer which has been then currently assigned an AAA rating or a comparable rating by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Group ("S&P"), or any successors thereto. Bonds or 1994 Bonds: the City's Open Space Sales and Use Tax Revenue Bonds, Series 1994, dated as of December 1, 1994, as authorized by this Ordinance. Business Day: any day other than a Saturday, Sunday or other day on which the New York Stock Exchange or banks in Denver, Colorado are required or authorized to be closed. Cede: Cede & Co., the nominee of DTC as record owner of the Bonds, or any successor nominee of DTC with respect to the Bonds. Capital Improvement Fund: a special fund of the City designated as the "City of Louisville Open Space Sales and Use Tax Capital Improvement Fund" established herein. City: the City of Louisville, Colorado. Council: the City Council of the City. Debt Service Reserve Requirement or Required Reserve: an amount equal to the maximum amount of all required payments of principal and interest on the Bonds which will become due in any fiscal year. After the initial funding of the Reserve Account in the amount of the Initial Required Reserve, the City shall fund the difference between the Initial Required Reserve and the Debt Service Reserve Requirement from Pledged Revenues over a period not to exceed two years from the date of issuance of the Bonds. Depository: any securities depository as the District may provide and appoint, in accordance with the guidelines of the Securities and Exchange Commission, which shall act as securities depository for the Bonds. DTC: the Depository Trust Company, New York, New York, and its successors and assIgns. Event of Default: one or more ofthe events set forth in Section 24 of this Ordinance. Federal Securities: non-callable direct obligations of, or non-callable obligations the timely payment of the principal of and interest on which is fully and unconditionally guaranteed by, the United States of America. Finance Director: the City's Finance Director. -2-