RES 67055 - Laserfiche WebLink

22 semiannually on May 1 and November 1 of each year or annually the vflrst year on May 1 or November 1 and thereafter semiannually on May 1 and November 1. (d) Fixed serial maturities or mandatory minimum sinking fund payments, or any combination thereof, shall be established in amounts sufficient to provide for the retirement of all of the Bonds of such additional series on or before their respective maturity dates. (e) The aggregate principal amount of Bonds issued hereunder shall not · exceed seven hundred fifty thousand dollars ($750,000). (f) The Net Revenues for the last fiscal year or last recorded 12-month period preceding the date of the adoption by the Council of the Supplemental Resolution providing for the issuance of such additional series of Bonds, as shown by a cer- tificate of an independent certified public accountant, shall have been equal to at least the Maximum Annual Debt Service on the Bonds then outstanding and on such additional series of Bonds; provided, however, that if any of the proceeds of the additional series of Bonds are to be used to acquire an operating water system, or part thereof, then an amount equal to 90% of the actual net revenues from such facilities t%,be acquired for said last fiscal year or 12-month period may be treated as N'~t Revenues of the Enterprise for the purpose of this section; and such Net Revenues, as so shown, plus (i) An allowance for Net Revenues from any additions to or improve- ments or extensions of the Enterprise to be made with the proceeds of such additional series ~¢f Bonds or with the proceeds of Bonds previously issued, and also for Net Revenues from any such additions, improvements or exten- sions which have been made from moneys from any source but which, during all or any part of such fiscal year, were not in service, all in an amount equal to 75 % of the estirhated additional average annual Net Rev- enues to be derived from such addititns, improvements and extensions for the first 36 months in which 'each addition, improvement or extension is respectively to be in operation, all as shown by the certificate or opinion of a qualified independent engineer; and (ii) An allowance for earnings arising from any increase in the charges made for the use of the Enterprise which has becomweffecfive prior to the issuance of such additional series of Bonds, but which, during all or any part of such fiscal year, was not in effect, in an amount equal to 75% of the amount by which the Net Revenues would have been increased if such increase in charges had been in effect during the whole of such fiscal year, as shown by the certificate or opinion of a qualified independent engineer, shall have produced a sum equal to at least 1.30 times the Maximum Annual Debt Service on the Bonds then outstanding and such additional series of Bonds. SECTIOS 3.04. Proceedings for the Issuance of Additional Series o~ Bonds. Whenever the City shall determine to issue an additional series of Bonds pursuant to Section 3.03, the Council shall adopt a Supplemental Resolution providing for