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RES 2024025
City of Pleasanton
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CITY CLERK
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2020-present
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2024
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RES 2024025
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5/10/2024 4:29:09 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
5/7/2024
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<br />-12- <br />contingencies and error in the estimates, to produce Gross Revenues which will be sufficient to <br />pay the following amounts: <br /> <br />(i) all Operations and Maintenance Costs of the Water System estimated by <br />the City to become due and payable in such Fiscal Year; <br /> <br />(ii) the Installment Payments and debt service on any Parity Debt; <br /> <br />(iii) all other payments required for compliance with this Agreement, the <br />Indenture and the Parity Debt Instruments; and <br /> <br />(iv) all payments required to meet any other obligations of the City that are <br />charges, liens, encumbrances upon or payable from the Gross Revenues of the Water <br />System or the Net Revenues of the Water System. <br /> <br />(b) In addition, the City shall fix, prescribe, revise and collect charges for the Water <br />System during each Fiscal Year which are sufficient to yield Net Revenues at least equal to <br />120% of the amounts payable under the preceding clause (a)(ii) in such Fiscal Year. For <br />purposes of this paragraph, the amount of Net Revenues for a Fiscal Year will be computed on <br />the basis that any transfers into the Water Fund in such Fiscal Year from the Rate Stabilization <br />Fund are included in the calculation of Net Revenues (except to the extent of amounts <br />transferred into the Rate Stabilization Fund from Gross Revenues received by the City in such <br />Fiscal Year, so as to avoid double-counting), as provided in this Agreement. <br /> <br />SECTION 5.7. Superior and Subordinate Obligations. The City may not issue or <br />incur any additional bonds or other obligations during the Term of this Agreement having any <br />priority in payment of principal or interest out of the Net Revenues over the Installment <br />Payments. Nothing herein is intended or shall be construed to limit or affect the ability of the <br />City to issue, enter into or incur (a) Parity Debt under Section 5.8, or (b) obligations which are <br />either unsecured or which are secured by an interest in the Net Revenues which is junior and <br />subordinate to the pledge of and lien upon the Net Revenues established hereunder. <br /> <br />SECTION 5.8. Issuance of Parity Debt. In addition to the Installment Payments, the <br />City may, by a Parity Debt Instrument, issue or incur other loans, advances or indebtedness <br />payable from Net Revenues to be derived from the Water System, to provide financing for the <br />Water System, in such principal amount as shall be determined by the City. The City may issue <br />or incur any such Parity Debt subject to the following specific conditions that are hereby made <br />conditions precedent to the issuance and delivery of such Parity Debt: <br /> <br />(a) The City shall be in compliance with all covenants set forth in this <br />Agreement and in the Indenture. <br /> <br />(b) The Net Revenues of the Water System, calculated on generally <br />accepted accounting principles, as shown by the books of the City for the latest Fiscal <br />Year or any more recent 12-month period selected by the City ending not more than 60 <br />days prior to the adoption of the Parity Debt Instrument pursuant to which such Parity <br />Debt are issued, as shown by the books of the City, plus, at the option of the City, any or <br />all of the items hereinafter in this paragraph designated (i) and (ii), shall at least equal <br />120% of Maximum Annual Debt Service, with Maximum Annual Debt Service calculated <br />on all bonds and other obligations to be outstanding immediately subsequent to the <br />issuance of such Parity Debt which have a lien on Net Revenues of the Water System.
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