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RES 2024025
City of Pleasanton
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CITY CLERK
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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 /> <br /> <br />16 <br /> <br />(d) Notwithstanding the foregoing, Parity Debt proposed to be issued for the <br />purpose of refunding any Parity Debt may be issued without compliance with subsection <br />(b) and (c)(i), so long as such refunding results in the same or lower Debt Service in <br />each Fiscal Year after such refunding. <br /> <br />As used above, “Maximum Annual Debt Service” means, as of the date of calculation, <br />the maximum amount of Debt Service for the current or any future Fiscal Year. The calculation <br />of “Debt Service” is set forth in APPENDIX A. <br /> <br />No Senior Debt <br /> <br />The City covenants in the Installment Sale Agreement to not issue or incur any <br />additional bonds or other obligations during the term thereof having any priority in payment of <br />principal or interest out of the Net Revenues over the Installment Payments. However, this <br />covenant does not limit or affect the ability of the City to issue, enter into or incur additional <br />Parity Debt as described above, or obligations which are either unsecured or which are secured <br />on a basis which is junior and subordinate to the pledge of and lien upon the Net Revenues <br />established under the Installment Sale Agreement. <br /> <br />Casualty Insurance and Eminent Domain Proceeds <br /> <br />Covenant to Maintain Insurance. The City covenants that it will at all times maintain <br />such insurance (which may be in the form of self-insurance pooling) on the Water System as is <br />customarily maintained with respect to works and properties of like character against accident <br />to, loss of or damage to such works or properties. <br /> <br />Insurance Proceeds. All amounts collected from insurance against accident to or <br />destruction of any portion of the Water System shall be used to repair or rebuild such damaged <br />or destroyed portion of the Water System, and to the extent not so applied, shall be applied to <br />redeem Bonds or any Parity Debt in accordance with the Indenture and applicable Parity Debt <br />Instruments. <br /> <br />Eminent Domain Proceeds. If all or any part of the Water System is taken by eminent <br />domain proceedings, the Net Proceeds realized by the City therefrom will be deposited by the <br />City in a special fund in trust and applied by the City to the cost of acquiring or constructing or <br />financing improvements to the Water System, or to redeem Bonds or any Parity Debt in <br />accordance with the Indenture and applicable Parity Debt Instruments.
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