5.3. SR 08-02-2004 - Laserfiche WebLink

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each month, out of Net Revenues then on hand, an amount equal to one-twelfth of all principal payable on the Series 2004A Bonds during the next twelve months and one-sixth of all interest payable on the Series 2004A Bonds in the next six months, and will credit to the Reserve Account an amount necessary to maintain therein a balance equal to the least of (i) 10% of the original principal amount of the Series 2004A Bonds, or (ii) the maximum amount of principal and interest to come due in any future calendar year on all Series 2004A Bonds, or (iii) 125% of the average annual debt service on all Series 2004A Bonds; that the obligation to credit such amounts to such accounts is cumulative, and if in any month the money in the Electric Fund is insufficient to credit the required amount into any account, the deficiency shall be made up in the following month or months after payment to all other accounts having a claim on such revenues has been paid in full; that the City, through the Commission, will impose and collect such rates and charges as necessary to provide in each Fiscal Year Net Revenues at least equal to the annual principal and interest payable on all bonds payable from the Debt Service Account in such Fiscal Year; that all provisions for the security of the Series 2004A Bonds set forth in the Resolution will be punctually and faithfully performed as therein stipulated; that all acts, conditions and things required by the Constitution and laws of the State of Minnesota and ordinances and resolutions of the City and the Commission to be done, to exist, to happen, and to be performed in order to make this Series 2004A Bond a valid and binding special obligation of the City according to its terms have been done, do exist, have happened and have been performed as so required; and that the issuance of this Series 2004A Bond does not cause the indebtedness of the City to exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the City of Elk River, Sherbume County, State of Minnesota, by the Commission, has caused this Series 2004A Bond to be executed by the signatures of the President and Secretary of the Commission and the Mayor and Clerk-Treasurer of the City and has caused this Series 2004A Bond to be dated as of the Date of Original Issue set forth above. 1670578vl 9