5.3. SR 08-02-2004 - Laserfiche WebLink

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month, there shall be credited to the Repair and Replacement Account from the Operating Account such portion of the Net Revenues, in excess of the current requirements of the Debt Service Account and the Reserve Account (which portion of the Revenues is referred to herein as "surplus revenues"), as the Commission shall determine to be required for replacement or renewal of worn out, obsolete or damaged properties and equipment of the Electric System. Money in the Repair and Replacement Account shall be used only for the purposes above stated or, if so directed by the Commission, to pay Operating Expenses, to redeem Bonds which are subject to redemption according to their terms, to pay principal or interest when due thereon as required in Section 9.03, to restore a deficiency in the Reserve Account, or to pay the cost of improvements to the Electric System; provided that in the event construction and installation of additional improvements or additions to the Electric System are financed other than from Bonds payable from the Debt Service Account, surplus revenues from time to time received may be segregated and paid into one or more separate and additional accounts for the repayment of such indebtedness and interest thereon, in advance of payments required to be made into the Repair and Replacement Account. 9.06. Rate Stabilization Account. The Rate Stabilization Account is hereby established as a separate account within the Electric Fund. There shall be credited to the Rate Stabilization Account from the Operating Account such portion of Net Revenues, in excess of the current requirements of the Debt Service Account, the Reserve Account and the Repair and Replacement Account, as the Commission shall determine from time to time to be necessary or appropriate as a "rate stabilization fired" to minimize increases in rates and charges that might otherwise have to be imposed in order to pay Operating Expenses, maintain the Operating Reserve Requirement, pay the principal of and interest on the Bonds when due, and satisfy the requirements of Section 9.05. Amounts on hand in the Rate Stabilization Account may be transferred by the Commission to the Operating Account when and as determined by the Commission to be appropriate, to be used as Gross Revenues in the Operating Account are otherwise used. 9.07. Deposit and Investment of Funds. The Commission shall cause all money pertaining to the Electric Fund to be deposited as received with one or more depository banks. The balance in such accounts, except such portion thereof as shall be guaranteed by federal deposit insurance, shall at all times be secured to its full amount by bonds or securities of the types authorized by applicable laws. Any such money not necessary for immediate use may be deposited with such depository banks in savings or time deposits. No money shall at any time be withdrawn from such deposit accounts except for the purposes of the Electric Fund as authorized in this Resolution, except that money from time to time On hand in the Electric Fund may at any time, in the discretion of the Commission, be deposited or invested in accounts or securities which are permitted by applicable laws of the State. Except as otherwise expressly provided herein, income received from the deposit or investment of money in said accounts shall be credited to the account from which the deposit was made or the investment was purchased, and handled and accounted for in the same manner as other money in that account. Section 10. Additional Bonds. Additional Bonds shall be issued and made payable from the Net Revenues of the Electric System only as provided in this section. One or more series of Additional Bonds may be issued on a parity of lien with the Series 2004A Bonds, if and only if the Net Revenues of the Electric System for the Audited Fiscal Year immediately preceding the issuance of such Additional Bonds, adjusted as hereinafter provided, were not less 1670578vl 1