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ERMU RES 16-7
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ERMU RES 16-7
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3/31/2017 12:05:51 PM
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3/31/2017 12:05:49 PM
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City Government
type
ERMUR
date
6/14/2016
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"Holder"means a Bondholder. <br /> "Interest Payment Date" means a date specified in a Bond as a fixed date for payment of <br /> an installment of interest on the Bond. <br /> "Municipal Utilities Commission" means the governing body of the Commission. <br /> "Net Revenues" means the Gross Revenues of the Electric System for any specified <br /> period, less the Operating Expenses of the Electric System for the same specified period. <br /> "Operating Account"means the account so designated in the Electric Fund. <br /> "Operating Expenses" means the current expenses of operation, maintenance and minor <br /> or current repair of the Electric System for any specified period. Operating Expenses include, <br /> without limitation, administrative expenses of the Commission relating to the Electric System, <br /> franchise fees, premiums for insurance relating to the Electric System, and amounts necessary to <br /> accumulate and maintain the Operating Reserve Requirement. Operating Expenses do not <br /> include depreciation, amortization, or interest expense. <br /> "Operating Reserve Requirement" means an amount equal to the greater of (i) one <br /> month's Operating Expenses, based upon the financial statements of the Commission for the <br /> preceding Audited Fiscal Year, or(ii) a larger amount reasonably determined by the Commission <br /> to be necessary to be maintained as a reserve for payment of Operating Expenses. <br /> "Outstanding" means when used with reference to the Bonds or the Prior Bonds, as the <br /> case may be, as of the date of determination, all Bonds or Prior Bonds, as the case may be, <br /> theretofore issued except Bonds or Prior Bonds, as the case may be,which have been paid or are <br /> deemed to have been paid as provided in Section 16. <br /> "Person" means any individual, corporation, partnership,joint venture, association,joint <br /> stock company, trust, unincorporated organization, or government, or any agency or political <br /> subdivision thereof. <br /> "Prior Bonds" means the $2,030,000 original principal amount of Electric Revenue <br /> Bonds, Series 2014A, dated March 13, 2014, $1,625,000 in principal amount of which are <br /> currently outstanding. <br /> "Prior Resolution" means the resolution duly adopted by the Commission on <br /> February 14, 2014. <br /> "Project" means improvements and extensions and other capital improvements to the <br /> Electric System. <br /> "Purchaser" means Robert W. Baird & Company, Incorporated in Milwaukee, <br /> Wisconsin. <br /> 3 <br /> 479283v3 JSB EL185-42 <br />
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