ERMU RES 18-10 - Laserfiche WebLink

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2041 425,000 2042 440,000 2043 (maturity) 455,000 Sinking Fund Installation Date Principal Amount February 1,2048 Term Bonds 2044 $470,000 2045 485,000 2046 505,000 2047 525,000 2048 (maturity) 540,000 The Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the transfer or exchange of this Series 2018A Bond and any legal or unusual costs regarding transfers and lost Series 2018A Bonds. The City, the Commission and the Bond Registrar may treat the person in whose name this Series 2018A Bond is registered as the owner hereof for the purpose of receiving payment as herein provided (except as otherwise provided herein with respect to the Record Date) and for all other purposes, whether or not this Series 2018A Bond shall be overdue, and neither the City, the Commission nor the Bond Registrar shall be affected by notice to the contrary. This Series 2018A Bond shall not be valid or become obligatory for any purpose or be entitled to any security unless the Certificate of Authentication hereon shall have been executed by the Bond Registrar. The Series 2018A Bonds have been designated as "qualified tax-exempt obligations" pursuant to the provisions of Section 265(b) of the Internal Revenue Code of 1986, as amended. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that the City, through the Commission, has fixed and established and will collect reasonable rates and charges for the services and facilities provided by the Electric System; that the City, through the Commission, will maintain on its books and records an Electric Fund, and will credit to the Operating Account of the Electric Fund the Gross Revenues of the Electric System as received and 'spay all Operating Expenses therefrom, and will credit to the Debt Service Account, once each month, out of Net Revenues then on hand, an amount equal to 1/12 of all principal payable on the Bonds (as defined in the Resolution) during the next 12 months and 1/6 of the interest payable on the Bonds (as defined in the Resolution) in the next 6 months, and will credit to the Reserve Account an amount necessary to maintain therein a balance equal to the Reserve Requirement (as defined in the Resolution); 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 531773v2 JSB EL185-55 B-4