7.2. SR 06-20-2005 - Laserfiche WebLink

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Liquor Stores, including necessary maintenance equipment, or to refund bonds issued for such purposes. All revenues derived from any such improvements or additions shall be Net Revenues of the Municipal Liquor Stores and subject to the provisions of paragraph 8. ( ) Parity Lien Bonds. Such additional bonds may be made payable from the Debt Service Account and the Net Revenues pledged thereto on a parity as to both principal and interest with all other bonds payable therefrom only if: (0) in the last complete fiscal year of the City immediately preceding the issuance ofthe bonds, the amount of Net Revenues was: (A) equal to not less than 125% of the total amount of principal and interest to become due in any future fiscal year on all outstanding bonds payable from the Debt Service Account and all additional bonds to be issued, but excluding any bonds to be refunded by such additional bonds; and (B) sufficient to pay when due all costs and expenses payable from the Operation and Maintenance Account in such last complete fiscal year; provided that for purposes of this paragraph the Net Revenues for any fiscal year may be increased to reflect any increase in the rates and charges which have been put into effect prior to the issuance of any additional bonds but were not in effect for all of such last complete fiscal year; and (0) the bonds are not made subject to redemption on a date prior to any outstanding bonds payable from the Debt Service Account or, if the bonds are refunding bonds, on a date prior to the one which the refunded bonds were subject to redemption; (0) in the case of refunding bonds, if an escrow fund is to be established, the City obtains a report of an independent certified public accountant that the moneys and securities on hand in the escrow account are sufficient to pay the applicable debt service obligations of the refunded bonds on their stated maturity dates and/or any date on which such obligations have been or are to be called for prior redemption and prepayment; and the City obtains an opinion of nationally recognized bond counsel stating that the issuance of the additional bonds will not cause the interest on any bonds payable from the Debt Service Account to be includible in gross income for federal tax purposes; and (0) the City is not in default under this Resolution or any other resolution authorizing the issuance of any outstanding bonds payable from the Debt Service Account. 11. Subordinate Lien Bonds. Except as provided in paragraph 10, all additional bonds shall be payable from the Net Revenues after the requirements of paragraph 8 are met, and such additional bonds described in this paragraph shall be wholly junior and subordinate to the pledge and appropriation of such Net Revenues to the Bonds. 12. Debt Service Coverage. It is hereby determined and reasonably anticipated that the estimated collections of the revenues available to the Debt Service Account will produce at 11