5.2b ERMUSR 04-13-2021 - Laserfiche WebLink

Home Browse Search

TEMPLATE RESOLUTION Section 16of this Resolution, the Reserve Requirement shall be reduced to that level thereof which would apply had said issue of Bonds, or said obligation of that Bond, as the case may be, never been issued; provided,however, that any such reduction shall be subject to the condition that there shall not at the time be a defaultcontinuing with respect to the payment of or security for any Bond or a default continuing under any resolution, indenture or other document pursuant to which any Bondswere issued. 9.05.Repair and Replacement Account. The Repair and Replacement Accounthas heretofore been established as a separate account within the Electric Fund and there shall be credited to the Repair and Replacement Account from the Operating Account, on the 1stday of each month, such portion of the Net Revenues, in excess of thecurrentrequirements of the Debt Service Account and the Reserve Account (which portion of the Net 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 Bondswhich 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 additional improvements or additions to the Electric System are financed other than from Bondspayable 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.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 inthis 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 asotherwise 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 beissued on a parity of lien with the Outstanding Bonds, if (except as otherwise provided in this Section 10) 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 than125%of the average annual principal and interest due on all Outstanding Bonds and on the Additional Bonds to be issued, during the remaining term of the Outstanding Bonds. No Additional Bonds shall be issued unless each of the following 14 EL185-68-707442.v2 400