5.2b ERMUSR 04-13-2021 - Laserfiche WebLink

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TEMPLATE RESOLUTION conditions is satisfied prior to the issuance thereof, such satisfaction to be shown by a certificate of the President of the Commission and the resolution authorizing the issuance thereof: (a)The payments required to be made (at the time of the issuance of such Additional Bonds) into the various accounts provided for in this Resolution have been made. (b)The resolution authorizing such Additional Bonds provides for payment to the Reserve Account upon delivery of such Additional Bonds, from the proceeds thereof or any othersource, of an amount necessary to cause the aggregate balance in the Reserve Account to equal the Reserve Requirement. (c)The proceeds of such Additional Bonds shall be used only for the purpose of making improvements, additions, extensions, renewals or replacements to the Electric System, or refunding bonds payable from the Debt Service Account. For purposes of the coverage test set forth above, the NetRevenues for the last Audited Fiscal Year immediately preceding the issuance of such Additional Bonds, maybe adjusted for such Fiscal Year as follows: (1) the Gross Revenues for such Audited Fiscal Year may be increased to reflect the Gross Revenues which would have been received had any rate increase placed in effect after the commencement of the Audited Fiscal Year been in effect for the entire Audited Fiscal Year; and (2) by including the additional revenues reasonably determined by the Commission to be likely to result from the acquisition and construction of the facilities to be financed by such Additional Bonds, provided that the debt service on the proposed Additional Bonds is funded until the estimated date of completion of such facilities. The Commission also reserves the right to cause the issuance of Additional Bonds if and to the extent needed to refund maturing Series 2021B Bondspayable from the Debt Service Account in case the money on hand therein is insufficient to pay the same at maturity, which refunding revenue bonds may be on a parity with the Outstanding Bonds, but shall mature subsequent to all Outstanding Bonds which are not to be refunded by such Additional Bonds. The Commission also reserves the right to cause the issuance of Additional Bonds payable on a parity as toboth principal and interest with the Outstanding Bonds to refund Series 2021 Bondsif the maximum amount of principal and interest payable on the Outstanding Bonds and such Additional Bonds in the then current or any future calendar year is notincreased by more than 5%. Section 11.Priority of Payments. If the money on hand in the Debt Service Account shall be insufficient at any time to pay the principal then due and interest then accrued on all Bondspayable therefrom, said money shall first be applied to the payment pro rata of the accrued interest on all Bonds, and any balance shall be applied first in payment of maturing principal; as between Bondshaving different maturity dates, the principal of earlier maturing Bondsshall be paid first; and as between Bondsmaturing on the same date, the principal of Bondsshall be paid pro rata. 15 EL185-68-707442.v2 401