5.3. SR 02-06-2006 - Laserfiche WebLink

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Operating Account of the Electric Fund the Gross Revenues ofthe Electric System as received and pay 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 one-twelfth of all principal payable on the Series 2006A Bonds and the Prior Bonds during the next twelve months and one- sixth of all interest payable on the Series 2006A Bonds and the Prior Bonds in the next six months, and will credit to the Reserve Account an amount necessary to maintain therein a balance equal to the least of (i) ten percent of the original principal amount of the Series 2006A Bonds and the Prior Bonds, or (ii) the maximum amount of principal and interest to come due in any future calendar year on all Series 2006A Bonds and the Prior Bonds, or (iii) one hundred twenty- five percent of the average annual debt service on all Series 2006A Bonds and the Prior Bonds; 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 charges as necessary to provide in each Fiscal Year Net Revenues at least equal to one hundred ten percent of the annual principal and interest payable on all bonds payable from the Debt Service Account in such Fiscal Year; that all provisions for the security of the Series 2006A Bonds set forth in the Resolution will be punctually and faithfully performed as therein stipulated; that all acts, conditions and things required by the Constitution and laws of the State of Minnesota, and the ordinances and resolutions of the City and the Commission to be done, to exist, to happen, and to be performed in order to make this Series 2006A Bond a valid and binding special obligation ofthe City according to its terms have been done, do exist, have happened and have been performed as so required; and that the issuance of this Series 2006A Bond does not cause the indebtedness of the City to exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the City of Elk River, Sherburne County, State of Minnesota, by the Commission, has caused this Series 2006A Bond to be executed by the signatures of the President and Secretary of the Commission and the Mayor and Clerk of the City and has caused this Series 2006A Bond to be dated as of the Date of Original Issue set forth above. 1861915vl 10