Laserfiche WebLink
<br />"Repair and Replacement Account" means the account so designated in the Electric Fund. <br /> <br />"Reserve Account" means the account so designated in the Electric Fund. <br /> <br />"Reserve Requirement" means, as of the date of reference, an amount equal to the least of <br />(i) 10% of the original principal amount of the Bonds and the Prior Bonds Outstanding, or (ii) the <br />maximum amount of principal and interest payable during the then current Fiscal Year or any <br />future Fiscal Year on all Bonds and Prior Bonds Outstanding as of the date of reference, or (iii) <br />125% of the average annual principal and interest payable on all Bonds and Prior Bonds as of the <br />date of reference. <br /> <br />"Resolution" means this Resolution, including any amendment hereof or supplement <br />hereto adopted in accordance with Section 14. <br /> <br />"Series 2006A Bonds" means the Bonds created by Section 5. <br /> <br />"State" means the State of Minnesota. <br /> <br />Section 2. <br /> <br />Recitals. <br /> <br />2.01. Electric System. The City owns and, for financing purposes, operates a municipal <br />Electric System, hereinafter referred to as the "Electric System." <br /> <br />2.02. Public Utilities Commission. The City has established the Commission and <br />placed the Electric System under the jurisdiction ofthe Commission pursuant to the Act. The <br />City has granted to the Commission a non-exclusive franchise to transmit, furnish, deliver or <br />receive electrical energy within the utility service area. The Commission operates the Electric <br />System as a public, revenue-producing convenience, providing service to the City and its <br />inhabitants and residents and other customers in the area surrounding the City, as authorized by <br />the Act. <br /> <br />2.03. Parity of Lien Test. All ofthe payments required to be made into the various <br />funds and accounts provided for in the Prior Resolution authorizing the issuance of the Prior <br />Bonds have been made and there is sufficient money in the Debt Service Account of the Electric <br />Fund to pay all principal and interest on all obligations payable from the Net Revenues coming <br />due during the twelve month period next succeeding the issuance of the Series 2006A Bonds. <br /> <br />The gross revenues, expenses of operation and maintenance and Net Revenues of the <br />Electric System from all sources for the Audited Fiscal Year immediately preceding the issuance <br />of the Series 2006A Bonds, adjusted for such Fiscal Year as permitted by the Prior Resolution <br />are as follows: <br /> <br />1861915vl <br /> <br />4 <br />