2002 ORD O-09-02 - Laserfiche WebLink

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2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17' 18' 19 20 21 22 23 24 25 26 27 28 (j) for transfer to the City's general fund (which additional transfers shall be considered to be a loan, subject to such terms and conditions of repayment as the City Council may establish); provided, however, that before such additional transfer may be made (i) no deficiency shall exist with respect to the amounts required to be on deposit in the Surplus Revenue Account as provided in clauses (a) through (h) of this paragraph (iii) and (ii) the Net Revenues of the Electric System, as shown on the books of the City for each of the last two (2) completed Fiscal Years (as shown by an audit certificate or opinion of an independent certified public accountant or firm of certified public accountants employed by the City), shall haveamounted to at least 1.25 times the sum of (i) the Maximum Annual Qualified Obligation Service on all Qualified Obligations to be outstanding immediately subsequent to such additional transfer and (ii) the Maximum Annual Subordinate Qualified Obligation Service on all Subordinate Qualified Obligations to be outstanding immediately subsequent to such additional transfer; provided, however, that for the purpose of applying the restriction in this clause 0), the following may be added to Net Revenues: an allowance for earnings arising from any increase in charges made for service from the Electric System which has become effective prior to said additional transfer but which, during all or any part of said last two (2) completed Fiscal Years, was not in effect, in an amount equal to ninety-five percent (95%) of the amount by which the Net Revenues would have been increased if such increase in charges had been in effect during the whole of said last two (2) completed Fiscal Years, as shown by the audit certificate or opinion of an independent certified public accountant or firm of certified public accountants employed by the City; and (k) for any lawful purpose of the Electric System (excluding any further loans to the City). Notwithstanding the foregoing, moneys remaining on deposit in the Surplus Revenue Account at any time shall be transferred as needed to the Qualified Obligations Account in the amount necessary (or all moneys in the Surplus Revenue Account if less than the amount necessary) to make up any deficiency in the Qualified Obligations Account. Section 4. Repeal of Ordinance No. 0-13-95 On the effective date of this Ordinance, Ordinance No. 0-13-95 is hereby repealed. Section 5. Publication The City Clerk shall cause this Ordinance to be published once, within fifteen (15) days after its adoption, in an adjudicated newspaper of general circulation. 45180839.4 -5-