R-1962-07 - Laserfiche WebLink

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". ....- /'~- --" ,/ \ .... ....r--.... . /~, .' e . 5) The interest rates on the proposed refunding bonds will be as show:J. on the attached schedule. 6) It is recommended that the City, out of the balance of funds in the Bond Reserve Fund, after making available the $11,483 shown above ni11 use $3,000 of this money to retire and cancel $3,000 of the outstanding debt. It Vli11 then pay all costs incident to the refunding. These are estimated to be ~,OOO. Out of the remaining monies the City should deposit $3,000 to a new Interest and Sinking and Reserve Fund. Additional monies remaining in this account can be used by the City in the Waterworks and Sewer Department. 7) T.ae terms and conditions of the refunding bonds shall be such that the City can, at any time, authorize, issue and deliver addi- tio_"cal bonds payable out of the net revenues from the Waterworks and Sewer System provided the following tests are met: (a) That the City is current on all of its pa;yments to the Interest, Sinking and Reserve Funds and on all pa;yments of principal and intem st on its debt. (b) That the net revenues from the operation of the \'later- works and Sewer System available for debt service, as shown by the last armual audit, are at least 1-1/2 times the principal and interest requirements on all bonds outstanding, together with all bonds proposed to be issued for the year in which these requirements are the greatest. This refunding will be carried out under the terms and conditions of contract between the City of La Porte and myself dated February 6, 1959. this the Texas ~ day of ~, \ . ..~ ~~R~:. . .,.,.:;. ~ ..... C:. ty Cl:er -:,..-....... r . ~ ",.,"':; o. , '- v .I( ..;. .......,,~,.