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<br />INTER-OFFICE MEMORANDUM <br />T0: Jerry Bramlett, President, <br />Richard Matthews, Vice President <br />Claude Graves, Secretary <br />Mike Wadsworth, Member <br />Robert T. Herrera, General Manager <br />From: Jeff Litchfield, Director of Finance <br />Date: August 8, 1989 <br />• <br />Subject: Computation of Fiscal Year 1989-90 Debt Service <br />There are three main components of the Debt Service amounts needed for Fiscal <br />Year 1989-90. The components and their related amounts are: <br />Series I Series II <br />Interest Payment on Bonds 336,017.50 325,137.50 <br />Deposit to Reserve Fund 63,365.22 59,550.48 <br />Deposit to Contingency Fund 18,749.47 18,749.97 <br />Totals 418,132.19 403,437.95 <br />Interest Payments <br />The amounts for the Interest Payments are taken directly from the Debt Service <br />Schedules (copies attached). <br />Reserve Fund <br />The deposits to the Reserve Fund are a little more difficult to determine and, <br />unfortunately, are different for each issue. <br />Series-I - An excerpt from Section 7.04 of the RE50LUTION AUTHORIZING THE <br />ISSUANCE AND SALE OF X5,000,000 CONTRACT REVENUE BONDS, SERIES I 1988 <br />AND AUTHORIZING AN AGREEMENT WITH THE PAYING AGENT/REGISTRAR reads: <br />7.04. Reserve Fund. These shall be deposited into <br />the Reserve Fund (a) on or before June 1, 1989, an <br />amount not less than nine sixtieths (9/60) of the <br />average annual principal and interest requirements on <br />the Bonds, (b) on or before each interest payment date <br />occurring after June 1, 1989 but prior to the Sale of <br />Water, an amount not less than one tenth (1/10) of the <br />average annual principal and interest requirements on <br />the Bonds, and (c) on or before the 25th day of each <br />month occurring after the Sale of Water, an amount not <br />less than one sixtieth (1/60) of the average annual <br />principal and interest requirements on the Bonds, to <br />