08-08-1989 Meeting - Laserfiche WebLink

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• the end that there shall be accumulated in the Reserve Fund within sixty-one (bl) months from the date of delivery of the Honds an amount not less than the average annual principal and interest requirements for the Bonds; Subsections (a) and (b) occur before the sale of water and are funded from Bond Proceeds. Subsection (c) occurs after the sale of water and is calculated as follows: Total Principal and Interest $ 11,405,741.88 Divided by number of years of issue 27 Equals annual average Principal and Interest 422,434.88 Divided by funding period (months) 60 Equals monthly funding amount 7,040.58 Multiplied by months to be funded next year 9 Equals amount for FY 89-90 63,365.22 Series II - An excerpt from Section 7.04 of the AMENDED AND RESTATED RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF X4,800,000 CONTRACT REVENUE BONDS, SERIES 11 1988 AND AUTHORIZING AN AGREEMENT WITH THE PAYING AGENT/REGISTRAR reads: 7.04. Reserve Fund, There shall be deposited into the Reserve Fund on or before the 25th day of each month occurring after the sale of water, an amount not less than one sixtieth (1/60> of the average annual principal and interest requirements on the Honds, to the end that there shall be accumulated in the Reserve Fund within sixty-one (bl) months from the date of delivery of the Bonds an amount not less than the average annual principal and interest requirements for the Bonds; This issue does not require any funding before the sale of water. Jhe calculation for this issue is as follows: Total Principal and Interest ~ 11,116,083.99 Divided by number of years of issue 28 Equals annual average Principal and Interest 397,002.99 Divided by funding period (months) 60 Equals monthly funding amount 6,616.72 Multiplied by months to be funded next year 9 Equals amount for FY 89-90 59,550.48