07-18-1988 Meeting - Laserfiche WebLink

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Directors may deem to be in the best interest of the Authority. Any such Additional Bonds shall be made to mature on December 1 in the years in which they are scheduled to mature. Additionally, if (a) the Additional Bonds are being issued to refund obligations of the Authority other than the Bonds or Additional Bonds, or (b) the total debt service for all Bonds and Additional Bonds (assuming the issuance of the refunding Additional Bonds proposed to be issued and the defeasance of the Bonds or Additional Bonds proposed to be defeased in such refunding) in any fiscal year through the final fiscal year in which Bonds or Additional Bonds not refunded are to mature shall be greater than the total annual debt service for all Bonds and Additional Bonds had such refunding not occurred, then the conditions specified in Sections 8.01 (a), (b) and (c) shall also be satisfied. 8.04. Inferior Lien Obligations. Nothing contained in this Resolution shall prohibit or prevent, or be deemed or construed to prohibit or prevent, the Authority from authorizing and issuing bonds, notes, certificates, warrants or other evidences of indebtedness for any corporate use or purpose payable as to principal, premium, if any, and interest from the Net Revenues subject and subordinate to the deposits and credits required to be made from the Net Revenues to the Bond Fund, Reserve Fund and the Rebate Fund or from securing such bonds, notes, certificates, warrants or other evidences of indebtedness and the payment thereof by a lien on and pledge of the Net Revenues junior and inferior to the lien on and pledge of the Net Revenues herein created for the payment and security of the Bonds and any Additional Bonds. 8.05. Separate System Projects. Nothing in this Resolution shall be construed to deny the Authority the right and it shall retain the right to issue bonds, notes, warrants, certificates or other obligations or evidences of indebtedness to finance the costs of any project or facil- ities, which revenues, records and accounts of such project or facilities are kept and maintained separate and apart from the Revenues, records and accounts of the Transmission System, the Distribution System and the Houston Contract, and the obligations issued to finance the costs thereof are payable solely from the revenues or other income derived from the ownership or operation of such separate system project or facilities; provided, however, the Authority will not issue bonds, notes, warrants, certificates or other obligations or evidences of indebtedness for the purpose of acquiring or constructing such separate system project or facilities unless and until a report has been obtained from 022DESA0/024C04 -27-