52-91 Gen Provisions - Sanitary Sewer Spec Oblig Bonds

Home Browse Search

( ( Nothing in this General Bond Legislation or any Series Legislation or in the Bonds or Notes shall represent or constitute a general obligation of the Issuer and further, nothing therein or herein gives the Holders of any Bonds or Notes, and they do not have, the right to have any excises, ad valorem taxes (except as herein provided for) Qr other taxes levied by the Legislative Authority, or by the State or the taxing authority of any other political subdivision, for the payment of Bond Service Charges on the Bonds and Notes, but such Bonds and Notes are payable solely from the Pledged Receipts, and, if necessary, the Additional Pledged Receipts; provided, however, that nothing herein shall be deemed to prQhibit the Issuer, of its own volition, from using to the extent it is lawfully authorized to do so, any other resources or revenues for the fulfillment of any of the terms, conditions or obligations of this General Bond Legislation, any Series Legislation or any of the Bonds and Notes. NQthing contained in this General Bond Legislation shall be deemed to prevent the Issuer from creating or providing such funds or accounts not subject to the provisions of this General Bond Legislation to hold any portion of the Levy that does not represent Pledged Receipts or Additional Pledged Receipts necessary to pay Bond Service Charges due on Bonds and Notes. _ section 10. Creation of Sinkina Fund. Pursuant to Section 5705.09, Ohio Revised Code, the Issuer hereby establishes a Sinking Fund to hold Pledged Receipts and Additional Pledged Receipts pending their deposit with the Fiscal Agent pursuant to this General Bond Legislation to be used to pay the Bond Service Charges on Term BQnds. Section 11. Creation of and Deposit of Pledaed Receipts or Additional Pledaed Receipts thereto. There is hereby created to be maintained and held in trust in the custody of the Fiscal Agent a fund designated "City of Lakewood, Ohio Debt Service Fund". In accQrdance with this General Bond Legislation, the Fiscal Agent shall (i) on or before the fifteenth (15th) Business Day immediately preceding an Interest Payment Date receive from the Issuer the Pledged Receipts to be used to pay in full the Bond Service Charges on the Bonds or Notes, as the case may be, due on such Interest Payment Date and deposit the Pledged Receipts in the Debt Service Fund pending their use under this General Bond LegislatiQn and (ii) receive any Pledged Receipts or Additional Pledged Receipts from the County Auditor of Cuyahoga CQunty, Ohio, and, pending their application under this General Bond Legislation, deposit such Pledged Receipts and Additional Pledged Receipts in the Debt Service Fund. On each Interest Payment Date the Fiscal Agent, as Paying Agent for the Bonds and Notes, shall pay from moneys available therefor in the Debt Service Fund the Bond Service Charges due Qn the Bonds Qr Notes, as the case may be, in accQrdance with Section 4(h) or Section 5 of this General Bond Legislation, as applicable. Section 12. Investment of Monevs in the Debt Service Fund. Until needed for the purpose described herein, the Fiscal Agent, on behalf of the Issuer, shall invest the amounts held in the Debt Service Fund in any Eligible Investments as instructed and directed in writing from time to time by the Fiscal Officer (including any instructions tQ restrict yield on such investments tQ eliminate the possibility that the Bonds or Notes will be determined to be "arbitrage bonds" under Section 148 of the Code and the regulations promulgated with respect to such Section) except that such amQunts shall not be invested in bonds, notes or other debt obligations of the Issuer. Such investments shall mature in such amounts and on such dates as will cause a sufficient amount to be available in the Debt Service Fund on any Interest Payment Date to pay Bond Service Charges on the Bonds and Notes when the same are due. -13-