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There has heretofore been created a special fund known as the "City of Caldwell
Sewer Revenue Fund" (the "Revenue Fund "), which shall be maintained by the Treasurer
and into which the Revenue of the system shall be deposited forthwith upon its receipt.
A. Use of Revenues The Revenue of the system shall be used for payment
of the following obligations in the following order of priority:
(1) First Charge and Lien: the costs of Operation and Maintenance
Expenses;
(2) Second Charge and Lien: the principal of and interest on the
Certificates by payment in accordance with the Indenture, the principal of
and interest on the Bonds by payment into the Bond Fund and the payment
of principal and interest on any Additional Bonds permitted as additional
parity obligations hereunder;
(3) Third Charge and Lien: To maintain the Debt Service Reserve
Fund and to provide for any deficiency in the Debt Service Reserve Fund
and to maintain and provide for a reserve fund or reserve account for any
Additional Bonds permitted as additional parity obligations hereunder.
(4) To administer surplus funds."
Section 2. Subject to receipt of said Bond Insurer approval, Section 15.A. of the Prior
Ordinance is hereby amended to read as follows:
" Section 15 : ADDITIONAL BONDS OR OTHER OBLIGATIONS
A. Limitation Upon Issuance of Parity Obligations Nothing contained in this
Ordinance shall be construed in such a manner as to prevent the issuance by the
City of Additional Bonds or other additional obligations payable from the Net
Revenues on a parity with, but neither prior nor superior to, the lien of the Bonds
herein authorized; provided, however, that before any such Additional Bonds or
other additional parity obligations are authorized or actually issued:
(1) The City is not, and has not been, in default as to any payments
required by the provisions of this Ordinance for a period of not less than
twelve (12) months immediately preceding the issuance of such
Additional Bonds or other additional parity obligations, and there is no
deficiency in the Bond Fund or Reserve Fund.
(2) The principal of and interest on the Additional Bonds shall be
payable from Net Revenues and further maybe secured by a reserve fund
with a reserve requirement comparable to the Reserve Requirement
hereunder.
SUPPLEMENTAL ORDINANCE — PAGE 2
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(3) Prior to the delivery of any Additional Bonds, the City shall have
on file at the office of the City Clerk a certificate of a licensed professional
engineer, who may be the City Engineer, or a certificate of an independent
certified public accountant, dated prior to the authorization of such
Additional Bonds, showing that the Estimated Net Revenues, determined
and adjusted as hereafter provided, for each fiscal year after the issuance
of such Additional Bonds, will equal at least 1.20 times the amount
required for the payment of the average annual principal of and interest on
the Certificates, the Bonds, and any Additional Bonds then outstanding,
plus the Additional Bonds proposed to be issued.
(4) In determining Estimated Net Revenues, the Net Revenues for the
past twelve (12) consecutive months immediately preceding the year of
the proposed Additional Bonds shall be adjusted by such engineer or
accountant to take into consideration changes in Net Revenues estimated
to occur under one or more of the following conditions for each year after
delivery of the Additional Bonds for so long as the Bonds and any
Additional Bonds, including the Additional Bonds to be issued, shall be
outstanding:
a. any increase or decrease in Net Revenues which would
result if any change in rates or charges adopted prior to the date of
such certificate and subsequent to the beginning of such twelve
(12) month period had been in force during the full twelve (12)
month period;
b. any increase or decrease in Net Revenues estimated by
such engineer or accountant to result from any additions,
betterments, and improvements to and extension of any facilities of
the System which (i) become fully operational during such twelve
(12) month period, (ii) were under construction at the time of such
certificate, or (iii) will be constructed from the proceeds of the
Additional Bonds to be issued; and/or
C. the additional Net Revenue which would have been
received if any customers added to the System prior to the date of
such certificate and subsequent to the beginning of such twelve
(12) month period were customers for the entire period.
(5) The foregoing limitations, or any of them, may be waived or
modified by the written consent of the Registered Owners of the Bonds.
Such engineer or accountant shall base his or her certificate upon, and his certificate shall
have attached thereto, audited financial statements of the System (unless such an audit is
not available within such twelve -month period) showing income and expenses for the
period upon which the same is based."
SUPPLEMENTAL ORDINANCE — PAGE 3
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CERTIFICATION OF CITY ATTORNEY
1, the undersigned City Attorney for and legal advisor to the City of Caldwell, Idaho,
hereby certify that I have read the attached summary of Ordinance No. Ztal of the City of
Caldwell and that the same is true and complete and provides adequate notice to the public of the
contents of said Ordinance.
DATED as of the ` day of May, 2004.
SUPPLEMENTAL ORDINANCE — PAGE 6
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