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61

The calculation of the average annual debt service requirements
for principal of and interest on the additional Bonds to be issued
shall, regardless of whether such Bonds are to be serial or term
Bonds, be determined on the basis of the principal of and the
interest on such Bonds being payable in approximately equal
installments.

The calculation of the estimates, as herein provided, shall be
made by the Chief Financial Officer of the Borrower and approved
by the President and governing body.

(j) Notwithstanding the provisions of Special Condition (i) above, the
Borrower may issue, on or before September 1, 1967, one or more
additional series of parity bonds for the purpose of financing entirely,
or in part, the construction of additions to the Housing System to be
established in accordance with provisions of Special Condition (b)
above, to house approximately 1,100 additional students, provided:

(1) The facility or facilities to be constructed entirely, or in part,
from the proceeds of such additional Series of parity bonds is or
are made a part of the Housing System and the revenues derived
therefrom are pledged as additional security for all Bonds then
outstanding and such additional Series of parity bonds.

(2) The borrower is in full compliance with all covenants and undertaking
in connection with all Bonds then outstanding, or authorized to be
issued, and payable from the net revenues of the Housing System or
any part thereof.

(3) The estimated annual net revenues of the facility or facilities to
be constructed entirely, or in part, from the proceeds of such
additional Series of parity bonds, together with any other
revenues pledged as security, when added to the estimated annual
net revenues of the then existing Housing System, including any
portion thereof which is under construction together with any
other revenues pledged as security, shall equal at least one
and thirty-five hundredths (1.35) times the average annual
requirements for principal and interest on all Bonds then
outstanding and on the additional Bonds authorized or to be
issued, which are payable from the net revenues of the Housing
System and any other revenues pledged as security.

The calculation of future annual net revenues of the then
existing Housing System (including any portion thereof which
is under construction) shall be based on actual net revenues for
the fiscal year next preceding the issuance of additional parity
bonds, as adjusted, if necessary, to reflect the schedule of rates
and charges to become effective upon the addition thereto of the
new facility or facilities, and after giving recognition to any
anticipated changes in current expenses of the Housing System.

The calculation of estimated net revenues of the facility or
facilities to be constructed shall be predicated upon an assumed
utilization rate of not more than 90 per cent (95 per cent for
apartments) and upon the anticipated rates and charges and current
expenses upon completion.

The calculation of average annual debt service requirements for
principal of and interest on the additional Bonds to be issued
shall, regardless of whether such Bonds are to be serial or term
Bonds, be determined on the basis of the principal of and interest
on such Bonds being payable in approximately equal installments.

The calculation of the estimates, as herein provided, shall be
made by the Chief Financial Officer of the Borrower and approved
by the President and governing body.

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