Fort Walton Beach Council agenda — 04-12-05 — reading text

Small Business Administration U.S. Department of Housing & Urban Development ( PHAs) Federal Housing Administration Federal Financing Bank 2) Direct obligations of any of the following federal agencies which obligations are not fully guaranteed by the full faith and credit of the United States of America: Senior debt obligations issued by the Federal National Mortgage Association FNMA) or Federal Home Loan Mort~age Corporation ( FHLMC). Obligations of the Resolution Funding Corporation ( REF CORP) Senior debt obligations of the Federal Home Loan Bank System Senior debt obligations of other Government Sponsored Agencies approved by the Municipal Insurer. 3) U. S. dollar denominated deposit accounts, federal funds and bankers' acceptances with domestic commercial banks which have a rating on their short term certificates of deposit on the date of of "P- l" by Moody' s and " A- I" or " A- l +"by S& P and maturing not more than purchase eighteen ( 18) months after the date of purchase. ( Ratings on holding companies are not considered as the rating of the bank.); 4) Commercial paper which is rated at the time of purchase in the single highest classification, " P- l" by Moody' s and " A- I +" by S& P and which matures not more than two hundred seventy ( 270) calendar days after the date of purchase; 5) Investments in a money market fund rated " AAAm" or " AAAm-G" or better by S& P; 2 MCPS-02/ 24/ 05 Rev. 03/ 08/ 05 Rev. 03/ 14/ 05-6601- Ordinance Rev. 03/ 16/ 05-c1  6) Pre- refunded municipal obligations defined as follows: any bonds or other obligations of or local governmental any state of the United States of America or of any agency, instrumentality unit of any such state which are not callable at the option of the Issuer prior to maturity or as to which irrevocable instructions have been given by the Issuer to call on the date specified in the notice; and i) which are rated, based on an irrevocable escrow account or fund, in the highest rating category of Moody' s or S& P or any successors thereto; or ii) ( a) which are fully secured as to principal and interest and redemption premium, if any, by an escrow consisting only of cash or obligations described in paragraph ( 2) above, which escrow may be applied only to the payment of such principal of and interest and redemption premium,if any, on such bonds or other obligations on the maturity date or dates thereof or the specified redemption date or dates pursuant to such irrevocable instructions, as appropriate, and (b) which escrow is sufficient, as verified by a nationally recognized independent certified public accountant, to pay principal of and interest and redemption premium, if any, on the bonds or other obligations described in this paragraph on the maturity date or dates specified in the irrevocable instructions referred to above, as appropriate. 7) Municipal obligations rated " AaaJAAA" or general obligations of states with a rating of A2/ A" or higher by both Moody' s and S& P; 8) Investment agreements approved in writing by the Municipal Insurer ( supported by appropriate opinions of counsel); 9) Investments under the " Investment of Local Government Surplus Funds Act", being Part IV, Chapter 218, Florida Statutes, or any successor law; and Such other investments with respect to any Series of Bonds as shall be approved in 10) writing by the Municipal Insurer of such Bonds. the Bond Average Bond Service Requirement" shall mean for any Series of Bonds the sum of Service Requirements in each year in which such Series of Bonds is Outstanding divided by the number of years such Series of Bonds is scheduled to remain Outstanding. Bond Amortization Account" shall mean the account so designated in the Sinking Fund, herein created for the payment of Term Bonds. Registrar" shall mean the Paying Agent or the bank or trust company Bond Registrar" or " which the Issuer may from time to time designate to perform the duties herein set forth for the Registrar of the 2005 Bonds. Bond Service Requirement" for any Bond Year, as applied to the Bonds of any Series, shall mean the sum of: 3 MCPS-02I24/ 0S Rev. 03/ 08/ 05 Rev. 03/ 14/ 0S-660l- Ordinance Rev. 03/ 16/ 0S-cl  The amount required to pay the interest becoming due on the Bonds of such Series during A) been provided by payments into the such Bond Year, except to the extent that such interest shall have of time. In computing the amount of interest Sinking Fund out of Bond proceeds for a specified period at a variable rate, the amount of interest to becoming due on any Series of Bonds which bear interest become due on such Series of Bonds at such variable rate shall be assumed to be the rate of interest per ii) if annum to the equal of: ( i) the actual rate borne by such Bonds on the date of calculation, ( highest the average rate borne over the twelve such Bonds have been Outstanding for at least twelve ( 12) months, the date of calculation, and ( iii) ( a) if interest is excludable from 12) months immediately preceding under the applicable provisions of the Internal Revenue Code, the most gross income or tax- exempt recently published Bond Buyer25 Bond Revenue Index fifty (50) basis points, or (b) if interest is not plus so excludable or tax- exempt, the interest rate on direct U. S. Treasury obligations with comparable Insurers, if any, of the then maturitiesplusfifty ( 50) basis points; or such other rate as the Municipal Outstanding Bonds shall approve. in such B) The amount required to pay the principal of Serial Bonds of such Series maturing Bond Year. Bond Year. In The Amortization Installment for the Term Bonds of such Series for such C) Bond Year for Bonds of any Series, the Issuer shall computing the Bond Service Requirement for any assume that an amount of the Term Bonds of such Series equal to the Amortization Installment for the Term Bonds of such Series for such Bond Year will be retired by purchase or redemption in such Bond will be fully provided for in such Bond Year or that payment of such amount of Term Bonds at maturity on the Bonds which mature in any year, Year. When determining the amount of principal of and interest Bonds, the stated maturity date of for purposes of this Ordinance or the issuance of any Additional Parity if to Tenn Bonds in Term Bonds shall be disregarded, and the Amortization Installment, any, applicable Issuer has purchased or entered into an such year shall be deemed to mature in such year. In the event the of to direct obligations of the United States of America or obligations the principal purchase agreement America (" Government Obligations''), and interest on which are fully guaranteed by the United States of received or to be received on such from moneys in the Bond Amortization Account, then the income to the date of maturity thereof, shall be taken Government Obligations from the date of acquisition thereof the which will be to be made into the Sinking Fund. required into consideration in calculating payments Reserve Account Insurance Policy. D) Any amounts owed by the Issuer to the issuer of any to reflect any amounts on The Bond Service Requirement for any Bond Year shall be adjusted of current requirements ( including deficiencies in prior deposit in the Sinking Fund in excess Bond Year. requirements)and available for the payment of the Bond