Laserfiche WebLink
*See, Exhibit "B," attached hereto and by this reference incorporated herein for <br />interpretative example of application of the foregoing Table. <br />(f) Surplus. Annually, prior to payment of the annual Debt Service and <br />after allocating sufficient funds to meet all annual obligations to pay for all <br />Regional Facilities Expansion Projects undertaken by District as of the Effective <br />Date of this Agreement ,District shall determine the value of investments held in <br />the Rate Stabilization Fund, which value shall be either the market value or the <br />face value thereof, whichever is less. If the value of investments in the Rate <br />Stabilization Fund plus cash or equivalent securities on deposit therein (the <br />"Fund Value") exceeds the Bond Target level, irrespective of whether the Fund <br />Value is less than the Administrative Target Level, Regional Facilities Expansion <br />Projects undertaken by the District may, with the written approval of City and <br />District be paid for from the Rate Stabilization Fund, provided that such payment <br />does not reduce the Fund Value below the Bond Target Level. <br />If the Fund Value exceeds the Administrative Target Level, i.e., five (5) <br />times the Maximum Annual Expansion Projects Debt Service, said excess <br />("Surplus") shall be allocated or expended as follows: <br />(i) First, the Surplus shall be used to redeem any variable rate District <br />Bonds pertaining to the VWVfP Stage 4 Expansion Project which are then <br />redeemable. If no such variable rate District bonds are then outstanding, the <br />Surplus shall be allocated to a special account, the funds in which shall be used <br />to call and redeem fixed-rate District bonds pertaining to the WW'fP Stage 4 <br />Expansion Project on the first optional call date, or on the first call date without a <br />prepayment penalty, at the option of District. <br />(ii) Second, at such time as all District Bonds pertaining to the VWVfP <br />Stage 4 Expansion Project have been redeemed, the Surplus shall be allocated <br />to redeem or otherwise pay other District debts and obligations; provided, that a <br />Agmt-41 <br />f/sh/sh/DSRSD 14 <br />DES:r <br />12/S~OOr <br />