Limitation on Additional Commitment of County Nontax Revenues Sample Clauses

Limitation on Additional Commitment of County Nontax Revenues. The County is permitted to and intends to use County Nontax Revenues for other lawful purposes as authorized by its Legislative Authority. But, the County may only incur Parity Obligations if the aggregate amount of County Nontax Revenues for the fiscal year immediately preceding the incurrence of the proposed Parity Obligations is at least 300% of the Maximum Annual Payment Requirement. If Parity Obligations bear interest at a variable rate, the interest rate used in computing the required payments will be the maximum interest rate provided under the terms of Parity Obligations. If no maximum interest rate is provided, the interest rate used will be the average interest rate over the preceding year on the Parity Obligations or, for an obligation that has been outstanding for less than a year or that is proposed, the average interest rate over the preceding year for an index that most closely approximates the variable rate on the Parity Obligation, as determined by an investment banker or a municipal advisor selected by the County. Required payments include mandatory sinking fund payments and mandatory redemption payments. Subordinate Nontax Revenue Obligations may be incurred without limitation. Subordinate Nontax Revenue Obligations must be specifically subordinated to the Series 2021 Bonds and all Parity Obligations.
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