Parity Bonds. The Authority or another issuer may issue additional revenue bonds from time to time payable from the Debt Service Fund and ranking pari passu as to the Economic Development Millage, subject to the Millage Cap, with the Series 2023 Bond then outstanding (“Parity Bonds”), subject to the terms and conditions prescribed in the Bond Resolution.
Parity Bonds. Parity Bonds may be issued by the Authority, from time to time, ranking as to the lien on the revenue of the Authority derived from the Project pari passu with the Series 2022C Bonds for the specific purpose of financing further improvements or additions, real or personal, to the Project, provided all the provisions of Section 507 of the Resolution are met.
Parity Bonds. Provided the Borrower is not in default hereunder, the Borrower may issue bonds, notes or other evidences of indebtedness (“Parity Bonds”) ranking on parity with the Local Bond with respect to the pledge of Revenues to (i) pay Project Costs to complete the Project, (ii) pay the cost of improvements, additions, extensions, replacements, equipment or betterments and of any property, rights or easements deemed by the Borrower to be necessary, useful or convenient for the Airport, (iii) refund some or all of the Local Bond, Parity Bonds, Existing Parity Bonds or Prior Bonds, or (iv) effect some combination of (i), (ii) and (iii); provided in each case the following conditions are satisfied. Except to the extent otherwise consented and agreed to by the Authority in writing, before any Parity Bonds are issued or delivered, the Borrower shall deliver to the Authority the following:
(a) Certified copies of all resolutions and ordinances of the Borrower authorizing the issuance of the Parity Bonds.
(b) A certificate of an appropriate official of the Borrower setting forth the purposes for which the Parity Bonds are to be issued and the manner in which the Borrower will apply the proceeds from the issuance and sale of the Parity Bonds.
(c) If the Parity Bonds are authorized for any purpose other than the refunding of the Local Bond, Parity Bonds, Existing Parity Bonds or Prior Bonds, a certificate, in form and substance satisfactory to the Authority, of the Consulting Engineer, or with respect to subsection (iv)(C) below, a certificate, including supporting documentation, of the Qualified Independent Consultant, to the effect that in the opinion of the Consulting Engineer or Qualified Independent Consultant, as applicable, (i) the improvements or property to which the proceeds from the issuance of the Parity Bonds are to be applied will be a part of the Airport, (ii) the funds available to the Borrower from the issuance of the Parity Bonds and other specified sources will be sufficient to pay the estimated cost of such improvements or property, (iii) the period of time which will be required to complete such improvements or acquire such property, and (iv) (A) the Parity Bond proceeds are necessary to complete the Project, (B) the failure to make such improvements or acquire or construct such property will result in an interruption to or reduction in Revenues, or (C) during the first two Fiscal Years following the completion of the improvements or the acquisition of ...
Parity Bonds. In addition to the 2015 Bonds, the City may issue Parity Bonds in such principal amount as shall be determined by the City, under a Supplemental Agreement entered into by the City and the Fiscal Agent. Any such Parity Bonds shall constitute
Parity Bonds. So long as the Prior Bonds are Outstanding, the limitations on the issuance of parity obligations set forth in the Prior Resolution shall be applicable. In addition, no Parity Bonds, payable out of the revenues of the System, shall be issued after the issuance of the Series 2020 A Bonds pursuant to this Bond Legislation, without the prior written consent of the Authority and the BPH and without complying with the conditions and requirements herein provided. All Parity Bonds issued hereunder shall be on a parity in all respects with the Series 2020 A Bonds. No such Parity Bonds shall be issued except for the purpose of financing the costs of the design of additions extensions, improvements or betterments to the System or refunding any Outstanding Bonds, or both such purposes. No Parity Bonds shall be issued at any time, unless there has been procured and filed with the Secretary a written statement by the Independent Certified Public Accountants, reciting the conclusion that the Net Revenues actually derived, subject to the adjustments hereinafter provided for, from the System during any 12 consecutive months, within the 18 months immediately preceding the date of the actual issuance of such Parity Bonds, plus the estimated average increased annual Net Revenues expected to be received in each of the 3 succeeding years after the completion of the improvements to be financed by such Parity Bonds, if any, shall not be less than 115% of the largest aggregate amount that will mature and become due in any succeeding Fiscal Year for principal of and interest, if any, on the following:
Parity Bonds. (a) The Borrower hereby reserves the right and privilege of issuing additional Parity Bonds from time to time payable from the Revenues of said System, ranking on a parity with the Loan, in order to pay the costs of further additions, extensions, and improvements to said System, subject to the following restrictions and conditions. “Revenue(s)” refers to the income and revenue of the System including rents, royalties, fees, and proceeds of sales of property and from rates and charges for services derived from or rendered by the System.
(1) The facilities to be constructed from the proceeds of the additional Parity Bonds are made a part of the System and their Revenues are pledged as additional security for the additional Parity Bonds and for the Outstanding Bonds.
(2) The Borrower is in compliance with all covenants and undertakings in connection with all of the Outstanding Bonds.
(3) The annual net revenues (defined as Revenues less operating expenses), of the then existing System for the Fiscal Year preceding the year in which such Parity Bonds are to be issued, adjusted as hereinafter provided, shall be certified by an independent Certified Public Accountant to equal at least one hundred twenty percent (120%) of the average annual debt service requirements for principal and interest on all Outstanding Bonds payable from the Revenues of the System, plus the anticipated debt service requirements of any Parity Bonds then proposed to be issued. The calculation of average annual debt service requirements of principal and interest on the additional Parity Bonds to be issued shall, regardless of whether such additional Parity Bonds are to be serial or term bonds, be determined on the basis of the principal of and interest on such Parity Bonds being payable in approximately equal annual installments.
(4) The annual net revenues referred to above may be adjusted for the purpose of the foregoing computations to reflect:
(i) any revisions in the System’s schedule of rates or charges being imposed on or before the time of the issuance of any such additional Parity Bonds, and
(ii) any increase in the annual net revenues to be realized from the proposed extensions, additions, and improvements being financed (in whole or in part) by such additional Parity Bonds; provided all such adjustments are based upon and included in a certification of an Independent Consulting Engineer.
(b) The Borrower further reserves the right to issue one or more additional series of Parity ...
