O-1985-1469 - Laserfiche WebLink

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e e (i) The term "System" as used in this Ordinance shall mean the City's existing Waterworks and Sanitary Sewer System, together with all present and future extensions, ad- ditions, replacements and improvements thereto. (j) The term "System Fund" shall mean the fund provided for in Section 12(b) hereof. Section 11: That the Bonds, any Additional Bonds and the interest on all such Bonds, are and shall be payable from and secured by an irrevocable first lien on and pledge of the Net Revenues of the System, and the Net Revenues are hereby pledged irrevocably for the payment and security of the Bonds, any Additional Bonds and the interest on all such Bonds. Section 12: That the City covenants and agrees with the owners of the Bonds and Additional Bonds, if and when issued, that it will (a) fix and maintain rates and collect charges for the facilities and services afforded by the System which will provide revenues sufficient at all times: (1) To pay all operation, maintenance, de- preciation, replacement and betterment charges of the System; (2) To establish and maintain the Interest and Sinking Fund1 (3) To generate in each year Net Revenues equal to one and twenty-five hundredths (1-25/100) times the maximum annual requirement for the pay- ment of the principal of and interest on the Bonds and any Additional Bonds at the time outstanding and payable from the revenues of the System (al- though amounts shall be paid into the Interest and Sinking Fund and Reserve Fund only in accordance with Sections 13 and 14 hereof) 1 and (4) To pay all indebtedness outstanding against the System, other than such Bonds, as and when the same become due1 and (b) deposit as collected all revenues derived from the operation of the System into a fund (the "System Fund") which shall be kept separate and apart from all other funds of the City. Section 13: That the necessary and reasonable expenses of operation and maintenance of the System shall first be paid from the System Fund upon approval of the City Council and, from the Net Revenues available in the System Fund, the City shall then make substantially equal monthly payments into a separate fund (the "Interest and Sinking Fund") during each year in which any of the Bonds and Additional Bonds, if any, are outstanding, commencing with the date of delivery of the Bonds (or Additional Bonds, as the case may be) to the initial purchasers thereof, in an aggregate amount equal to one hundred percent (100%) of the amounts required to meet the interest and principal payments falling due on or before the next maturity date of the Bonds and Additional Bonds, if any. The City shall, at least five days prior to March 15, 1986, and each September 15 and March 15 thereafter, deposit into the Interest and Sinking Fund any additional Net Revenues available in the System 002RDRAW/193B01 -10-