O-1948-357 - Laserfiche WebLink

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.It It addit10nal bonds (other than the remaining $250,000 ot bonds authorized at the election held on February 21, 1948, as herein- atter provided) payable trom the revenue. or the system unless the lien 01' such bonds payable trom the revenues of the system i8 made JunloJ' and subordinate in all r8speots to the lien of." the bonds herein authorized.. In no event, wh11e any ot said bonds are outstanding will the City mortgage 01' otherv1s. encwnber the sy.tem or any part tbereot, or Dell, 1e1L8e or otherwise dispose of' any substotial portion ot such 81stem. 'lbese provisions sball inure to the benetit o~ and be enforoeable by any holder of 8DY of the bonds. 1'h. rersll1U1s bonds autnorized at sa1d elect10n held on Februar,y 21, 19_8, 1n the total aggresate amount ot $250;000.00, may be 1sDued and 801d by the Cit7 and such bonds when issued and 80ld shall be on 8 pe,rity w1th the bond. herein authorized; provided, however, that the C1ty llhall not issue and selllUQ' of such remaining bonds authorIzed at sa14 elect10n held on P'ebruary 2-1, 1948. until such time B8 the annual revenues or the SY8t_, after deduoting the reasonable cost or operating and J1111nta1n1nS tho System, all shom by three 7-1'8 historical net -1'IUn88 ot the System, will equal at least ODe and ODe-half time. the _x1JrNm ADnual requirements or principal and interest on the outstanding bonds ot the aer18. hepe1ft authorized, and such ad41tional bonds authorized at 8814 election to be 1.lIued and 8014. D. ~~CJ A,m OPEaATtml: The City shall zs1nta1n the 878t- in good condition aDd opere.te the same in an e.tt1clent DIU1l'18r and at a ree.scmable Goat. 80 long &8 any of" the bond. are outstanding, the City agrees to maintain 1JuJu:rance tor the beDGt1t or tbe holder or bolderll ot the bonds, on the sJ'8tem, or a kind and in &D &mcnmt whioh usually would be carr1ed tv pr1 vate companies enpged in a s1milar type ot busines.. Bothing 1n tbis ordS-JUmoe shall be oonstrued eo 1'8- qu1r1Dg the C1ty to expend ~ tunds which are derived from ..\/\ J /.