O-1962-641 - Laserfiche WebLink

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e . /--- --..... . '. .. '-.. (b) System -. the waterworks and sanitary sewer system of the City, including all present and future additions, extensions, replacements, and improvements to said waterworks and sanitary sewer system. (c) Net revenues - the gross revenues derived from the operation of the System less the reasonable expense of operation and maintenance of said System, including all salaries, labor, materials, interest, and such repairs and extensions as in the judg- ..~--.-...... ment of the governing body of the City are necessary to keep the .- . plant or utility in operation and render adequate service to such '. -.... City and the inhabitants thereof, or such as might be necessary to meet some physical accident or condition which would otherwise im- pair the original security. (d) Bonds - the $'~28,ooo City of La. Porte, Texas, Water- works and Sewer System Revenue Refunding Bonds, Series 1962, dated March 15, 1962, authorized by this ordinance. (e) Underlying Bonds - the $328,000 outstanding revenue ..".------ "'0. bonds which are being refunded by the issuance of the Bonds, said 4It outstanding bonds being more particularly described in the pre- amble to this ordinance. (f) Additional Bonds - the additional parity revenue bonds that the City expressly reserves the right to issue in Section 10.06 of this ordinance. Section 9: SECURITY FOR BONDS AND ADDITIONAL BONDS: That the Bonds (and, when issued, the A~ditional Bond~) are payable from and secured by a "" first lien on and pledge of the revenues of the System after deduc- .---...... . tion therefrom of the reasonable expense of operation and maintenance -12-