O-1962-641 - Laserfiche WebLink

Browse Search

.. . ~" ''\ ~ of said System. The Bonds and the Additional Bonds, when issued, will be in all respects on a parity and of equal dignity with one another. Section 10: PLEDGE OF NET REVENUES: That all of the net revenues from the op~~a- tion of the System, with the exception of those in excess of the amounts required to establish and maintain the funds as hereinafter provided, are hereby irrevocably pledged to the payment of the Bonds, //---... and, when issued, tne Additional Bonds, SUbject to the terms and . 'provisions of this ordinance. For the benefit "of the original holder or holders of the Bonds and for the benefit of any and all subsequent holders of said Bonds, interest coupoqs, or any part thereof, and in addition to all other provisions and covenants and the laws of the State of Texas and in this ordinance, it is expressly ~tipulated: I 10.01 - RATES: The City shall fix and maintain rates and collect cl.arges for the facil:i.t1.es and services. afforded by the System which will provi.de revenues sufficient at all times: /- -_.._~'. (a) To pay for all operation, mainte~nce, .depreciation, ~ replacement, and betterment charges of the Systemj (b) To produce net :r~venues each year in an amount not . less than one and one-half (l~l/~) times the average annual princi- pal and interest requirements of all bonds then outstanding payable from the revenues of the Systemj (c) To establish and maintain the Bond Fund, the Reserve Fund, and the Contingency Fund, as provided in this ordinance and any ordinances authorizing the issuance of Additional Bonds. ,'~_. ---....... (d) To pay all outstanding indebtedness against the System, . other than the Bonds and Additional Bonds, as and when the same -13-