O-1962-641 - Laserfiche WebLink

Browse Search

~ . ------, . ~'----'- . " . ~-". /' -' . .......... --......... . e e " , (a) Each of the funds created by this ordinance or by any ordinance or ordinances authorizing previously :i,ssued Additional Bonds, contains the amount of money then required to be on deposit therein under the provisions of said ordinance or ordinances; (b) The net revenues of the System for the then last preced:ing fisca.l year, as certified by an independent certified public accountant or firm of certified public accountants, were equal to at least one and one-half (1-1/2) times the requirements for the payment of principal of and interest on all bonds that will be outstanding and payable from the revenues of the System after the Additional Bonds then proposed to be issued are issued and sold and delivered, for the calendar year in which said requirements are greatestj (c) Provision is made in the ordinance or ordinances authorizing said Additional Bonds for payments or deposits into the Reserve Fund until a balance is reached (in addition to deposits into said Fund required by other ordinances or proceedings relating thereto and in addition to any balance or balances required by said -,.. other ordinances or proceedings) of not less than the average annual principal and interest requirements of the Additional Bonds then pro- posed to be issued and which balance shall be reached within five years rrom the date of said Additional Bondsj (d) Said Additional Bonds are made to mature on March 15th in each of the years in which they are scheduled to mature. The term "net revenues" as used herein shall mean all of the net revenues of the System (excluding income received specific- ally for capital items) after deduction of the reasonable expenses of operation and maintenance of the System (excluding expenditures for capital items). -22-