O-1979-768-B - Laserfiche WebLink

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I e I . e e (b) "Bond" or "Bonds" shal1 mean the $275,000 of bonds authorized by this Order. (c) "Bond Fund" shall mean the interest and sinking fund which is created and established for the benefit of the holders of the Bonds and Additional Bonds in Section 8 of this Order. (d) "Net Revenues" as used herein shall exclude money derived from taxation, but shall include all gross revenues of the System less the expenses of administration, efficient operation and adequate main- tenance of the System necessary to render sufficient service. Depreciation, interest on the indebtedness of the District and payments into the Bond Fund and Reserve Account shall never be considered as expenses. (e) "Outstanding Bonds" means the District's Waterworks System Combination Revenue and Unlimited Tax Bonds, Series 1971, dated January 1, 1971, in the original aggregate principal amount of $75,000. (f) "System" shall mean the District's entire waterworks and sanitary sewer system, together with all future additions, improvements and extensions thereto and enlargements, improvements and replacements thereof, heretofore or hereafter made. Section 8. The Bonds are secured by and payable from the levy of a continuing, direct annual ad valorem tax, without limit as to rate or amount, upon all taxable property within the District and by a first lien on and pledge of the net revenues from the operation of the System as follows: (a) To pay interest on the Bonds, and to create a sinking fund for the payment of the principal thereof when due, and to pay the expenses of assessing and collecting such taxes (full allowance being made for delinquencies), there shall be levied, assessed and collected on all taxable property in the District for -7-