R-1988-13 - Laserfiche WebLink

Browse Search

e e Section 3.06 In case of any deficiency in such special con- struction fund to payor provide for the timely payment of the costs of acquisition and construction of the Authority's share of the Southeast Plant, the Transmission System and the Distribution System, the Authori ty shall proceed in the manner provided above to issue, sell and deliver such further or additional series of its Bonds, as may be necessary to prov ide funds for such purpose, and the City agrees to ass is t and cooperate wi th the .Z\.uthori ty in whatever means reasonably ;>ossible to expedite such issuance and sale of additional Bonds and to avoid delays in construction or defaults of construction payments. .l:\ny surplus funds on hand in such s;>ecial construction fund, after payment of all costs of acquisition or construction of the Authority's share of the Southeast Plant, the Transmission System and the Distribution System, and all ex;>enses of issuing such bonds, and after funding all reserve, escrow, sinking or other funds required by the Bond Resolutions(s) to ~e so funded, shall be transferred to and de;>osited in the debt service fund or sinking fund created by the Bond Resolution to provide for the ?ayment of the principal of, and interest on, such 3onds. .Z\.RTICLE IV Operation of the Southeast Plant: Sale and Deliverv of Water Sect ion 4.01 The City recogn i zes tha t, ;>ursuant to the terms of the Houston Contract, the Authority is not entitled to operate the Southeast Plant, but rather is a customer and equi table owner of a portion of said plant. The Author~ty shall be responsible for operating and maintaining the Transmission System and the Distribution System. Section 4.02 In accordance with the terms and subject to the conditions as set forth in this Contract and the Houston Contract, the -14-