07-18-1988 Meeting - Laserfiche WebLink

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• hereof, such Net Revenues and such moneys and investments are hereby pledged irrevocably for such purpose and are further pledged irrevocably to the establishment and main- tenance of the Bond Fund, the Reserve Fund, the Rebate Fund and the Contingency Fund. Section 6. RATE COVENANT. The Authority covenants and agrees with the owners of the Bonds and Additional Bonds, if any, that (a) it shall, subject to any restrictions con- tained in the Water Sales Contracts, at all times fix, maintain, charge and collect rates and charges for services rendered by the Authority which will provide Revenues at least sufficient to pay all Operating and Maintenance Expenses and to produce Net Revenues in an amount each year not less than: (1) the average annual principal of and interest on the Bonds and any Additional Bonds at the time outstanding (although amounts shall be paid into the Bond Fund and Reserve Fund only in accordance with Section 7.03 and Section 7.04 hereof); and (2) an amount necessary to make all deposits now or hereafter required to be made into the Bond Fund, the Reserve Fund, the Rebate Fund and the Contingency Fund as provided herein or in the resolutions authorizing any Additional Bonds. (b) if the Authority should become legally liable for any other obligations or indebtedness, the Authority shall, to the extent permitted under the Water Supply Contracts, fix, maintain, charge and collect additional rates and charges for services rendered by the Authority sufficient to establish and maintain funds for the payment thereof . Section 7. REVENUES AND FUNDS. 7.01. Creation of Funds. All Revenues shall be kept separate and apart from all other funds of the Authority, and the following special funds ("Funds") shall be established and maintained in an official depository bank or depository banks of the Authority so long as any of the Bonds or any Additional Bonds, or interest thereon, are outstanding and unpaid: 022DESA0/024C04 -18-