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<br />., . <br /> <br />Section 1: That the. terms defined in the preamble <br /> <br />e <br /> <br />of this ordinance shall be, and are hereby made, a part of <br /> <br />this ordinance for all purposes. <br />Section 2: That each year while any of the Utility <br /> <br />Tax Bonds are outstanding and before passing any 'ordinance <br /> <br />levying taxes for that year the City Commission will take advan- <br /> <br />tage of the provision~ of Article ll06, Vernon's Texas Civil <br />Statutes, as amended, or any like legislation which may be- <br /> <br />come effective ~n the future, by setting aside. out of the net <br />revenues of the Utility System and applying such sum as the <br />City Commission deems to be in the best interest of the City to <br />the paYment of the principal of and interest on the Utility <br />.e Tax Bonds, or any of them, that falls due during the following <br /> <br />year. <br /> <br />Section 3: That. nothing contained in this ordinance <br /> <br />shall be deemed to restrict the abil'ity of any City Commission to <br />exercise its independent judgment with respect to the best in- <br /> <br />terest of the City in setting aside and applying net revenues' <br /> <br />of the utility System for the purpose specified in Section 2 <br /> <br />hereof; provided, however, as long as any Utility. Tax Bonds <br />are. out~tanding, no net revenues of the Utility System shall <br /> <br />be used in any year for any other purpose unless 'a sum is appro- <br /> <br />. <br /> <br />priated pursuant to Section 2 which is sufficient to. pay in full <br />the princip~l of and interest on the Utility Tax Bonds for the <br /> <br />following year without levying any tax for such purpose. <br /> <br />Section 4: That nothing contained in this ordinance <br /> <br />sha1.1 be deemed to a:ffect in any' manner the covenants the City <br /> <br />has heretofore made in its outstanding' revenue bonds which are <br /> <br />secured by a pledge of the net revenues of its Utility System <br /> <br />or any part thereof, or to limit in any respect the City's <br /> <br />freedom in the future to issue and sell additional revenue <br /> <br />bonds on a parity with such outstanding bonds, or junior lien <br /> <br />. <br /> <br />...;- -... <br /> <br />bonds or other evidences of indebtedness secured by a pledge <br /> <br />of or lien on the revenues of the Utility System or any part <br /> <br />thereof. <br /> <br />-2- <br />