Ordinance 4113 - Laserfiche WebLink

J available for the payment of the principal of and interest on all of such bonds as the same shall become due and for such P. U. D. No. 1 Payments an amount equal to at least 1. 25 times the maximum amount required to be paid in any calendar year hereafter to pay the principal of and interest on all of such bonds and to make such P . U. D. No. 1 Payments , after normal costs of maintenance and operation of the System have been paid, but before depreciation. b. That it will at all times keep and maintain the System in good repair, working order and condition, and will at all times operate the System and the business in connection therewith in an efficient manner and at a reasonable cost . c . That it will not sell or dispose of any of the proper- ties of the System (unless the same are no longer used, useful or necessary in the operation thereof) unless provision is made for payment into the 1965 Bond Redemption Fund of a sum sufficient to redeem and retire all of the outstanding bonds payable out of such Fund in accordance with the terms thereof. d. That it will keep proper and separate accounts and records in which complete and separate entries will be made of all operations of and transactions relating to the System and its operation, and will furnish to the purchaser of the Bonds or the account manager or managers of any account purchasing the Bonds , and to any subsequent holder or holders of the Bonds ,at the written request of such purchaser, manager or holder, that portion of the audits made of the City ' s records by the Department of Municipal Accounting of the State Auditor' s Office relating to the operation of the System. That within ninety days after December 31 of each year commencing with the year 1965 , it will prepare complete operating and income statements of the System in reasonable detail for each such calendar year, which will also be fur- nished to such purchaser, manager or holder upon written request therefor. 14 .