Ordinance 3955 - Laserfiche WebLink

(a) That it will establish, maintain and collect rates and charges for sanitary sewage collection and disposal service (and for water in the event the sewerage system is ever combined with the water system of the city) for as long as any of the Outstanding Parity Bonds, the Bonds and any Parity Revenue Bonds are outstanding that will make available for the payment of the principal of and interest on all of such bonds as the same shall become due an amount equal to at least 1 .35 times the amount required each calendar year hereafter for the payment of all of such principal and interest after normal expenses of maintenance and operation (including pro rata budget charges for city departments as provided in Section 6 above) have been paid but before depreciation and before any transfer of moneys to any funds of the city other than the Bond Redemption Fund and taxes or payments in lieu of taxes payable to the city. (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 otherwise dispose of all of the properties of the System unless provision is made for payment into the Bond Redemption Fund of a sum sufficient to redeem and retire all of the Outstanding Parity Bonds, the Bonds and any Parity Revenue Bonds outstanding in accordance with the terms thereof, nor will it sell or otherwise dispose of any portion of the properties of the System (unless the same are no longer used, useful or neces- sary in the operation thereof and in the producing of revenue) unless provision is made for payment into the Bond Redemption Fund of an amount which shall be in at least the same proportion to the amount of Outstanding Parity Bonds, the Bonds and any Parity Revenue 11 .