Ordinance 3955 - Laserfiche WebLink

FIRST: That the Bonds are being issued for the purpose of acquiring, constructing and installing additions and improvements to and extensions of the System. SECOND: That at the time of the adoption of this ordinance and at the time of the issuance and delivery of the Bonds, there is not nor will there be any deficiency in the Bond Redemption Fund or Reserve Account . THIRD: That by Section 9 of this ordinance the city covenants 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) 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 maximum amount required in any calendar year hereafter for the payment of all of such principal and interest after normal expenses of maintenance and operation of the System (including pro rata budget charges for city departments) have been paid but before depreciation and before any transfers of money into any funds of the city other than the Bond Redemption Fund and taxes or payment in lieu of taxes payable to the city. FOURTH: That by Section 7 of this ordinance the city covenants and provides that it will pay into and maintain in the Reserve Account the amounts required by Section 8 of Ordinance No. 3768 to be paid into and maintained in said account at the times re- quired by said Section 8 . FIFTH: That by Section 6 of this ordinance the city covenants that payments will be made out of the Sewer Revenue Fund 4.