Ordinance 3945 - Laserfiche WebLink

• er F.nd interest on any water revenue bonds of the Citl, w:liff..1 it may later issue having a lien upon the money in the Water System Fund junior and inferior to that of the Bonds . g . To the Capital Improvement Fund as required in Section 8 of Ordinance No. 3633 of the City until October 1, 1959, at which time such Fund may be abolished. h. For any money in lieu of any taxes or contributions to the General Fund of the City which it may require to be made out of the Water System Fund; provided, however, that normal and proper payments made for services performed for the Water Depart- ment of the City by other City departments and the employees thereof shall be considered as a normal cost of maintenance and operation of the System. i. To retire by redemption or purchase water revenue bonds of the City outstanding as provided in the various ordi- nances of the City authorizing the issuance of the same, or to make necessary additions, betterments, improvements and repairs to or extensions and replacements of the System, or for any other proper City purposes connected with the operation of the System for which such money may be lawfully used. Section 14 . The City hereby covenants with the owner and holder of each of the Bonds for as long as any of the same remain outstanding as follows : a. That it will establish, maintain and collect rates and charges for water supplied for as long as any of the Prior Lien Bonds and the 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 1.4 times the maximum amount required in any calendar year here- after to pay the principal of and interest on all of such bond