Ordinance 3816 - Laserfiche WebLink

defined in Section 12(3) of Ordinance No. 3633) for a period of twelve consecutive months out of the fifteen months immediately preceding the month of delivery of the Bonds, plus his estimate of the annual net revenue (as such annual net revenue is defined in Section 12(3) of Ordinance No. 3633) to be derived by the city from the operation of the additions and improvements to and extensions of the System to be acquired, constructed and installed out of the proceeds of the sale of the Bonds, will equal at least 1.25 times the maximum amount re- quired in any calendar year hereafter for the payment of the principal of and interest on the Outstanding Prior Lien Bonds, the Outstanding Parity Bonds, and the Bonds. The conditions contained in Section 12 of Ordinance No. 3633 and Section 8 c of Ordinance No. 3754 having been complied with or assured, the payments required herein to be made out of the gross revenue of the System into the Bond Redemption Fund and the Reserve Account to pay and secure the payment of the principal of and interest on the Bonds shall constitute a lien and charge upon such gross revenue equal in rank with the lien and charge thereon for the payments re- quired to be made into the Bond Redemption Fund and Reserve Account to pay and secure the payment of the principal of and interest on the Outstanding Parity Bonds. The city hereby further covenants and agrees that the Bonds will not be issued and delivered to the purchasers thereof as bonds on a parity with the Outstanding Parity Bonds until the above-de- scribed certificate from F. T. Osborne has been filed with the city. Section 3. That for the purpose of providing the funds necessary to complete the payment of the cost of acquiring, con- structing and installing those additions and improvements to and extensions of the System authorized by Ordinance No. 3631 of the city, the city shall issue the Bonds. The Bonds shall be dated April 1, 1961, shall be in 5 .