Ordinance 3768 - Laserfiche WebLink

• over and above such normal expenses of maintenance and operation. Section 10 . The City of Everett hereby covenants and agrees 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 sanitary sewage collection and disposal service (and for water in the event the System is ever combined with the water system of the city) for as long as any of 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 main- tenance and operation .(incl',;:ding pro rata budget charges for city departments as provided in Section 7 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 pay- ments 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 the Bonds and any Parity Revenue Bonds outstanding in accordance with the terms thereof, nor will it sell or otherwise dispose of any portion or properties of the System (unless the same are no longer used, useful or necessary in the operation thereof and in the producing of revenu ) unless provision is made for pay- ment into the Bond Redemption Fund of an amount which shall be in -20-