Ordinance 3768 - Laserfiche WebLink

(1) That at the time of the issuance of such Parity Revenue Bonds there is no deficiency in the Bond Redemption Fund or Reserve Account . And (2) That the city will covenant in each ordinance au- thorizing the issuance of Parity Revenue Bonds that it will estab- lish, 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) 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 maximum amount required in any calendar year thereafter for the payment of all of such principal and in- terest after normal expenses of maintenance and operation of the System (including pro rata budget charges for city departments as provided in Section 7 above) have been paid, but before deprecia- tion and before any transfer of moneys into any funds of the city other than the Bond Redemption Fund and taxes or payment in lieu of taxes payable to the city. That the city will also covenant in each such ordi- nance authorizing the issuance of Parity Revenue Bonds that it will make approximately equal monthly payments out of the Sewer Revenue Fund into the Reserve Account so that the total amount of such pay- ments will meet the requirements of the second paragraph of Section 8 of this ordinance, and that it will maintain the amounts on deposit in the Reserve :account required by the third paragraph of said Sec- tion 8 . The whole or any part of the money in any other reserve fund or account of the city created to secure the payment of the principal of and interest on any revenue bonds or revenue coupon warrants being refunded by any such Parity Revenue Bonds may be transferred to the Reserve Account at the time such outstanding -23-