Ordinance 3768 - Laserfiche WebLink

ments in lieu of taxes payable to the city. If there were any customers added to the System during such twelve-month period, such net revenue may be computed on the basis that such customers were customers of the System during such period. The words "annual net revenue" as used in subpara- graph (3) immediately above shall mean such engineer 's estimate of the annual gross revenue to be derived by the city from the opera- tion of the additions and improvements to and extensions of the System acquired, constructed and installed out of the proceeds of the sale of such additional bonds, based upon an actual count of customers, less his estimate of any increased annual normal operating and maintenance expenses of the System allocable to such additions, improvements and extensions . Whenever "net revenue" or "annual net revenue" has been determined as provided in this subsection, the same shall be increased or decreased on a pro forma basis in the event that there has been any change in the rates or charges upon which such "net revenue" or "annual net revenue" was based authorized by the City Council to be effective at least fifteen days prior to the sale of such Parity Revenue Bonds . B. That the city further reserves the right to issue Parity Revenue Bonds for the purpose of refunding by exchange or purchasing and retiring at or prior to their maturity an equal principal amount of any part or all of the Bonds and/or any Parity Revenue Bonds outstanding and to pledge that payments shall be made out of the Sewer Revenue Fund into the Bond Redemption Fund and Reserve Account to pay and secure the payment of the principal of and interest on such refunding Parity Revenue Bonds on a parity with the payments required in this ordinance to be made out of the Sewer Revenue Fund into such Fund and Account to pay and secure the payment of the principal of and interest on the Bonds and any -25-