Ordinance 3380 - Laserfiche WebLink

charges for water which shall be adequate to provide sufficient revenue to meet all the obligations of the city as herein set forth, including the payment of the principal of and interest on the water revenue bonds authorized herein, the principal of and interest on the outstanding water revenue bonds of the city issued under date of December 1, 1945 , and the payment of the cost of the proper main- tenance and operation of said water system, including all necessary repairs thereto and replacements thereof. (b) That it will at all times keep and maintain said water system and all additions and improvements thereto and extensions thereof in good repair , working order and condition, and will at all times operate the same 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 such system unless provision is made for payment into Bond Redemption Fund No. 7 of a sum sufficient to ray the prin- cipal of and interest on all the outstanding bonds authorized herein in accordance with the terms thereof, nor will it sell or otherwise dispose of any portion thereof unless provision is made for payment into Bond Redemption Fund No . 7 of an amount which shall be in at least the same proportion to the amount of outstanding bonds of the issue authorized herein that the revenue available for debt service of such bonds for the twelve months preceding such sale or disposition from the portion of the system sold or disposed of bears to the revenue available for debt service of said bonds from the entire system for the same period. 10 .