Ordinance 2656 - Laserfiche WebLink

paying principal and interest of said special revenue bonds. From and after the date of said special revenue bonds and so long as any of the same are outstanding and unpaid, the city treasurer shall set aside and pay into such fund, at least thirty (30) days prior to the respective dates on which the interest or principal and interest of said bonds shall become due and payable , certain fixed amounts of the gross revenues of said municipal waterworks system, including all additions, betterments and extensions thereto, equal to the respective amounts of interest, or principal and interest, as the case may be, next falling due . Said gross revenues are hereby pledged to such payments , which shall constitute a charge upon all of such gross revenues, prior and superior to all other liens and charges whatsoever, excepting necessary charges for maintenance and operation and excepting liens of the special water revenue bonds heretofore issued and now outstanding. In creating such special fund , said city hereby declares that it has exercised due regard to the cost of maintenance and operation of said waterworks system; that no portion of the revenues of said system have been previously pledged for any other indebtedness , excepting for revenue bonds heretofore issued and now outstanding; that the gross revenues to be de- rived from the operation of said waterworks system, in the judgment of the corporate authorities of said city, will be sufficient to meet all expenses of operation and maintenance and to permit, in addition to payment of all prior liens , the setting aside into said special fund, of amounts sufficient to pay the interest and principal of the bonds hereby author- ized as the same fall due. Said city hereby irrevocably binds and obligates itself not to sell, lease or in any -canner dis- -3-