Ordinance 2690-03 - Laserfiche WebLink

(e) Application and Investment of Money in Revenue Bond Fund. Money in the Debt Service Account, any Sinking Fund Account and any Reserve Account shall be invested in Permitted Investments as permitted by law. Investments in the Debt Service Account and any Sinking Fund Account shall mature prior to the date on which such money shall be needed for required interest or principal payments. Investments in any Reserve Account shall mature not later than the last maturity of the Parity Bonds secured thereby. All interest earned and income derived by virtue of such investments shall remain in the Revenue Bond Fund and be used to meet the required deposits into any account therein. (f) Sufficiency of Revenues. The Council hereby finds that in fixing the amounts to be paid into the Revenue Bond Fund out of the Revenue of the System, it has exercised due regard for the Costs of Maintenance and Operation and has not obligated the City to set aside and pay into such Fund a greater amount of such Revenue than in its judgment will be available over and above the Costs of Maintenance and Operation. Section 9. Bond Covenants. (a) Maintenance and Operation. The City shall at all times maintain, preserve and keep the properties of the System in good repair, working order and condition and will from time to time make all necessary and proper repairs, renewals, replacements, extensions and betterments thereto, so that at all times the business carried on in connection therewith will be properly and advantageously conducted, and the City will at all times operate or cause to be operated said properties of the System and the business in connection therewith in an efficient manner and at a reasonable cost. (b) Rate Covenant. T he C ity shall e stablish, m aintain and c ollect rates and charges for the use of the services and facilities of and all commodities sold, furnished or -32- P:\CMW\CMW5NP 04/22/03