Ordinance 3211-11 - Laserfiche WebLink

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) (1) Rate Covenant in effect until New Covenant Date. The City shall establish, maintain and collect rates and charges for the use of the services and facilities of and all commodities sold, furnished or supplied by the System, which shall be fair and nondiscriminatory and shall adjust such rates and charges from time to time so that: (A) The Revenue of the System, together with Assessments collected, will at all times be sufficient (i) to pay the Costs of Maintenance and Operation, (ii) to pay the principal of and interest on the Parity Bonds, as and when the same shall become due and payable, (iii) to make adequate provision for the payment of any term bonds, (iv) to make when due all payments which the City is obligated to make into any Reserve Account and all other payments which the City is obligated to make pursuant to this ordinance, and(v) to pay all taxes, assessments or other governmental charges lawfully imposed on the System or the revenue therefrom or payments in lieu thereof and any and all other amounts that the City may now or hereafter become obligated to pay from the Revenue of the System by law or contract. -40- P:\20287 CMW\20287 960 02/07/11