Ordinance 3211-11 - Laserfiche WebLink

(B) The Net Revenue together with Assessment Income in each calendar year will be at least equal to the Coverage Requirement, calculated as of December 31 of the preceding calendar year. (2) Rate Covenant in effect from and after New Covenant Date. The City will establish, maintain and collect such rates and charges for service of its System for so long as any Parity Bonds are outstanding as will maintain the Rate Covenant. (c) Payment of Costs of Maintenance and Operation. After making or providing for the payments from the Revenue Fund as required by Section 7(b) hereof, there shall be maintained in the Revenue Fund sufficient money to enable the City to meet the Costs of Maintenance and Operation of the System on a current basis. (d) Sale or Disposition of the System. The City will not sell or otherwise dispose of the System in its entirety unless simultaneously with such sale or other disposition, provision is made for the payment into the Revenue Bond Fund of cash or Government Obligations sufficient together with interest to be earned thereon to pay the principal of and interest on the then outstanding Parity Bonds, nor will it sell or otherwise dispose of any part of the useful operating properties of the System unless such facilities are replaced or provision is made for payment into the Revenue Bond Fund of the greatest of the following: (1) An amount which will be in the same proportion to the net amount of Parity Bonds then outstanding (defined as the total amount of the Parity Bonds less the amount of cash and investments in the Revenue Bond Fund and accounts therein) that the Revenue from the portion of the System sold or disposed of for the preceding year bears to the total Net Revenue for such period; or -41- P:\20287 CMW\20287 960 02/07/11