Ordinance 3211-11 - Laserfiche WebLink

(d) Application and Investment of Money in Revenue Bond Fund. Money in the Revenue Bond Fund and the Reserve Account shall be invested in any legal investment for City funds. Investments in the Revenue Bond Fund 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. (e) Sufficiency of Revenues. The Council hereby finds and declares 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. (d) Section 9(b) of Ordinance Nos. 2690-03 and 2870-05 is hereby revised in their entirety to read as follows: (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. (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. -76- P:\20287 CMW\20287 960 02/07/11